Document:

ex4-1.htm

    EXHIBIT
4.1

     

    
       

      AMENDMENT
NO. 1

      TO

      PREEMPTIVE
AND REGISTRATION RIGHTS AGREEMENT

       

      THIS
AMENDMENT NO. 1 TO PREEMPTIVE AND REGISTRATION RIGHTS AGREEMENT (this
“Amendment”)
is entered into as of the Effective Date (as defined below) by and among PrivateBancorp,
Inc., a Delaware corporation (the “Company”),
GTCR Fund IX/A, L.P., a Delaware limited partnership (the “Institutional
Investor”), GTCR Fund IX/B, L.P., a Delaware limited
partnership  (“GTCR
IX/B”) and GTCR Co-Invest III, L.P., a Delaware limited partnership
(“GTCR
Co-Invest” and together with the Institutional Investor and GTCR IX/B,
the “Majority
Holders”).  This Amendment amends that certain Preemptive and
Registration Rights Agreement, dated as of December 11, 2007, by and among
the Company and the Majority Holders (the “Agreement”).  Capitalized
terms used herein and not otherwise defined herein shall have the meaning given
to them in the Agreement.

       

      RECITALS

       

      WHEREAS,
the Majority Holders are holders of a majority of the Registrable Securities
currently outstanding;

       

      WHEREAS,
as an inducement for the Majority Holders to effect a conversion of their
outstanding shares of Series A Stock into Non-voting Common Stock of the
Company, the Company and the Majority Holders have agreed to amend the Agreement
on the terms and conditions set forth herein;
and

       

      WHEREAS,
the parties to this Amendment intend for the amendments agreed to herein to be
effective as of the Effective Date, as such term is defined in the letter
agreement dated as of June 17, 2009 among the Corporation and the Majority
Holders;

       

      NOW,
THEREFORE, in consideration of the foregoing premises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as
follows:

       

      SECTION 1                                AMENDMENTS
TO THE AGREEMENT.

       

      Effective
as of the Effective Date, the Agreement is hereby amended as follows pursuant to
section 4.7 of the Agreement:

       

      1.1           The
following definitions appearing under section 1.1 of the Agreement are
hereby amended and restated in their entirety as follows:

       

      “Institutional
Investor Percentage Interest” means the aggregate percentage beneficial
ownership of the Institutional Investor and its Affiliates of the Company’s
outstanding shares of Common Stock on the date of determination (assuming
conversion of the Non-voting Common Stock and any Series A
Stock).

       

      “New
Stock” means Common Stock, Non-voting Common Stock or Series A
Stock, or securities convertible into or exchangeable for Common Stock of the
Company

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      or which
have voting rights or participation features with Common Stock of the Company,
offered in a public or nonpublic offering by the Company.

       

      “Qualified
Equity Offering” means a public or nonpublic offering of Common Stock,
Non-voting Common Stock or Series A Stock, or securities convertible into
or exchangeable for Common Stock of the Company or which have voting rights or
participation features with Common Stock of the Company (collectively, “New
Stock”) solely for cash and not pursuant to a Special Registration; provided,
however, that none of the following offerings shall constitute a
Qualified Equity Offering:  (a) any offering pursuant to any
stock purchase plan, stock ownership plan, stock option or equity compensation
plan or other similar plan where stock is being issued or offered to a trust,
other entity or otherwise, to or for the benefit of any employees, potential
employees, officers or directors of the Company, or (b) any offering made
as consideration pursuant to an acquisition (whether structured as a merger or
otherwise), a partnership or joint venture or strategic alliance or investment
by the Company or similar non-capital raising transaction (but not an offering
to raise capital to fund an acquisition).

       

      “Registrable
Securities” means (a) Shares of Common Stock; (b) any shares of
Common Stock issued or issuable upon the conversion of any Series A Stock
issued pursuant to the Stock Purchase Agreement; (c) any shares of
Non-voting Common Stock issued upon conversion of Series A Stock issued
pursuant to the Stock Purchase Agreement or the stock purchase agreement dated
as of June 10, 2008 (the “2008 Purchase Agreement”) among the Company and
the Investors identified therein; (d) any other shares of Common Stock held
by the Holders; and (e) any Common Stock of the Company issued as (or
issuable upon the conversion or exercise of any warrant, right, preferred stock
or other security which is issued as) a dividend or other distribution with
respect to, or in exchange for or in replacement of, the Shares or any other
shares of Common Stock held by the Holders, provided,
however, that Registrable Securities shall not include any shares of
Common Stock which have been sold to the public by a Holder either pursuant to a
registration statement or Rule 144 under the Securities Act, or which have
been sold in a private transaction in which the transferor’s rights under this
Agreement are not assigned.

       

      “Registrable
Securities then outstanding” shall be the number of shares determined by
calculating the total number of shares of the Company’s Common Stock that are
Registrable Securities and either (a) are then issued and outstanding or
(b) are issuable pursuant to exercisable or convertible securities
(including Non-voting Common Stock and any Series A Stock).

       

      “Shares”
mean shares of Common Stock and/or Series A Stock issued by the Company to
the Investors pursuant to the Stock Purchase Agreement or 2008 Purchase
Agreement and shares of Non-voting Common Stock issued upon conversion of any
Series A Stock.

       

      1.2           Section 1.1
of the Agreement is further amended to add the following definition thereto in
appropriate alphabetical order:

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      “Non-voting
Common Stock” means the Company’s Non-voting Common Stock, no par value
per share, issuable upon conversion of the Series A Stock.

       

      1.3           Section 3.1
of the Agreement is amended to add the words “Non-voting Common Stock and any”
immediately prior to the words “Series A Stock” appearing
therein.

       

      1.4           Section 3.3(d)
of the Agreement is amended and restated in its entirety to read as
follows:

       

      (d)           Notwithstanding
any provision in this Agreement to the contrary, in the event that the
Institutional Purchaser and its Affiliates are entitled to acquire Common Stock
pursuant to this Section 3, then the Institutional Purchaser and its
Affiliates may at their option acquire securities in the form of Non-voting
Common Stock or Series A Stock or another series of preferred stock of the
Corporation with terms, conditions and provisions that shall be established upon
the issuance of such preferred stock that are similar to and consistent with the
terms, conditions and provisions upon which the Non-voting Common Stock or, at
the discretion of the Institutional Purchaser, the Series A Stock were
established.

       

      1.5           Section 3.6
of the Agreement is amended to add the phrase “Non-voting Common Stock,”
immediately prior to the words “Series A Stock” appearing
therein.

       

      SECTION 2                                MISCELLANEOUS

       

      2.1           Effect
of Amendment.  Except as specifically amended above, the
Agreement and all other documents, instruments and agreements executed and/or
delivered in connection therewith and currently in effect shall remain in full
force and effect, and are hereby ratified and confirmed.  At all times
on and after the Effective Date, each reference to the Agreement in any other
document, instrument or agreement shall mean and be a reference to the Agreement
as modified by this Amendment.

       

      2.2           Successors
and Assigns.  Except as otherwise provided herein, the terms
and conditions of this Amendment shall inure to the benefit of and be binding
upon the respective successors and assigns of the parties (including transferees
of any shares of Registrable Securities).  Nothing in this Amendment,
express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Amendment, except as
expressly provided in this Amendment.

       

      2.3           Governing
Law.  This Amendment shall be governed by and construed under
the laws of the State of Illinois as applied to agreements among Illinois
residents entered into and to be performed entirely within the State of
Illinois.

       

      2.4           Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      2.5           Titles
and Subtitles.  The titles and subtitles used in this Agreement
are used for convenience only and are not to be considered in construing or
interpreting this Agreement.

       

      2.6           Severability.  If
one or more provisions of this Amendment are held to be unenforceable under
applicable law, such provision shall be excluded from this Amendment and the
balance of the Amendment shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

       

       

      [REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date set forth in the first paragraph
hereof.

       

      
        
          
            	 	 	 	
                    PRIVATEBANCORP,
      INC.

                     

                  	 
	
                     

                  	 	 	
                    By:/s/Larry
      D. Richman

                  	 
	
                     

                  	 	 	
                    Name:  Larry
      D.
Richman

                  	 
	
                     

                  	 	 	
                    Title:  President
      and Chief Executive Officer

                  	 

          

        

      

       

      
        
          
            
              
                
                  
                    
                      	 	 	 	
                              Address:

                            	
                              120
      South LaSalle Street

                              Chicago,
      Illinois  60603

                              Attention:  General
      Counsel

                            	 

                    

                  

                

              

            

          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	 	 	 	
                                                  GTCR
      FUND IX/A, L.P.

                                                	 
	 	 	 	 	 
	 	 	 	
                                                  By: 
      GTCR Partners IX, L.P., its General Partner

                                                	 
	 	 	 	 	 
	 	 	 	 	By:	
                                                  GTCR
      Golder Rauner II, L.L.C., its

                                                  General
      Partner

                                                	 

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	 	 	 	 	By: 	/s/Collin E. Roche 	 
	 	 	 	 	Name: 
      Collin E. Roche	 
	 	 	 	 	Title: 
      Principal	 

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        	 	 	 	
                GTCR
      FUND IX/B, L.P.

              	 
	 	 	 	 	 
	 	 	 	
                By: 
      GTCR Partners IX, L.P., its General Partner

              	 
	 	 	 	 	 
	 	 	 	 	By:	
                GTCR
      Golder Rauner II, L.L.C., its

                General
      Partner

              	 

         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	 	 	 	 	By: 	/s/Collin E. Roche	 
	 	 	 	 	Name: 
      Collin E. Roche	 
	 	 	 	 	Title: 
      Principal	 

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 	 	 	
                                    GTCR
      CO-INVEST III, L.P.

                                  	 
	 	 	 	 	 
	 	 	 	By: 
      GTCR
      Golder Rauner II, L.L.C., its General
      Partner	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                             

                                                            
                                                              	 	 	 	 	By: 	/s/Collin E. Roche	 
	 	 	 	 	Name: 
      Collin E. Roche	 
	 	 	 	 	Title: 
      Principal	 

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

             

          

        

      

      
        
          
          

        

        
          5ex10-1.htm

    EXHIBIT
10.1

     

     

    June 17,
2009

     

    GTCR Fund
IX/A, L.P.

    GTCR Fund
IX/B, L.P.

    GTCR
Co-Invest III, L.P.

    c/o GTCR
Golder Rauner II, L.L.C.

    6100
Sears Tower

    Chicago,
Illinois  60606

     

    In
connection with the Purchasers (as defined below) proposed conversion of their
shares of Series A Junior Non-voting Preferred Stock (the “Series A Stock”)
of PrivateBancorp, Inc., a Delaware corporation (the “Corporation”), into
shares of Non-voting Common Stock of the Corporation (the “Non-voting Common
Stock”), this letter agreement (this “Agreement”) sets
forth the agreement and understanding among the Corporation and each of GTCR
Fund IX/A, L.P., a Delaware limited partnership, GTCR Fund IX/B, L.P.,
a Delaware limited partnership and GTCR Co-Invest III, L.P., a Delaware
limited partnership (each a “Purchaser” and
collectively, the “Purchasers”) with
respect to (i) certain amendments to that certain Stock Purchase Agreement
dated as of June 10, 2008 (the “2008 Purchase
Agreement”) among the Corporation and the Purchasers, and (ii) the
treatment by the Corporation and the Purchasers of certain provisions and
covenants contained in that certain Stock Purchase Agreement dated as of
November 26, 2007 (the “2007 Purchase
Agreement”, and together with the 2008 Purchase Agreement, the “Purchase Agreements”)
among the Corporation, the Purchasers and the other investors party
thereto.  Capitalized terms used herein and not otherwise defined
herein shall have the meaning given to them in the Purchase
Agreements.

     

    RECITALS

     

    WHEREAS, as an inducement to
the Purchasers to effect a conversion of all the outstanding shares of
Series A Stock held by the Purchasers into shares of Non-voting Common
Stock of the Corporation (the “Conversion”), the
Corporation and the Purchasers desire to (i) set forth their understandings
with respect to the effect of the Conversion on certain provisions and covenants
applicable to the Corporation and the Purchasers contained in the 2007 Purchase
Agreement, including the amendment of certain provisions of the 2007 Purchase
Agreement as in effect between the Corporation and the Purchasers, and
(ii) amend the 2008 Agreement, in each case on the terms and conditions set
forth herein;

     

    NOW, THEREFORE, in
consideration of the foregoing premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

     

    1.           AGREEMENT
AS TO COVENANTS UNDER THE 2007 PURCHASE AGREEMENT

     

    Effective
as of the Effective Date (as defined below), each of the Corporation and the
Purchasers agree as follows:

     

    1.1           From
and after the Effective Date, the terms, conditions, restrictions and exclusions
of section 5.2 of the 2007 Purchase Agreement shall be applicable to and
shall govern the disposition of shares of Common Stock issuable upon the
conversion of Non-voting

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    Common
Stock through the Lock-up Expiration Date.  All references to “shares
of Common Stock issuable upon the conversion of the Preferred Stock purchased by
the Institutional Investor” shall be interpreted by the Corporation and the
Purchasers to include shares of Common Stock issuable upon the conversion of
Non-voting Common Stock held by the Institutional Purchaser following conversion
of its Series A Stock.

     

    1.2           From
and after the Effective Date, the parenthetical reference “(assuming conversion
of the Preferred Stock)” contained in subsection 5.3(c) of the 2007
Purchase Agreement shall be interpreted by each of the Corporation and the
Purchasers to mean “(assuming conversion of the Non-voting Common Stock and any
Preferred Stock).”

     

    1.3           From
and after the Effective Date, the reference in the first sentence of
subsection 5.8(a) of the 2007 Purchase Agreement to “For so long as a
Purchaser owns any Shares or Preferred Stock” shall be interpreted by each of
the Corporation and the Purchasers to mean “For so long as a Purchaser owns any
Shares, Non-voting Common Stock or Preferred Stock.”

     

    1.4           From
and after the Effective Date, the reference in the first sentence of each of
subsection 5.9(a) and 5.9(b) of the 2007 Purchase Agreement to “For so long
as the Institutional Purchaser or any of its affiliates holds Shares or any
shares of Preferred Stock” shall be interpreted by each of the Corporation and
the Purchasers to mean “For so long as the Institutional Purchaser or any of its
affiliates holds Shares or any shares of Non-voting Common Stock or Preferred
Stock.”

     

    2.           AMENDMENTS
TO THE 2008 AGREEMENT.

     

    Effective
as of the Effective Date (as defined below), the 2008 Purchase Agreement is
hereby amended as follows pursuant to section 11 of the 2008 Purchase
Agreement:

     

    2.1           Section 5.3
of the 2008 Purchase Agreement is amended to add the words “Non-voting Common
Stock and any” immediately prior to the words “Series A Stock” appearing
therein.

     

    2.2           Section 5.5
of the 2008 Purchase Agreement is amended to add the words “Non-voting Common
Stock or” immediately prior to the words “Series A Stock” appearing
therein.

     

    2.3           Subsection 5.6(a)
of the 2008 Purchase Agreement is amended to add the words “Non-voting Common
Stock or” immediately prior to the words “Series A Stock” appearing
therein.

     

    2.4           Subsection 5.6(b)
of the 2008 Purchase Agreement is amended to add the words “Non-voting Common
Stock or” immediately prior to the words “Series A Stock” appearing
therein.

     

    2.5           Subsection 5.6(c)
of the 2008 Purchase Agreement is amended by deleting such provision in its
entirety and replacing such provision with the following clause:

     

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    “(c)           For
so long as any shares of Series A Stock are outstanding, the Corporation
shall maintain sufficient authorized but unissued shares of Non-voting Common
Stock that are reserved for issuance upon conversion of Series A
Stock.  For so long as any shares of Non-voting Common Stock are
outstanding, the Corporation shall maintain sufficient authorized but unissued
shares of the Corporation’s common stock that are reserved for issuance upon
conversion of such outstanding shares of Non-voting Common Stock.”

     

    3.           AUTHORIZATION
OF NON-VOTING COMMON STOCK

     

    3.1           Authorization of Non-Voting
Common Stock.  The Corporation has duly authorized the issuance
of up to an aggregate of 1,951,037 shares of its Non-voting Common Stock upon
conversion of the Series A Stock.  A copy of the form of
Certificate of Amendment to the Corporation’s Amended and Restated Certificate
of Incorporation, as approved by the stockholders of the Corporation on
May 28, 2009, providing for the authorization, terms and conditions of the
Non-voting Common Stock (the “Charter Amendment”)
is attached hereto as Exhibit A.  A
copy of the form of Certificate of Amendment setting forth the Amended and
Restated Certificate of Designations of the Series A Stock (the “Series A
Amendment”), as approved by the stockholders of the Corporation on
May 28, 2009, is attached hereto as Exhibit B.

     

    3.2           Issuance of Non-Voting
Common Stock.  Subject to the terms and conditions herein
provided, the Purchasers hereby agree to convert all shares of Series A
Stock held by such Purchasers into shares of Non-voting Common Stock, and the
Corporation hereby agrees to issue to the Purchasers, upon conversion of
Series A Stock at the Closing provided for in section 4 hereof, an
aggregate 1,951,037 shares of Non-voting Common Stock.  The parties
hereto acknowledge that this Agreement shall be deemed to constitute the written
notice to convert Series A Stock to Non-voting Common Stock pursuant to
section 6 of the Series A Amendment.

     

    4.           THE
CLOSING

     

    4.1           Time and Place of the
Closing.  Subject to section 5 hereof, delivery of the
Non-voting Common Stock shall be made at the offices of Vedder Price P.C.,
or at such other place or in such other manner as may be agreed upon by the
Corporation and the Purchasers, at such time or date as the Purchasers and the
Corporation may mutually determine (such date herein called the “Effective
Date”).

     

    4.2           Delivery of the Non-Voting
Common Stock.  At the Closing and subject to section 5
hereof, the Corporation shall deliver to each Purchaser certificates evidencing
the shares of Non-voting Common Stock, to be issued to it upon conversion of
Series A Stock (as indicated opposite such Purchaser’s name on Schedule I hereto),
dated the Effective Date and bearing appropriate legends as hereinafter provided
for, and registered on the books and records of the Corporation in such
Purchaser’s name.

     

    5.           CONDITIONS
TO CONVERSION

     

    5.1           Conditions to the
Purchasers’ Obligations.  The obligations of each Purchaser
hereunder are subject to the accuracy, as of the date hereof and on the
Effective Date, of the

     

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    

    representations
and warranties of the Corporation contained herein, and to the performance by
the Corporation of its obligations hereunder and to each of the following
additional terms and conditions:

     

    (a)           Any
authorizations, consents, commitments, agreements, orders or approvals of, or
declarations or filings with, or expirations of waiting periods imposed by, any
federal, state or local court or governmental or regulatory agency or authority
or applicable stock exchange or trading market (any such court, agency,
authority, exchange or market, a “Governmental
Authority”) required for the consummation of the Conversion shall have
been obtained or filed or shall have occurred and any such orders shall have
become final, non-appealable orders.

     

    (b)           Prior
to the issuance of the Non-voting Common Stock, the Corporation shall have made
any filings, including the Charter Amendment and the Series A Amendment,
and received any necessary approvals under the General Corporation Law of the
State of Delaware (the “DGCL”) in order to
(i) amend the terms of the Series A Stock to permit its conversion
into Non-voting Common Stock and (ii) authorize the issuance of Non-voting
Common Stock.

     

    (c)           Amendment
No. 1 to the Preemptive and Registration Rights Agreement among the
Corporation and the Purchasers shall have been entered into by the parties as of
the Effective Date (as so amended, the “Preemptive Rights
Agreement”).

     

    (d)           Vedder
Price P.C., counsel to the Corporation, shall have furnished to the Purchasers
its written opinion, addressed to the Purchasers and dated the Effective Date,
substantially to the effect set forth in Exhibit C
hereto.

     

    (e)           The
Purchasers shall have received any and all necessary federal, state,
governmental agency and bank regulatory approvals necessary in order for the
Purchasers to convert the Series A Stock into Non-voting Common Stock, and
any and all applicable waiting periods upon which such approvals are conditioned
shall have expired.

     

    5.2           Conditions to the
Corporation’s Obligations.

     

    (a)           The
Purchasers shall have surrendered for cancellation all certificates evidencing
their shares of Series A Stock; and

     

    (b)           The
Purchasers shall have received any and all necessary federal, state,
governmental agency and bank regulatory approvals necessary in order for the
Purchasers to convert the Series A Stock into Non-voting Common Stock, and
any and all applicable waiting periods upon which such approvals are conditioned
shall have expired.

     

    6.           REPRESENTATIONS
AND WARRANTIES

     

    6.1           Representations, Warranties
and Agreements of the Corporation.  The Corporation represents
and warrants to, and agrees with each Purchaser that as of the date
hereof:

     

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    

    (a)           Following
the effectiveness of the Charter Amendment and the Series A Amendment, the
authorized capital stock of the Corporation consists of 84,000,000 shares of
Common Stock, of which 45,544,286 shares are outstanding as of the date of this
Agreement; 5,000,000 shares of Non-voting Common Stock, of which no shares will
be outstanding immediately prior to the Effective Date; and 1,000,000 shares of
preferred stock, no par value, of which 1,951.037 shares of Series A Stock
and 243,815 shares of Fixed Rate Cumulative Perpetual Preferred Stock,
Series B, are outstanding as of the date of this
Agreement.  Immediately following the Closing, the authorized capital
stock of the Corporation will consist of 84,000,000 shares of Common Stock, of
which 45,544,286 shares will be outstanding; 5,000,000 shares of Non-voting
Common Stock, of which 1,951,037 shares will be outstanding; and 1,000,000
shares of preferred stock, no par value, of which no shares of Series A
Stock and 243,815 shares of Fixed Rate Cumulative Perpetual Preferred Stock,
Series B, will be outstanding.

     

    (b)           Based
upon the representations and warranties of each Purchaser contained in the
Purchase Agreements, the Corporation is not required by applicable law or
regulation in connection with the issuance and delivery of the Non-voting Common
Stock to the Purchasers upon Conversion, in the manner contemplated by this
Agreement and the Series A Amendment, to register the Non-voting Common
Stock under the Securities Act of 1933, as amended (the “Securities Act”), or
any state securities laws.

     

    (c)           The
shares of Non-voting Common Stock to be issued to the Purchasers upon conversion
of their Series A Stock in accordance with the terms of the Series A
Amendment and pursuant to the terms of this Agreement have been duly authorized
by the Corporation and, when issued and delivered by the Corporation against
payment therefor (which shall consist of delivery of the certificates evidencing
the Series A Stock in the manner contemplated hereunder and in the
Series A Amendment), will be validly issued, fully paid and non-assessable,
and, except as set forth in the Preemptive Rights Agreement, there are no
preemptive rights relating to the issuance of the Non-voting Common Stock to be
issued to the Purchasers pursuant to this Agreement.

     

    (d)           This
Agreement has been duly authorized, executed and delivered by the Corporation
and constitutes a valid and legally binding agreement of the Corporation
enforceable against the Corporation in accordance with its terms, subject to the
effects of bankruptcy, insolvency, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally, and general equitable
principles (whether considered in a proceeding in equity or at
law).  The authorization by the Corporation of this Agreement and the
transactions contemplated thereby is intended to provide the Purchasers with the
relief from Section 16(b) of the Exchange Act provided by
Rule 16b-3(d) thereunder, to the extent necessary.

     

    (e)           The
execution, delivery and performance of this Agreement, the issuance of the
Non-voting Common Stock in the manner contemplated hereby and by the
Series A Amendment, and the consummation of the Conversion, will not
violate any of the provisions of the Amended and Restated Certificate of
Incorporation, including the Charter Amendment, the Certificate of Designations
of the Series A Stock and the Series A Amendment, or By-laws of the
Corporation; and no consent, approval, authorization or order of, or filing or
registration with any such person (including, without limitation, any such court
or governmental agency or body)

     

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    

    is
required for the consummation of the Conversion by the Corporation, except such
as may be required under state securities laws or Regulation D under the
Securities Act or as required under the DGCL.

     

    (f)           No
temporary restraining order, preliminary or permanent injunction or other order
issued by any court of competent jurisdiction or other legal restraint or
prohibition preventing the consummation of the Conversion is in
effect.

     

    (g)           Since
December 31, 2008, the Corporation and each Subsidiary have filed all
material reports, registrations and statements, together with any required
amendments thereto, that it was required to file with the Federal Reserve, the
Securities and Exchange Commission (the “SEC”), the Office of
Thrift Supervision (the “OTS”), the Federal
Deposit Insurance Corporation (the “FDIC”) and any other
applicable federal or state securities or banking authorities, except where the
failure to file any such report, registration or statement would not reasonably
be expected to have a Material Adverse Effect.  All such reports and
statements filed with any such regulatory body or authority are collectively
referred to herein as the “Corporation
Reports”.  As of their respective dates, the Corporation
Reports complied as to form in all material respects with all the rules and
regulations promulgated by the Federal Reserve, the OTS, the FDIC and any other
applicable foreign, federal or state securities or banking authorities, as the
case may be.

     

    (h)           The
Corporation has timely filed all documents required to be filed with the SEC
pursuant to Section 13(a) or 15(d) and Section 14(a) of Securities
Exchange Act of 1934, as amended (the “Exchange
Act”).  The Corporation has furnished to each Purchaser or
otherwise made available a copy of each of the
following:  (i) the Corporation’s Annual Report on Form 10-K
for the year ended December 31, 2008, as amended, as filed with the SEC;
(ii) the Corporation’s proxy statement for its 2009 Annual Meeting of
Stockholders held on May 28, 2009, as filed with the SEC; (iii) the
Corporation’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2009, as filed with the SEC; and (iv) the Corporation’s
Current Reports on Form 8-K as filed with the SEC since January 1,
2009 (items (i) through (iv) collectively, the “Exchange Act
Reports”), which Exchange Act Reports include, among other things,
audited consolidated financial statements of the Corporation for its fiscal
years ended December 31, 2007 and 2008, and unaudited interim financial
statements of the Corporation for its fiscal quarter ended March 31,
2009.  As of the date hereof and as of the Effective Date, each of the
documents comprising a part of the Exchange Act Reports did not contain and will
not contain any untrue statement of material fact or omitted to state and will
not omit to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they
were made, not misleading.

     

    (i)           No
broker’s, finder’s, investment banker’s or similar fee or commission has been
paid or will be payable by the Corporation with respect to, or for any services
rendered to the Corporation ancillary to, the issuance of the Non-voting Common
Stock contemplated by this Agreement.

     

    (j)           Neither
the Corporation nor, to the best of its knowledge, anyone acting on its behalf
has offered the Non-voting Common Stock to, or solicited any offer to buy any
Non-voting Common Stock from, or otherwise approached or negotiated in respect
thereof with, any

     

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    

    person
through any “general solicitation” or “general advertising” (as such terms are
used in Rule 502(c) of the Securities Act).  Neither the
Corporation nor, to the best of its knowledge, anyone acting on its behalf has
taken, or will take, any action that would subject the issuance of the
Non-voting Common Stock to the registration requirements of Section 5 of
the Securities Act.

     

    (k)           Each
of the Preemptive Rights Agreement and the Purchase Agreements is in full force
and effect and has not been modified, except to the extent modified or amended
pursuant to this Agreement.  The Corporation is in compliance in all
material respects with the terms of the Preemptive Rights Agreement and the
Purchase Agreements.

     

    6.2           Representations and
Warranties and Agreements of the Purchasers.  Each Purchaser
named on Schedule I, severally
and not jointly, represents and warrants to, and agrees with the Corporation
that, as of the date hereof:

     

    (a)           Such
Purchaser has full power and authority to enter into this Agreement and this
Agreement constitutes a valid and legally binding obligation of such Purchaser,
enforceable against such Purchaser in accordance with its terms, subject to the
effects of bankruptcy, insolvency, reorganization, moratorium and other similar
laws relating to or affecting creditor’s rights generally, and general equitable
principles (whether considered in a proceeding in equity or at
law).

     

    (b)           Each
Purchaser represents that:  (i) it is duly organized, validly
existing and in good standing in its jurisdiction of incorporation or
organization and has all the requisite power and authority to convert its shares
of Series A Stock into Non-voting Common Stock; (ii) it is not an
“investment company”, as that term is defined in the Investment Company Act of
1940 or the rules and regulations promulgated thereunder; (iii) the
Conversion will not result in any violation of, or conflict with, any term or
provision of the charter, bylaws or other organizational document of the
Purchaser or any other instrument or agreement to which the Purchaser is a party
or by which it is bound; and (iv) the Conversion has been duly authorized
by all necessary action on behalf of the Purchaser.

     

    (c)           Such
Purchaser acknowledges and is aware that there are substantial restrictions on
the transferability of the Non-voting Common Stock.  Purchaser
understands that the shares of Non-voting Common have not been registered under
the Securities Act and are “restricted securities” within the meaning of
Rule 144 and may not be sold, transferred, or otherwise disposed of without
registration under the Securities Act or an exemption
therefrom.  Furthermore, Purchaser acknowledges that each certificate
evidencing the shares of Non-voting Common Stock purchased hereunder will bear a
legend to the effect set forth below, and each Purchaser covenants that, except
to the extent such restrictions are waived by the Corporation, such Purchaser
shall not transfer the shares represented by any such certificate without
complying with the restrictions on transfer described in the legend endorsed on
such certificate:

     

    THE
SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
PLEDGED, OR HYPOTHECATED ABSENT AN EFFECTIVE

     

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    REGISTRATION
THEREOF UNDER SUCH ACT OR COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH
ACT, OR UNLESS THE CORPORATION HAS RECEIVED AN OPINION OF COUNSEL, SATISFACTORY
TO THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED.

     

    Purchaser
understands that the shares of Non-voting Common Stock will not be and except as
provided in section 6 below and the Preemptive Rights Agreement, Purchaser
has no right to require that the Non-voting Common Stock be, registered under
the Securities Act.

     

    If any
shares of Non-voting Common Stock become eligible for sale without registration
under the Securities Act and without limitation as to amount pursuant to
Rule 144 or any similar or successor provision, the Corporation shall, upon
the request of the holder of such shares of Non-voting Common Stock acquired
pursuant to the Conversion, remove the legend set forth in
subsection 6.2(c) from the certificates for such shares.  In
addition, if in connection with any transfer a holder of the shares of
Non-voting Common Stock delivers to the Corporation an opinion of counsel which
(to the Corporation’s reasonable satisfaction) is knowledgeable in securities
law matters to the effect that no subsequent transfer of shares shall require
registration under the Securities Act, then the Corporation promptly upon such
contemplated transfer shall deliver new certificates for such shares which do
not bear the Securities Act legend set forth in
subsection 6.2(c).

     

    (d)           Each
Purchaser represents and warrants that no authorization, approval, consent,
filing or registration with any federal Governmental Authority, or to the actual
knowledge of the Purchaser any other Governmental Authority, is necessary in
order to consummate the Conversion on the Effective Date.

     

    7.           CERTAIN
COVENANTS

     

    The
Corporation hereby acknowledges that the Common Stock issued upon conversion of
any shares of Non-voting Common Stock issued to the Purchasers would constitute
Registrable Securities as defined in and the pursuant to the Preemptive Rights
Agreement.  The Corporation hereby acknowledges and agrees that it
will include all Common Stock of the Corporation issued upon conversion of the
Non-voting Common Stock issued to the Purchasers in any resale prospectus or
prospectus supplement (a “Resale Prospectus”)
filed by the Corporation under its existing automatic shelf registration
statement filed on Form S-3 on May 9, 2008, with respect to the resale
of the Registrable Securities of each Purchaser pursuant to the terms of the
Preemptive Rights Agreement to the extent so requested by a Purchaser and
subject to the terms and conditions of the Preemptive Rights Agreement, which
Resale Prospectus the Corporation agrees to file with the SEC as soon as
practicable after the Effective Date, and in any event no later than the earlier
of (1) five business days after the issuance by the Corporation of its quarterly
earnings release publicly disclosing its financial results for the quarter ended
June 30, 2009, or (2) 60 calendar days after the Effective Date.

     

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    8.           MISCELLANEOUS

     

    8.1           Effect of
Agreement.  Except as specifically amended above, the Purchase
Agreements and all other documents, instruments and agreements executed and/or
delivered in connection therewith and currently in effect shall remain in full
force and effect, and are hereby ratified and confirmed.  At all times
on and after the Effective Date, each reference to either Purchase Agreement in
any other document, instrument or agreement shall mean and be a reference to
such Purchase Agreement as modified by this Agreement.

     

    8.2           Survival of Representations
and Warranties.  All representations and warranties contained
in this Agreement made by or on behalf of the Corporation or the Purchasers will
survive the execution and delivery of this Agreement, any investigation at any
time made by or on behalf of the Corporation or the Purchasers, and the issuance
of the Non-voting Common Stock upon Conversion under this Agreement, and, except
for representations and warranties set forth in subections 6.1(c), (d),
(e), (f), (h), (j) and (k), which shall survive indefinitely, shall expire on
the first anniversary of the Effective Date.

     

    8.3           Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of and be enforceable by or against the respective successors and
assigns of the parties hereto.

     

    8.4           Governing
Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF ILLINOIS, WITHOUT GIVING
EFFECT TO THE CONFLICTS OF LAWS PROVISIONS OF SUCH STATE.

     

    8.5           Counterparts.  This
Agreement may be executed in one or more counterparts and, if executed in more
than one counterpart, the executed counterparts shall each be deemed to be an
original, but all such counterparts shall together constitute one and the same
instrument.

     

    8.6           Headings.  The
headings herein are inserted for convenience of reference only and are not
intended to be part of, or to affect the meaning or interpretation of, this
Agreement.

     

    8.7           Severability.  Any
provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall (to the full extent permitted by law) not invalidate or
render unenforceable such provision in any other jurisdiction.

     

    8.8           Expenses.  The
Corporation shall bear all expenses incurred by it in connection with the
Agreement and the Conversion contemplated hereby.  In addition, the
Corporation shall promptly reimburse the Purchasers and its affiliates for their
actual out-of-pocket costs and expenses (including, without limitation,
attorneys’, accountants’, consultants’ and other advisors’ fees and expenses and
any filing fees with respect to any required regulatory or Government Authority
approvals) arising in connection with this Agreement and the Conversion, which
amount shall not exceed $125,000.

     

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

    

    8.9           Construction.  Each
agreement contained herein shall be construed (absent express provision to the
contrary) as being independent of each other agreement contained herein, so that
compliance with any one agreement shall not (absent such an express contrary
provision) be deemed to excuse compliance with any other
agreement.  Where any provision herein refers to action to be taken by
any person or entity, or which such person or entity is prohibited from taking,
such provision shall be applicable whether such action is taken directly or
indirectly by such person or entity.

     

    [SIGNATURE
PAGE FOLLOWS]

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

    

    If the
foregoing correctly sets forth the agreement between the Corporation and the
Purchaser, please indicate your acceptance in the space provided for that
purpose below.

     

     

    
      
        
          
            
              
                
                  
                    
                      
                        	 	 	 	 	 Very truly
      yours,	 
	 	 	 	 	 	 
	 	 	 	 	PRIVATEBANCORP,
      INC.	 
	 	 	 	 	 	 
	 	
                                 

                              	 	 	
                                By:/s/Larry D. Richman

                              	 
	 	
                                 

                              	 	 	
                                Name: 
      Larry D. Richman 

                              	 
	 	
                                 

                              	 	 	
                                Title: 
      President and Chief Executive Officer

                              	 

                      

                    

                  

                

              

            

          

        

      

    

     

    
      Confirmed, accepted and agreed.

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 GTCR
      FUND IX/A, L.P.	 	 	 	 
	 	 	 	 	 	 
	 By:	GTCR
      Partners IX, L.P., its General Partner	 	 	 	 
	 	 	 	 	 	 
	 	By: 
      GTCR Golder Rauner II, L.L.C., its General Partner	 	 	 	 
	 	 	 	 	 	 
	 	
                                        By:/s/Collin E. Roche

                                      	 	 	
                                         

                                      	 
	 	
                                        Name: 
      Collin E. Roche

                                      	 	 	
                                         

                                      	 
	 	
                                        Title: 
      Principal

                                      	 	 	
                                         

                                      	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 GTCR
      FUND IX/B, L.P.	 	 	 	 
	 	 	 	 	 	 
	 By:	GTCR
      Partners IX, L.P., its General Partner	 	 	 	 
	 	 	 	 	 	 
	 	By:
      GTCR Golder Rauner II, L.L.C., its General Partner	 	 	 	 
	 	 	 	 	 	 
	 	
                                        By:/s/Collin E. Roche

                                      	 	 	
                                         

                                      	 
	 	
                                        Name: 
      Collin E. Roche

                                      	 	 	
                                         

                                      	 
	 	
                                        Title: 
      Principal

                                      	 	 	
                                         

                                      	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	 GTCR
      CO-INVEST III, L.P.	 	 	 	 
	 	 	 	 	 	 
	 By:	GTCR
      Golder Rauner II, L.L.C., its General Partner	 	 	 	 
	 	 	 	 	 	 
	 	
                                              By:/s/Collin E. Roche

                                            	 	 	
                                               

                                            	 
	 	
                                              Name: 
      Collin E. Roche

                                            	 	 	
                                               

                                            	 
	 	
                                              Title: 
      Principal

                                            	 	 	
                                               

                                            	 

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

      

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    SCHEDULE I

     

    SCHEDULE OF
PURCHASERS

     

    

    
      
        	
                NAME
      OF PURCHASER

                 

              	
                NO.
      OF SHARES

                OF

                SERIES
      A STOCK

                 

              	
                NO.
      OF SHARES OF

                NON-VOTING

                COMMON
      STOCK

                 

              
	
                GTCR
      FUND IX/A, L.P.

                 

              	
                1,661.499

              	
                1,661,499

              
	
                GTCR
      FUND IX/B, L.P.

                 

              	
                277.034

              	
                277,034

              
	
                GTCR
      CO-INVEST III, L.P.

                 

              	
                12.504

              	
                12,504

              
	
                TOTAL

                 

              	
                1,951.037

              	
                1,951,037

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