Document:

Exhibit 10.11

 

[SunTrust letterhead]

 

 

December 28, 2015

 

 

Mr. Bruce E. Thomas

Executive Vice President and Chief Financial
Officer

Community Bankers Trust Corporation

9954 Mayland Drive, Suite 2100

Richmond, Virginia 23233

 

	 	Re:	Term Loan Agreement dated April 22, 2014
	 	 	Waiver of Covenant/Amendment to Agreement 

 

Dear Mr. Thomas:

 

This letter refers to
the Term Loan Agreement, dated as of April 22, 2014 (the “Agreement”), among Community Bankers Trust Corporation as
Borrower (the “Borrower”), the Lenders from Time to Time Party Thereto and SunTrust Bank as Administrative Agent. As
the result of certain strategic actions by the Borrower, we understand that the Borrower will not be in compliance with each of
(i) the “Return on Average Assets” covenant set forth in Section 6.2 of the Agreement (the “Return on Average
Assets Covenant”) and (ii) the “Dividend Capacity” covenant set forth in Section 6.4 of the Agreement (the “Dividend
Capacity Covenant”) during the periods described below.

 

The following actions
are taken by SunTrust Bank, in its capacity as each of the sole current Lender and the Administrative Agent under the Agreement,
and the Borrower:

 

		1.	SunTrust Bank hereby waives the Borrower’s non-compliance with the Return on Average Assets
Covenant for the fiscal quarter ended September 30, 2015 and any Default or Event of Default (as defined in the Agreement) arising
solely as a result of the Borrower’s failure to comply with the Return on Average Assets Covenant for such quarters.

 

		2.	SunTrust Bank and the Borrower agree that the Agreement is hereby amended by replacing the definition
of “Return on Average Assets” in Section 1.1 in its entirety with the provision set forth in Exhibit A.

 

		3.	SunTrust Bank and the Borrower agree that the Agreement is hereby amended by replacing Section 6.3
in its entirety with the provision set forth in Exhibit B

 

     

     

    

 

Mr. Bruce E. Thomas

Executive Vice President and Chief Financial
Officer

Community Bankers Trust Corporation

December 28, 2015

Page 2

 

 

		4.	SunTrust Bank hereby waives the Borrower’s non-compliance with the Dividend Capacity Covenant
during the period from September 10, 2015 through and including March 30, 2016 and any Default or Event of Default arising solely
as a result of the Borrower’s failure to comply with the Dividend Capacity Covenant for such period.

 

		5.	SunTrust Bank and the Borrower agree that the Agreement is hereby amended by replacing Section 6.4
in its entirety with the following: “Section 6.4. [Reserved.]”

 

 

Except for the above-described
waivers and amendments, the Agreement and all of the other Loan Documents (as defined in the Agreement), and the waiver set forth
in the letter agreement dated February 26, 2015, shall remain unmodified and in full force and effect. This letter is specific
as to content and time and shall not constitute a waiver of any other current or future default or breach of any other covenant
contained in the Agreement or any of the other Loan Documents or the terms and conditions of any other documents signed by Borrower
in favor of SunTrust Bank. SunTrust Bank reserves its rights against Borrower in connection with any other default other than the
one described above or in connection with any future breach of the terms of the Agreement or any of the other Loan Documents.

 

The effective date of
the above-described waiver and amendment is September 10, 2015.

 

	 	Sincerely,	 	 
	 	 	 	 	 
	 	SUNTRUST BANK	 	 
	 	as Lender and as Administrative Agent	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Andrew Johnson	 	 
	 	 	Name:  Andrew Johnson	 	 
	 	 	Title:    Director	 	 

 

Acknowledged and Agreed:

 

COMMUNITY BANKERS TRUST CORPORATION

  

 

	By:	/s/ Bruce E. Thomas	 
	Name:	Bruce E. Thomas	 
	Title:	Executive Vice President and Chief Financial Officer

 

     

     

    

 

Mr. Bruce E. Thomas

Executive Vice President and Chief Financial
Officer

Community Bankers Trust Corporation

December 28, 2015

Page 3

 

 

Exhibit A

 

 

“Return on Average
Assets” shall mean, with respect to the Borrower as of the last day of each Fiscal Quarter, a percentage determined
by dividing (a) the sum of the “net income” of the Borrower (as determined by reference to the line item “net
income” under the “Consolidated Income Statement” in the Borrower’s most recent Form 10-Q or 10-K, as applicable)
for such Fiscal Quarter and the three immediately preceding Fiscal Quarters by (b) the average of the “total assets”
of the Borrower (as determined by reference to the line item “total assets” under the “Consolidated Balance Sheet”
in the Borrower’s most recent Form 10-Q or 10-K, as applicable) for such four Fiscal Quarters. Notwithstanding the foregoing,
for the following periods, Return on Average Assets shall be determined as set forth below:

 

(i)for the Fiscal Quarter
ended December 31, 2015, a percentage determined by dividing (a) the product of (x) the “net income” of the Borrower
for such Fiscal Quarter and (y) four by (b) the average of the “total assets” of the Borrower for such Fiscal
Quarter;

 

(ii)for the Fiscal Quarter
ended March 31, 2016, a percentage determined by dividing (a) the product of (x) the average quarterly “net income”
of the Borrower for such Fiscal Quarter and the immediately preceding Fiscal Quarter and (y) four by (b) the average of
the “total assets” of the Borrower for such two Fiscal Quarters; and

 

(iii)for the Fiscal
Quarter ended June 30, 2016, a percentage determined by dividing (a) the product of (x) the average quarterly “net income”
of the Borrower for such Fiscal Quarter and the two immediately preceding Fiscal Quarters and (y) four by (b) the average
of the “total assets” of the Borrower for such three Fiscal Quarters.

 

     

     

    

 

Mr. Bruce E. Thomas

Executive Vice President and Chief Financial
Officer

Community Bankers Trust Corporation

December 28, 2015

Page 4

 

 

Exhibit B

 

 

Section 6.3.           Minimum Cash at
Borrower and Dividend Capacity.

 

(a)           For the period
from the Closing Date to and including March 30, 2016:

 

(i)           the Borrower
shall at all times maintain adequate unrestricted cash or cash equivalents on hand directly at the Borrower in accordance with
the requirements of the FRB; provided, that (x) during the period from February 26, 2015 through and including March 30,
2016, the Borrower shall hold an amount not less than $3,000,000 and (y) at all other times, the Borrower shall hold an amount
not less than $1,200,000; and

 

(ii)           the
Borrower will maintain a Dividend Capacity during the periods and in the corresponding amounts indicated in the grid immediately
below:

 

	Period	Amount
	Closing Date – March 30, 2015	$1,250,000
	March 31, 2015 – September  29, 2015	$750,000
	September 30, 2015 – March 30, 2016	$2,000,000

  

(b)           For the period
from March 31, 2016 to the Maturity Date, the Borrower will maintain a minimum combined total amount of (i) unrestricted cash or
cash equivalents on hand directly at the Borrower in accordance with the requirements of the FRB plus (ii) a Dividend Capacity
during the periods and in the corresponding amounts indicated in the grid immediately below:

 

	Period	Combined Amount
	March 31, 2016 – June 29, 2016	$2,000,000
	June 30, 2016 – September 29, 2016	$2,750,000
	September 30, 2016 – Maturity Date	$3,250,000EX-10.24

 Exhibit 10.24 

BOJANGLES’, INC. 

COMPENSATION POLICY FOR NON-EMPLOYEE DIRECTORS 

Effective May 13, 2015 
  

	1.	ANNUAL CASH AND STOCK COMPENSATION 

 • Eligible Directors: Each
member of the Company’s Board of Directors (the “Board”) who is not an employee of the Company (a “Non-Employee Director”) and who is not affiliated with Advent International Corporation. 

• Cash Retainer. Commencing with the fiscal quarter in which the Company’s initial public offering (the
“IPO”) closes, each eligible director shall receive $10,000 quarterly, paid in arrears and paid on a pro rata for partial quarters served.  

• Annual Committee Fees: $10,000 for the Audit Committee ($15,000 for the Audit Committee Chair); $7,500 for the
Compensation Committee ($15,000 for the Compensation Committee Chair); and $2,500 for the Nominating and Corporate Governance Committee ($5,000 for the Nominating and Corporate Governance Committee Chair), in each case paid quarterly in arrears
together with the annual retainer for all eligible directors. 
 • Stock in lieu of Retainers: Prior to the end of the fiscal
quarter with respect to which such cash retainer relates, an eligible director may elect, in lieu of the cash retainer, to receive fully vested shares of the Company’s common stock (“Shares”) having a Fair Market Value (as such
term is defined under the Bojangles’, Inc. Amended and Restated 2011 Equity Incentive Plan (the “Plan”)) equal to the amount of the foregone retainer for such period. Any such elected Shares will be delivered on or about the
last day of the fiscal quarter with respect to which the foregone cash retainer relates. Any fractional Shares will be paid in cash. 

• Annual Equity Award. On the date on which the Company’s IPO closes, each eligible director will receive a restricted
stock unit award for Shares having a value equal to $50,000 based on the Company’s IPO price, which award will vest in full on the date of the 2016 annual meeting of stockholders, subject to the director’s continued service with the
Company through such date. On the date of the annual meeting of stockholders occurring in 2016 and on the date of each annual meeting of stockholders thereafter, each eligible director will receive a restricted stock unit award for Shares having a
Fair Market Value equal to $50,000, which awards will vest in full at the next annual meeting of stockholders, subject to the director’s continued service with the Company through the date of such meeting. Awards of restricted stock units made
pursuant to this Policy shall be issued under the Plan and will be subject to an award agreement (an “Award Agreement”). Vesting of awards may be accelerated upon certain events as provided in an Award Agreement.  

 

	2.	EXPENSE REIMBURSEMENT—Each Non-Employee Director will be reimbursed for reasonable out-of-pocket travel expenses incurred in connection with attendance at Board and committee meetings and other Board related
activities in accordance with the Company’s plans or policies as in effect from time to time1. 

  

	3.	AMENDMENT AND TERMINATION—This Policy may be amended or terminated by the Board at any time. 

 

	1 	To the extent that any such reimbursements constitute compensation, (i) such amount shall be reimbursed no later than December 31 of the year following the year in which the expense was incurred,
(ii) such amount shall not affect the amount of compensatory expense reimbursements in any subsequent year, and (iii) the right to such reimbursement shall not be subject to liquidation or exchange for any other benefit.

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