Document:

Exhibit 10.1

 

AMENDMENT NO. 9 TO REVOLVING CREDIT AGREEMENT

 

THIS AMENDMENT NO. 9 TO REVOLVING CREDIT AGREEMENT,
dated as of November 6, 2008, amends the Revolving Credit Agreement dated
as of November 8, 2005, as amended by Amendment No. 1 to Revolving Credit
Agreement dated as of March 28, 2006, by Amendment No. 2 to Revolving
Credit Agreement dated as of May 11, 2006, by Amendment No. 3 to
Revolving Credit Agreement dated as of November 7, 2006, by Amendment No. 4
to Revolving Credit Agreement dated as of July 31, 2007, by Amendment No. 5
to Revolving Credit Agreement dated as of August 8, 2007, by Amendment No. 6
to Revolving Credit Agreement dated as of November 6, 2007, by Amendment No. 7
to Revolving Credit Agreement dated as of March 31, 2008 and by Amendment No. 8
to Revolving Credit Agreement dated as of August 6, 2008 (as so amended,
the “Credit Agreement”), between Guaranty Bancorp, a Delaware corporation
(formerly known as Centennial Bank Holdings, Inc.) (the “Borrower”), and
U.S. Bank National Association (“Lender”).

 

RECITAL

 

Borrower and Lender desire to amend the Credit
Agreement as provided below.

 

AGREEMENTS

 

In consideration of the promises and agreements
contained in the Credit Agreement, as amended hereby, Borrower and Lender agree
as follows:

 

1.             Definitions and References.  Capitalized terms not otherwise defined
herein have the meanings ascribed to them in the Credit Agreement.  Upon the execution and delivery of this
Amendment No. 9 to Revolving Credit Agreement (“Amendment No. 9”) by Borrower
and Lender, each reference to the Credit Agreement contained in the Credit
Agreement, the Note, the Pledge Agreement or any other document relating
thereto means the Credit Agreement as amended by this Amendment No. 9.

 

2.             Amendments to Credit Agreement.

 

(a)           Section 1.2 of the
Credit Agreement is amended in its entirety as follows:

 

SECTION 1.2        REVOLVING CREDIT LOANS.  Subject to the terms and conditions of this
Agreement, Lender agrees to make loans to Borrower, from time to time from the
date of this Agreement through March 31, 2009 (the “Maturity Date”),
at such times and in such amounts, not to exceed TWENTY MILLION AND NO/100
UNITED STATES DOLLARS ($20,000,000) (the “Commitment”) at any one time
outstanding, as Borrower may request (the “Loan(s)”).  During such period Borrower may borrow, repay
and reborrow hereunder.  Each borrowing
shall be in the 

 

 

amount of at least $100,000 or the remaining
unused amount of the Commitment.

 

(b)           Section 1.3 is amended
to delete the phrase “the Interest Period (as defined below) (if applicable)”
from the second sentence thereof.

 

(c)           Section 2.1(a) of
the Credit Agreement is amended in its entirety to read as follows:

 

(a)           Before the maturity of the Loans, whether by
acceleration or otherwise, at a rate equal to the “Prime-Based Rate”,
which shall mean the greater of (A) the Prime Rate (as hereinafter
defined) plus 1.00% per annum or (B) 5.00% per annum.

 

(d)           Section 2.2 of the
Credit Agreement is amended in its entirety as follows:

 

SECTION 2.2        REQUESTS
FOR LOANS.  If Borrower
wishes to borrow funds, it shall, at or before 12:00 noon, New York time, on
the date of such borrowing, which shall be a New York Banking Day, give Lender
written notice thereof, which shall be irrevocable.  Such notice shall specify the principal
amount of the requested Loan.

 

(e)           Section 2.3 of the
Credit Agreement is amended in its entirety and replaced with the
following:  “[Reserved.]”

 

(f)            Section 2.4 of the
Credit Agreement is amended in its entirety as follows:

 

SECTION 2.4       INTEREST PAYMENT DATES.  Accrued interest shall be due and payable on
the last day of each month in each year, beginning with the first of such dates
to occur after the date of the first Loan, at maturity, and upon payment in
full.  After maturity, interest shall be
payable upon demand.

 

(g)           Section 2.5 of the
Credit Agreement is amended in its entirety and replaced with the
following:  “[Reserved.]”

 

(h)           Section 3.1 of the
Credit Agreement is amended in its entirety as follows:

 

SECTION 3.1       PREPAYMENTS.  Borrower may prepay the Loans at any time
without penalty or premium.  Borrower
shall prepay the Loans 

 

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from time to time so that, for five (5) days during each calendar
quarter, there are no Loans outstanding.

 

(i)            Section 5.2(f) of
the Credit Agreement is amended in its entirety to read as follows:

 

(f)            Capital Purchase Program Information.  Concurrently with providing any written information,
applications or reports to the United States Secretary of the Treasury or any
federal regulatory agency in connection with Borrower’s participation in the
Capital Purchase Program (the “CPP”) established pursuant to the Emergency
Economic Stabilization Act of 2008, copies of all such information,
application, reports and similar documentation provided to such federal
regulatory agency, including without limitation, any information regarding
approval of Borrower’s participation in the CPP.

 

(j)            Section 5.4 of the
Credit Agreement is amended in its entirety to read as follows:

 

SECTION 5.4       FINANCIAL REQUIREMENTS.

 

(a)           Well Capitalized.  Borrower and the Subsidiary Bank shall
maintain such financial ratios as are required for the Borrower and the
Subsidiary Bank to be classified as “well capitalized” by each federal regulatory
agency having jurisdiction over the Borrower and the Subsidiary Bank.

 

(b)           Total Risk-Based Capital.  Borrower shall have Total Risk-Based Capital
of not less than $250,000,000 as of December 31, 2008 and at all times
thereafter.

 

(c)           Return on Average Assets.  Borrower’s consolidated net income during (i) the
fiscal quarter ending September 30, 2008 shall not be less than (0.60)% of
its average assets during such fiscal quarter, (ii) the fiscal quarter
ending December 31, 2008 shall not be less than 0.00% of its average assets
during such fiscal quarter and (iii) during each subsequent fiscal quarter
shall not be less than 0.15% of its average assets during the applicable fiscal
quarter; provided, however, that for purposes of determining return on average
assets, customary and reasonable, non-recurring expenses and charges shall be
excluded, including but not limited to goodwill impairment charges, severance
and branch closure charges and expenses and charges incurred in connection with
an acquisition or public offering permitted under Section 5.1 and 5.6
hereof (e.g., intangible amortization expense).

 

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(d)           Nonperforming Assets.  The Nonperforming Loans of the Borrower, its
Subsidiary Bank and other Subsidiaries shall not exceed (i) 3.25% of Total
Loans as of September 30, 2008 and December 31, 2008 or (ii) 3.0%
of Total Loans as of the last day of any subsequent fiscal quarter.

 

(e)           Loan Loss Reserves.  The Subsidiary Bank shall maintain loan loss
reserves which, as of the last day of each fiscal quarter, are not less than
60% of the Nonperforming Loans of the Subsidiary Bank.

 

(k)           Subsections 8.1(f) and
8.1(g) are amended in their entirety to read as follows:

 

(f)            The term “Nonperforming Loans” refers to all
loans and other assets of the Borrower or the Subsidiary Bank which are
classified as “non-performing” (which shall include all loans in nonaccrual
status, loans more than ninety (90) days past due in the payment of principal
or interest, loans restructured or renegotiated or listed as “other
restructured” or “other real estate owned” on the FDIC or other regulatory
agency call report).

 

(g)           The term “Total Loans” refers to all loans of
the Borrower and the Subsidiary Bank, on a consolidated or individual basis as
the case may be.

 

(l)            Subsection 8.1(h) is
amended to read:

 

(h)           The term “Total Risk-Based Capital” shall
have the meaning set forth in the FDIC’s regulations on minimum capital
adequacy (currently set forth in Appendix A to 12 C.F.R. Part 325).

 

3.             Effective Date of Amendment No. 9.  This Amendment No. 9 shall become
effective upon its execution and delivery by Borrower and Lender and receipt by
Lender of an amendment to the Loan Participation Agreement between First
Tennessee Bank National Association and Lender, duly executed by the parties
thereto.

 

4.             Representations and
Warranties; No Default.

 

(a)           The execution and delivery
of this Amendment No. 9 has been duly authorized by all necessary
corporate action on the part of Borrower and does not violate or result in a
default under Borrower’s Certificate of Incorporation or By-Laws, any
applicable law or governmental regulation or any material agreement to which
Borrower is a party or by which it is bound.

 

(b)           The representations and warranties
of Borrower in the Credit Agreement, as amended hereby, are true and correct in
all material respects and, after 

 

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giving effect to the
amendments contained herein, no Event of Default or Unmatured Event of Default
exists.

 

5.             Costs and Expenses.  Borrower agrees to pay to Lender all costs
and expenses (including reasonable attorneys’ fees) paid or incurred by Lender
in connection with the negotiation, execution and delivery of this Amendment No. 9.

 

6.             Full Force and Effect.  The Credit Agreement, as amended by this
Amendment No. 9, remains in full force and effect.

 

7.             Governing Law.  This Amendment No. 9 shall be governed
by the laws of the State of Wisconsin without regard to conflicts of laws principles.

 

8.             Counterparts.  This Amendment No. 9 may be executed via
facsimile or e-mail (PDF) transmission and may be executed in separate
counterparts, each of which shall be deemed to be an original and all of which
together shall constitute a single instrument.

 

[remainder
of page intentionally blank; signature page follows]

 

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IN WITNESS WHEREOF, the undersigned have executed
this Amendment No. 9 as of the date and year first above written.

 

 

	
   

  	
  GUARANTY BANCORP

  
	
   

  	
   

  	
   

  
	
   

  	
  BY

  	
  /s/ Paul W. Taylor

  
	
   

  	
  Paul Taylor, Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
  BY

  	
  /s/ Jon B. Beggs

  
	
   

  	
  Jon B. Beggs, Vice
  President

  

 

Signature Page to Amendment No. 9Exhibit 10.2

 

AMENDMENT TO

GUARANTY BANCORP EMPLOYEE SEVERANCE PAY PLAN

 

Amendment,
dated October 27, 2008 (the “Amendment”), to the Guaranty Bancorp Employee
Severance Pay Plan (the “Plan”).

 

WHEREAS, Guaranty
Bancorp (the “Company”) has adopted the Plan;

 

WHEREAS, in
order to avoid certain adverse federal income tax consequences to holders of
certain awards under the Plan as a result of Section 409A of the Internal
Revenue Code of 1986, as amended, the Company desires to implement certain
amendments to the Plan; and

 

WHEREAS, the
Plan authorizes the Company to amend or revise the terms of the Plan.

 

NOW, THEREFORE,
the Plan is hereby amended as follows:

 

1.  A new section entitled “Code Section 409A”
is added after the section entitled “Amendment or Termination of the Plan” to
read as follows:

 

CODE SECTION 409A.

 

The
Company intends that the Severance Benefits payable under this Plan shall be exempt
from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”)
and shall be deemed not to be a “deferral of compensation” subject to Section 409A
to the extent provided in the exceptions in Treasury Regulation Sections
1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay
plans,” including the exception under subparagraph (iii)) and other applicable
provisions of Treasury Regulation Section 1.409A-1 through A-6.  The Plan shall be interpreted, construed and
administered in accordance with the foregoing intent.

 

Notwithstanding
the foregoing or anything to the contrary in this Plan or elsewhere, if an
Eligible Employee is a “specified employee” as determined pursuant to Section 409A
as of the date of his or her “separation from service” (within the meaning of
Treasury Regulation 1.409A-1(h)) and if any Severance Benefits provided for in
this Plan or otherwise both (x) constitutes a “deferral of compensation”
within the meaning of Section 409A and (y) cannot be paid or provided
in the manner otherwise provided without subjecting the Eligible Employee to “additional
tax”, interest or penalties under Section 409A, then any such payment that
is payable during the first six months following the Eligible Employee’s “separation
from service” shall be paid in a lump sum to the Eligible Employee on the first
business day of the seventh calendar month following the month in which his or
her “separation from service” occurs or, if earlier, at his or her death. 
In addition, any payment of Severance Benefits upon a termination of employment
that represents a “deferral of compensation” within the meaning of Section 409A
shall only be paid, delivered, settled or exercised upon a “separation from
service”.

 

 

Notwithstanding
anything to the contrary in this Plan or elsewhere, any payment or benefit hereunder
that is exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)(v)(A) or
(C) shall be paid or provided to the Eligible Employee only to the extent
that the expenses are not incurred, or the benefits are not provided, beyond
the last day of the second taxable year of the Eligible Employee following the
taxable year of the Executive in which the “separation from service” occurs;
and provided further that such expenses are reimbursed no later than the last
day of the third taxable year following the taxable year of the Eligible
Employee in which the “separation from service” occurs.  Except as
otherwise expressly provided herein, to the extent any expense reimbursement or
the provision of any in-kind benefit under this Plan is determined to be subject
to Section 409A, the amount of any such expenses eligible for
reimbursement, or the provision of any in-kind benefit, in one calendar year
shall not affect the expenses eligible for reimbursement in any other taxable
year, in no event shall any expenses be reimbursed after the last day of the
calendar year following the calendar year in which the Eligible Employee
incurred such expenses, and in no event shall any right to reimbursement or the
provision of any in-kind benefit be subject to liquidation or exchange for
another benefit.

 

Section 2.        Effectiveness of Amendment.  This Amendment shall become
effective as of January 1, 2009.

 

Section 3.        Definitions.
Capitalized terms that are not defined in this Amendment shall have the
meanings ascribed thereto in the Plan.

 

Section 4.        Other Provisions Unaffected.  Except as modified by this
Amendment, the existing provisions of the Plan shall remain in full force and
effect.

 

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