SEC Contract Filing

Filing Date: 2024-06-11

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d828101dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES PURCHASE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Securities Purchase Agreement (this &#147;<I>Agreement</I>&#148;) is dated as of June&nbsp;7, 2024, by and between Blue Ridge Bankshares,
Inc., a Virginia corporation (the &#147;<I>Company</I>&#148;), and the purchaser identified on the signature page hereto (including his successors and assigns, the &#147;<I>Purchaser</I>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECITALS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A. Pursuant to that
certain Amended and Restated Securities Purchase Agreement, dated April&nbsp;3, 2024, by and among the Company and the purchasers identified on the signature pages thereto (the &#147;<I>SPA</I>&#148;), the Company issued and sold (i)&nbsp;shares of
the Company&#146;s common stock, no par value per share (the &#147;<I>Common Stock</I>&#148;), (ii) shares of either the Company&#146;s Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series B, par value $50.00 per share (the
&#147;<I>Series B</I>&#148;), or Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series C, par value $50.00 per share (the &#147;<I>Series C</I>,&#148; and together with the Series B, the &#147;<I>Preferred Stock</I>&#148;), and
(iii)&nbsp;warrants to purchase shares of either Series B or Series C depending on what type of Preferred Stock such Purchaser purchased pursuant to clause (ii)&nbsp;above; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">B. Pursuant to Section&nbsp;4.13 and Section&nbsp;6.4 of (i)&nbsp;that certain Stock Purchase Agreement, dated March&nbsp;17, 2015, by and
among the Company and the purchasers, including Purchaser, identified on the signature pages thereto and (ii)&nbsp;that certain Stock Purchase Agreement, dated December&nbsp;31, 2014, by and among the Company and the purchasers, including Purchaser,
identified on the signature pages thereto (together, the &#147;<I>2014/2015 Agreements</I>&#148;), the Company provided a written offer by letter, dated April&nbsp;25, 2024, to Purchaser to acquire shares of Common Stock, shares of Series B and/or
shares of Series C and a corresponding warrant; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">C. Purchaser properly exercised his rights under Section&nbsp;4.13 of the 2014/2015
Agreements with respect to 290,000 shares of Common Stock (the &#147;<I>Common Shares</I>&#148;), 1,140 shares of Series B (the &#147;<I>Preferred Shares</I>&#148;) and a warrant exercisable for 607 shares of Series B in substantially the form
attached hereto as <U>Exhibit A</U> (the &#147;<I>Warrant</I>&#148; and the shares of Preferred Stock (and after Conversion, the shares of Common Stock) issuable upon exercise of or otherwise pursuant to the Warrant collectively are referred to
herein as the &#147;<I>Warrant Shares</I>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">D. The Company and the Purchaser are executing and delivering this Agreement in
reliance upon the exemption from securities registration afforded by Section&nbsp;4(a)(2) of the Securities Act of 1933, as amended (the &#147;<I>Securities Act</I>&#148;), and Rule 506(b) of Regulation D (&#147;<I>Regulation D</I>&#148;) as
promulgated by the United States Securities and Exchange Commission (the &#147;<I>Commission</I>&#148;) under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">E. The
Preferred Stock Articles of Amendment previously have been made a part of the Company&#146;s Articles of Incorporation by filing the Preferred Stock Articles of Amendment with the Virginia State Corporation Commission (the &#147;<I>VSCC</I>&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">F. The Common Shares, Preferred Shares, the Underlying Preferred Shares and the Warrant Shares collectively are referred to herein as the
&#147;<I>Shares</I>&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">G. The Shares and the Warrant collectively are referred to herein as the &#147;<I>Securities</I>&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">H. The Company has engaged Piper Sandler&nbsp;&amp; Co. as its exclusive placement agent (the &#147;<I>Placement Agent</I>&#148;) for the
offering of the Shares and Warrant on a &#147;best efforts&#148; basis. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">I. At Closing, the parties hereto shall execute and deliver a Registration Rights Agreement,
substantially in the form attached hereto as <U>Exhibit B</U