SEC Contract Filing

Filing Date: 2021-08-17

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d211814dex101.htm
<DESCRIPTION>EX-10.1
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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:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUBORDINATED NOTE PURCHASE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This SUBORDINATED NOTE PURCHASE AGREEMENT (this &#147;<U>Agreement</U>&#148;) is dated as of August&nbsp;17, 2021, and is made by and among
California BanCorp, a California corporation (the &#147;<U>Company</U>&#148;), and the several purchasers of the Subordinated Notes (as defined herein) identified on the signature pages hereto (each a &#147;<U>Purchaser</U>&#148; and collectively,
the &#147;<U>Purchasers</U>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> the Company has requested that the Purchasers purchase from the Company up to $35.0&nbsp;million in aggregate principal amount
of Subordinated Notes, which aggregate amount is intended to qualify as Tier 2 Capital (as defined herein); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>the Company
has engaged Piper Sandler&nbsp;&amp; Co. as its placement agent (the &#147;<U>Placement Agent</U>&#148;) for the offering of the Subordinated Notes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>each of the Purchasers is an institutional &#147;accredited investor&#148; as such term is defined in Rule 501 of Regulation D
(&#147;<U>Regulation D</U>&#148;) promulgated under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;) or a &#147;qualified institutional buyer&#148; as such term is defined in Rule 144A of Regulation D promulgated under
the Securities Act (&#147;<U>QIB</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>the offer and sale of the Subordinated Notes by the Company is being made in
reliance upon the exemptions from registration available under Section&nbsp;4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated under the Securities Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>each Purchaser is willing to purchase from the Company a Subordinated Note in the principal amount set forth on such
Purchaser&#146;s respective signature page hereto (the &#147;<U>Subordinated Note Amount</U>&#148;) in accordance with the terms, subject to the conditions and in reliance on, the recitals, representations, warranties, covenants and agreements set
forth herein and in the Subordinated Notes; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, at Closing, the Company and the Purchasers shall execute and deliver a
Registration Rights Agreement, substantially in the form attached hereto as <U>Exhibit C</U> (the &#147;<U>Registration Rights Agreement</U>&#148;), pursuant to which, among other things, the Company will agree to provide certain registration rights
with respect to the Subordinated Notes under the Securities Act and the rules and regulations promulgated thereunder and applicable state securities laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE,</B> in consideration of the mutual covenants, conditions and agreements herein contained and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AGREEMENT </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>DEFINITIONS</U>. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.1</B> <B><U>Defined Terms.</U></B> The following capitalized terms used in this Agreement and in the Subordinated Notes have the meanings
defined or referenced below. Certain other capitalized terms used only in specific sections of this Agreement may be defined in such sections. Terms used herein and not defined below shall have the meaning set forth in the Indenture. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate(s)</U>&#148; means, with respect to any Person, such Person&#146;s
immediate family members, partners, members or parent and subsidiary corporations, and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective Affiliates. </P>
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