Regional Management Corp. 979 Batesville Road, Suite B Greer, South Carolina 29651 www.regionalmanagement.com
Exhibit 10.3
| 000 Xxxxxxxxxx Xxxx, Xxxxx X Xxxxx, Xxxxx Xxxxxxxx 00000 xxx.xxxxxxxxxxxxxxxxxx.xxx |
|
November 28, 2022
Basswood Capital Management, L.L.C.
000 Xxxxxxx Xxxxxx, 00xx Floor
New York, NY 10022
Via Email: xxx@xxxxxxxx.xxx
Dear Xxxxxx:
Reference is made to that certain Cooperation Agreement, dated as of January 26, 2018 (the “Agreement”), by and between Basswood Capital Management, L.L.C. (“Basswood”) and Regional Management Corp. (the “Company”). Terms capitalized herein and not otherwise defined herein shall have their meanings set forth in the Agreement.
The Company and Basswood hereby agree that:
1. For purposes of Section 1. (e) of the Agreement, the definition in the second sentence therein of “Minimum Ownership Threshold” should be deleted therefrom in its entirety and the following sentence should be substituted in replacement thereof:
The term “Minimum Ownership Threshold” shall mean an aggregate Net Long Position of the lesser of 7.5% of the outstanding shares of Common Stock and 718,657 shares of Common Stock.
2. For purposes of Section 2. (e) (iv) of the Agreement and the definition therein of the Standstill Period, by entering into this Letter Agreement, the Company will be deemed to have provided written notice to Basswood that it will nominate Xxxxxxxx X. Xxxxx for election to the Board at the 2023 annual stockholders meeting and Basswood will be deemed to have agreed in advance to such nomination.
3. Except as otherwise modified or amended herein, the terms and provisions of the Agreement should continue in full force and effect.
Please acknowledge your acceptance hereof and agreement herewith by executing and returning the enclosed copy of this Letter Agreement.
| Very truly yours, | ||
| Regional Management Corp. | ||
| By: | /s/ Xxxxxxxxx X. Xxxxxx | |
| Xxxxxxxxx X. Xxxxxx | ||
| SVP, General Counsel, and Secretary | ||
| ACCEPTED AND AGREED | ||
| Basswood Capital Management L.L.C. | ||
| By: | /s/ Xxxxxxx Xxxxxxxxxx | |
| Xxxxxxx Xxxxxxxxxx | ||
| Principal | ||
