Exhibit 10.26



 Exhibit 10.26 

SUBORDINATED NOTE PURCHASE AGREEMENT 

This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of April 22, 2015, and is made by and among
Eastern Virginia Bankshares, Inc., a Virginia corporation (“Company”), and the several purchasers of the Subordinated Notes named on Schedule I hereto (each a “Purchaser” and collectively, the
“Purchasers”). 
 RECITALS 

WHEREAS, Company has requested that the Purchasers purchase from Company up to $20,000,000 in aggregate principal amount of
Subordinated Notes (as defined herein), which aggregate amount is intended to qualify as Tier 2 Capital (as defined herein). 
 WHEREAS,
Company has engaged Sandler O’Neill + Partners, L.P., as its exclusive placement agent (“Placement Agent”) for the offering of the Subordinated Notes. 

WHEREAS, each of the Purchasers is an institutional accredited investor as such term is contemplated by Rule 501 of Regulation D
(“Regulation D”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). 

WHEREAS, the sale of the Subordinated Notes by Company is being made pursuant to Rule 506(b) of Regulation D and pursuant to the
Indenture (as defined below). 
 WHEREAS, each Purchaser is willing to purchase from Company a Subordinated Note in the principal
amount set forth in Schedule I (the “Subordinated Note Amount”) 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. 
 NOW, THEREFORE, 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: 

AGREEMENT 
 1.
DEFINITIONS. 
 1.1 Defined Terms. The following capitalized terms generally 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. 

“Affiliate(s)” means, with respect to any Person, such Person’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. 

“Agreement” has the meaning set forth in the preamble hereto. 

“Bank” means EVB, a Virginia state-chartered bank and wholly owned subsidiary of Company. 

“Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in the Commonwealth
of Virginia are permitted or required by any applicable law or executive order to close. 







 “Closing” has the meaning set forth in Section 2.2. 

“Closing Date” means April 22, 2015. 

“Company” has the meaning set forth in the preamble hereto and shall include any successors to Company. 

“Company’s Liabilities” means Company’s obligations under the Transaction Documents. 

“Company’s SEC Reports” means (i) Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2014, as filed with the SEC, (ii) Company’s Definitive Proxy Statement on Schedule 14A related to its 2015 Annual Meeting of Shareholders, as filed with the SEC, or (iii) any Current Report on Form 8-K, as filed or
furnished by Company with the SEC since January 1, 2015, as filed with the SEC pursuant to the requirements of the Exchange Act. 

“Disbursement” has the meaning set forth in Section 3.1. 

“Equity Interest” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation, and any and all warrants, options or other rights to purchase any of the foregoing. 

“Exchange Act” has the meaning set forth in Section 4.8. 

“FDIC” means the Federal Deposit Insurance Corporation. 

“GAAP” means generally accepted accounting principles in effect from time to time in the United States of America. 

“Governmental Agency(ies)” means, individually or collectively, any federal, state, county or local governmental department,
commission, board, regulatory authority or agency (including, without limitation, each applicable Regulatory Agency) with jurisdiction over Company. 

“Governmental Licenses” has the meaning set forth in Section 4.3. 

“Hazardous Materials” means flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls,
radioactive materials, hazardous wastes, toxic or contaminated substances or similar materials, including, without limitation, any substances which are “hazardous substances,” “hazardous wastes,” “hazardous materials,”
or “toxic substances” under the Hazardous Materials Laws and/or other applicable environmental laws, ordinances or regulations. 

“Hazardous Materials Laws” mean any laws, regulations, permits, licenses or requirements pertaining to the protection,
preservation, conservation or regulation of the environment which relates to real property, including: the Clean Air Act, as amended, 42 U.S.C. Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C.
Section 1251 et seq.; the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environment Response, Compensation and Liability Act of 1980, as amended (including the Superfund
Amendments and Reauthorization Act of 1986), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational Safety and Health Act, as amended, 29 U.S.C. Section 651, the
Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, 42 U.S.C. Section 300f et
seq.; and all comparable state and local laws, laws of other jurisdictions or orders and regulations. 

  
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 “Indebtedness” means and includes: (i) all items arising from the borrowing
of money that, according to GAAP as in effect from time to time, would be included in determining total liabilities as shown on the consolidated balance sheet of Company or any Subsidiary of Company; and (ii) all obligations secured by any lien
in property owned by Company or any Subsidiary whether or not such obligations shall have been assumed; provided, however, Indebtedness shall not include deposits or other indebtedness created, incurred or maintained in the ordinary
course of Company’s or Bank’s business (including, without limitation, federal funds purchased, advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by Company or Bank and repurchase
arrangements) and consistent with customary banking practices and applicable laws and regulations. 
 “Indenture” shall
mean the indenture, dated as of the date hereof, by and between the Company and U.S. Bank National Association, as trustee, substantially in the form attached hereto as Exhibit A, as the same may be amended or supplemented from time to
time in accordance with the terms thereof. 
 “Leases” means all leases, licenses or other documents providing for the use
or occupancy of any portion of any Property, including all amendments, extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate agreements relating thereto. 

“Material Adverse Effect” means, with respect to any Person, any change or effect that (i) is or would be reasonably
likely to be material and adverse to the financial position, results of operations or business of such Person, or (ii) would materially impair the ability of any Person to perform its respective obligations under any of the Transaction
Documents, or otherwise materially impede the consummation of the transactions contemplated hereby; provided, however, that “Material Adverse Effect” shall not be deemed to include the impact of (1) changes in banking
and similar laws, rules or regulations of general applicability or interpretations thereof by Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements applicable to financial institutions and their holding companies
generally, (3) changes after the date of this Agreement in general economic or capital market conditions affecting financial institutions or their market prices generally and not specifically related to Company or Purchasers, (4) direct
effects of compliance with this Agreement on the operating performance of Company or Purchasers, including expenses incurred by Company or Purchasers in consummating the transactions contemplated by this Agreement, and (5) the effects of any
action or omission taken by Company with the prior written consent of Purchasers, and vice versa, or as otherwise contemplated by this Agreement and the Subordinated Notes. 

“Maturity Date” means May 1, 2025. 

“Person” means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint
venture, an association, a trust, an unincorporated organization, a government or any department or agency thereof (including a Governmental Agency) or any other entity or organization. 

“Placement Agent” has the meaning set forth in the Recitals. 

“Property” means any real property owned or leased by Company or any Affiliate or Subsidiary of Company. 

“Purchaser” and “Purchasers” have the meanings set forth in the preamble hereto. 

  
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 “Registration Rights Agreement” means the Registration Rights Agreement, dated
as of the date hereof, by and among Company and the Purchasers in the form attached as Exhibit B hereto. 
 “Regulation
D” has the meaning set forth in the Recitals. 
 “Regulatory Agencies” means any federal or state agency charged
with the supervision or regulation of depositary institutions or holding companies of depositary institutions, or engaged in the insurance of depositary institution deposits, or any court, administrative agency or commission or other authority, body
or agency having supervisory or regulatory authority with respect to Company, Bank or any of their Subsidiaries. 
 “SEC”
means the Securities and Exchange Commission. 
 “Secondary Market Transaction” has the meaning set forth in
Section 5.5. 
 “Securities Act” has the meaning set forth in the Recitals. 

“Subordinated Note” means the Subordinated Note (or collectively, the “Subordinated Notes”) in the form
attached as an exhibit to the Indenture, as amended, restated, supplemented or modified from time to time, and each Subordinated Note delivered in substitution or exchange for such Subordinated Note. 

“Subordinated Note Amount” has the meaning set forth in the Recitals. 

“Subsidiary” means with respect to any Person, any corporation or entity in which a majority of the outstanding Equity
Interest is directly or indirectly owned by such Person. 
 “Tier 2 Capital” has the meaning given to the term “Tier 2
capital” in 12 C.F.R. Part 208 and 12 C.F.R. Part 250, as amended, modified and supplemented and in effect from time to time or any replacement thereof. 

“Transaction Documents” has the meaning set forth in Section 3.2.1. 

“Trustee” means the trustee reflected under the Indenture. 

1.2 Interpretations. The foregoing definitions are equally applicable to both the singular and plural forms of the terms
defined. The words “hereof”, “herein” and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word
“including” when used in this Agreement without the phrase “without limitation,” shall mean “including, without limitation.” All references to time of day herein are references to Eastern Time unless otherwise
specifically provided. All references to the Agreement and Subordinated Notes shall be deemed to be to such documents as amended, modified or restated from time to time. With respect to any reference in this Agreement to any defined term,
(i) if such defined term refers to a Person, then it shall also mean all heirs, legal representatives and permitted successors and assigns of such Person, and (ii) if such defined term refers to a document, instrument or agreement, then it
shall also include any replacement, extension or other modification thereof. 
 1.3 Exhibits Incorporated. All Exhibits
attached are hereby incorporated into this Agreement. 

  
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 2. SUBORDINATED DEBT. 

2.1 General Matters. Subject to the terms and conditions herein contained, Company proposes to issue and sell to the Purchasers,
severally and not jointly, Subordinated Notes, which will be issued pursuant to the Indenture, in an amount equal to the aggregate of the Subordinated Note Amounts. Purchasers, severally and not jointly, each agree to purchase the Subordinated Notes
from Company on the Closing Date in accordance with the terms of, and subject to the conditions and provisions set forth in, this Agreement. The Subordinated Note Amounts shall be disbursed in accordance with Section 3.1. 

2.2 The Closing. The execution and delivery of the Transaction Documents (the “Closing”) shall occur at the
offices of Company at 10:00 a.m. (local time) on the Closing Date, or at such other place or time or on such other date as the parties hereto may agree. 

2.3 Right of Offset. Each Purchaser hereby expressly waives any right of offset it may have against Company. 

2.4 Use of Proceeds. Company shall use the net proceeds from the sale of Subordinated Notes for (i) subject to approval by
applicable Regulatory Agencies, repayment of up to $9,000,000 aggregate liquidation value of its Series A fixed rate cumulative perpetual preferred stock, and (ii) general corporate purposes. 

3. DISBURSEMENT. 
 3.1
Disbursement. On the Closing Date, assuming all of the terms and conditions set forth in Section 3.2 have been satisfied by Company and Company has executed and delivered to Purchasers each of the Agreement and the
Subordinated Notes and any other related documents in form and substance reasonably satisfactory to Purchasers, each Purchaser shall disburse in immediately available funds the Subordinated Note Amount set forth next to its name in Schedule I
to Company in exchange for a Subordinated Note with a principal amount equal to such Subordinated Note Amount (the “Disbursement”). The Company will deliver to the respective Purchaser one or more certificates representing the
Subordinated Notes in definitive form (or provide evidence of the same with the original to be delivered by the Trustee by overnight delivery on the next calendar day in accordance with the delivery instructions of Purchaser), registered in such
names and denominations as such Purchasers may request. 
 3.2 Conditions Precedent to Disbursement.  

3.2.1 Conditions to Purchasers’ Obligation. The obligation of each Purchaser to consummate the purchase of the Subordinated
Notes to be purchased by them at Closing and to effect the Disbursement is subject to delivery by or at the direction of the Company to such Purchaser (or, with respect to the Indenture, the Trustee) each of the following (or written waiver by such
Purchaser prior to the Closing of such delivery): 
 3.2.1.1 Transaction Documents. This Agreement, the Indenture, the Subordinated Notes
and the Registration Rights Agreement (collectively, the “Transaction Documents”), each duly authorized and executed by Company. 

3.2.1.2 Authority Documents. 
  

	 	(a)	A copy, certified by the Secretary or Assistant Secretary of Company, of the Articles of Incorporation, of Company; 


  
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	 	(b)	A good standing certificate of Company issued by the State Corporation Commission of the Commonwealth of Virginia; 

  

	 	(c)	A copy, certified by the Secretary or Assistant Secretary, of the Bylaws of Company; 

  

	 	(d)	A copy, certified by the Secretary or Assistant Secretary of Company, of the resolutions of the board of directors of Company authorizing the execution, delivery and performance of the Transaction Documents;


  

	 	(e)	An incumbency certificate of the Secretary or Assistant Secretary of Company certifying the names of the officer or officers of Company authorized to sign the Transaction Documents and the other documents provided for
in this Agreement; and 

 3.2.1.3 The opinion of Troutman Sanders LLP, counsel to the Company, dated as of the Closing Date,
substantially in the form set forth at Exhibit C attached hereto addressed to the Purchasers and Placement Agent. 
 3.2.1.4
Officer’s Certificate. A certificate signed on behalf of Company by a senior executive officer certifying that the representations and warranties of Company set forth in this Agreement are true and correct in all respects on and as of the date
of this Agreement and on and as of the Closing Date as though made on and as of the Closing Date, except where the failure to be true and correct (without regard to any materiality or Material Adverse Effect qualifications contained therein),
individually or in the aggregate, would not be reasonably likely to have a Material Adverse Effect (and except that (i) representations and warranties made as of a specified date shall only be required to be true and correct as of such date and
(ii) the representations and warranties of Company set forth in Sections 4.2.1, 4.2.3 and 4.5 shall be true and correct in all respects). 

3.2.1.5 Other Documents. Such other certificates, affidavits, schedules, resolutions, notes and/or other documents which are provided for
hereunder or as a Purchaser may reasonably request. 
 3.2.2 Conditions to Company’s Obligation. 

3.2.2.1 Since the date of this Agreement, there shall not have been any action taken, or any law, rule or regulation enacted, entered,
enforced or deemed applicable to Company or its Subsidiaries or the transactions contemplated by this Agreement by any Governmental Agency which imposes any restriction or condition that Company determines, in its reasonable good faith judgment, is
materially and unreasonably burdensome on Company’s business or would materially reduce the economic benefits of the transactions contemplated by this Agreement to Company to such a degree that Company would not have entered into this Agreement
had such condition or restriction been known to it on the date hereof. 

  
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 3.2.2.2 With respect to a given Purchaser, the obligation of Company to consummate the sale of
the Subordinated Notes and to effect the Closing is subject to delivery by or at the direction of such Purchaser to Company each of the following (or written waiver by Company prior to the Closing of such delivery): 

 

	 	(a)	Transaction Documents. This Agreement and the Registration Rights Agreement, each duly authorized and executed by such Purchaser. 

  

	 	(b)	Officer’s Certificate. A certificate signed on behalf of such Purchaser by a duly authorized person certifying that the representations and warranties of such Purchaser set forth in this Agreement are true and
correct in all respects on and as of the date of this Agreement and on and as of the Closing Date as though made on and as of the Closing Date. 


4. REPRESENTATIONS AND WARRANTIES OF COMPANY. 

Company hereby represents and warrants to each Purchaser as follows: 

4.1 Organization and Authority. 

4.1.1 Organization Matters of Company and Its Subsidiaries. 

4.1.1.1 Company is validly existing and in good standing under the laws of the Commonwealth of Virginia and has all requisite corporate power
and authority to conduct its business and activities as presently conducted, to own its properties, and to perform its obligations under the Transaction Documents. Company is duly qualified as a foreign corporation to transact business and is in
good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result
in a Material Adverse Effect. Company is duly registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. 

4.1.1.2 Each Subsidiary either has been duly organized and is validly existing as a corporation or limited liability company, or has been
duly chartered and is validly existing as a Virginia state-chartered bank, in each case in good standing under the laws of the jurisdiction of its incorporation, has corporate power and authority to own, lease and operate its properties and to
conduct its business and is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct
of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect. All of the issued and outstanding shares of capital stock or other equity interests in each Subsidiary have been duly
authorized and validly issued, are fully paid and non-assessable and are owned by Company, directly or through Subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim; none of the outstanding shares of
capital stock of, or other equity interests in, any Subsidiary were issued in violation of the preemptive or similar rights of any securityholder of such Subsidiary or any other entity. 

4.1.1.3 Bank is a Virginia state-chartered bank. The deposit accounts of Bank are insured by the FDIC up to applicable limits. Neither
Company nor Bank has received any notice or other information indicating that Bank is not an “insured depository institution” as defined in 12 U.S.C. Section 1813, nor has any event occurred which could reasonably be expected to
adversely affect the status of Bank as an FDIC-insured institution. 
 4.1.2 Capital Stock and Related Matters. All of the
outstanding capital stock of Company has been duly authorized and validly issued and is fully paid and nonassessable. There are, as of the date hereof, no outstanding options, rights, warrants or other agreements or instruments obligating


  
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Company to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the capital stock of Company or obligating Company to grant, extend or enter into any such
agreement or commitment to any Person other than Company except (i) pursuant to Company’s equity incentive plans duly adopted by Company’s Board of Directors and (ii) the warrant dated December 19, 2008 issued to the U.S.
Treasury under the Capital Purchase Program under the Troubled Asset Relief Program. 
 4.1.3 Subsidiaries. Each of
Company’s Subsidiaries that is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X is reflected in its Annual Report on Form 10-K for the fiscal year ended
December 31, 2014. 
 4.2 No Impediment to Transactions. 

4.2.1 Transaction is Legal and Authorized. The issuance of the Subordinated Notes, pursuant to the Indenture, the borrowing of
the aggregate of the Subordinated Note Amounts, the execution of the Transaction Documents and compliance by Company with all of the provisions of the Transaction Documents are within the corporate and other powers of Company. 

4.2.2 Agreement, Indenture and Registration Rights Agreement. The Agreement, the Indenture and the Registration Rights Agreement
have been duly authorized, executed and delivered, and, assuming due authorization, execution and delivery by the other parties thereto, including the Trustee for purposes of the Indenture, are the legal, valid and binding obligations of Company,
enforceable in accordance with their terms, except, with respect to the Indenture, as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights
generally or by general equitable principles. 
 4.2.3 Subordinated Notes. The Subordinated Notes have been duly authorized by
the Company and when executed by the Company and completed and authenticated by the Trustee in accordance with, and in the forms contemplated by, the Indenture and issued, delivered and paid for as provided in this Agreement, will have been duly
issued under the Indenture and will constitute legal, valid and binding obligations of Company, entitled to the benefit of the Indenture and enforceable in accordance with their terms, except as enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles. When executed and delivered, the Subordinated Notes will be substantially in the form
contemplated by the Indenture. 
 4.2.4 No Defaults or Restrictions. Neither the execution and delivery of the Transaction
Documents nor compliance with their respective terms and conditions will (whether with or without the giving of notice or lapse of time or both) (i) violate, conflict with or result in a breach of, or constitute a default under: (1) the
Articles of Incorporation or Bylaws of Company; (2) any of the terms, obligations, covenants, conditions or provisions of any corporate restriction or of any contract, agreement, indenture, mortgage, deed of trust, pledge, bank loan or credit
agreement, or any other agreement or instrument to which Company or Bank, as applicable, is now a party or by which it or any of its properties may be bound or affected; (3) any judgment, order, writ, injunction, decree or demand of any court,
arbitrator, grand jury, or Governmental Agency; or (4) any statute, rule or regulation applicable to Company, except, in the case of items (2), (3) or (4), for such violations and conflicts that would not reasonably be expected to have,
singularly or in the aggregate, a Material Adverse Effect on Company, or (ii) result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or asset of Company. Neither Company nor Bank is in
default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating, evidencing or securing Indebtedness of any kind or pursuant to which
any such Indebtedness is issued, or any other agreement or instrument to which Company or 

  
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Bank, as applicable, is a party or by which Company or Bank, as applicable, or any of its properties may be bound or affected, except, in each case, only such defaults that would not reasonably
be expected to have, singularly or in the aggregate, a Material Adverse Effect on Company. 
 4.2.5 Governmental Consent. No
governmental orders, permissions, consents, approvals or authorizations are required to be obtained by Company that have not been obtained, and no registrations or declarations are required to be filed by Company that have not been filed in
connection with, or, in contemplation of, the execution and delivery of, and performance under, the Transaction Documents, except for applicable requirements, if any, of the Securities Act, the Exchange Act or state securities laws or “blue
sky” laws of the various states and any applicable federal or state banking laws and regulations. 
 4.3 Possession of Licenses
and Permits. Company and its Subsidiaries possess such permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate Governmental Agencies necessary to
conduct the business now operated by it except where the failure to possess such Governmental Licenses would not, singularly or in the aggregate, have a Material Adverse Effect on Company or such applicable Subsidiary; Company and each Subsidiary of
Company is in compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not, singly or in the aggregate, have a Material Adverse Effect on Company or such applicable Subsidiary of
Company; all of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not have a Material Adverse
Effect on Company or such applicable Subsidiary of Company; and neither Company nor any Subsidiary of Company has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses. 

4.4 Financial Condition. 

4.4.1 Company Financial Statements. The financial statements of Company included in Company’s SEC Reports (including the
related notes, where applicable) (i) have been prepared from, and are in accordance with, the books and records of Company; (ii) fairly present in all material respects the results of operations, cash flows, changes in stockholders’
equity and financial position of Company and its consolidated Subsidiaries, for the respective fiscal periods or as of the respective dates therein set forth (subject in the case of unaudited statements to recurring year-end audit adjustments normal
in nature and amount), as applicable; (iii) complied as to form, as of their respective dates of filing in all material respects with applicable accounting and banking requirements as applicable, with respect thereto; and (iv) have been
prepared in accordance with GAAP consistently applied during the periods involved, except, in each case, as indicated in such statements or in the notes thereto and Regulation S-X promulgated under the Securities Act. Company does not have any
material liability of any nature whatsoever (whether absolute, accrued, contingent or otherwise and whether due or to become due), except for those liabilities that are reflected or reserved against on the consolidated balance sheet of Company
contained in Company SEC Reports for Company’s most recently completed quarterly or annual fiscal period, as applicable, and for liabilities incurred in the ordinary course of business consistent with past practice or in connection with this
Agreement and the transactions contemplated hereby. 
 4.4.2 Absence of Default. Since the date of the latest audited
financial statements included in Company’s SEC Reports, no event has occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of Company the right to accelerate the maturity of any
material Indebtedness of Company. Company is not in default under any other Lease, agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, non-compliance with which could reasonably be expected
to result in a Material Adverse Effect on Company. 

  
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 4.4.3 Solvency. After giving effect to the consummation of the transactions
contemplated by this Agreement, Company has capital sufficient to carry on its business and transactions and is solvent and able to pay its debts as they mature. No transfer of property is being made and no Indebtedness is being incurred in
connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of Company or any Subsidiary of Company. 

4.4.4 Ownership of Property. Company and each of its Subsidiaries has good and marketable title as to all real property owned by
it and good title to all assets and properties owned by Company and such Subsidiary in the conduct of its businesses, whether such assets and properties are real or personal, tangible or intangible, including assets and property reflected in the
most recent balance sheet contained in Company’s SEC Reports or acquired subsequent thereto (except to the extent that such assets and properties have been disposed of in the ordinary course of business, since the date of such balance sheet),
subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items which secure liabilities for public or statutory obligations or any discount with, borrowing from or other obligations to the Federal Home Loan
Bank, inter-bank credit facilities, reverse repurchase agreements or any transaction by Bank acting in a fiduciary capacity, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith and (iii) such as
do not, singly or in the aggregate, materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by Company or any of its Subsidiaries. Company and each of its Subsidiaries,
as lessee, has the right under valid and existing Leases of real and personal properties that are material to Company or such Subsidiary, as applicable, in the conduct of its business to occupy or use all such properties as presently occupied and
used by it. Such existing Leases and commitments to lease constitute or will constitute operating leases for both tax and financial accounting purposes and the lease expense and minimum rental commitments with respect to such Leases and lease
commitments are as disclosed in all material respects in Company’s SEC Reports. 
 4.5 No Material Adverse Change. Since
the date of the latest audited financial statements included in Company’s SEC Reports, there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect on Company or any of its Subsidiaries.

 4.6 Legal Matters. 

4.6.1 Compliance with Law. Company and each of its Subsidiaries (i) has complied with and (ii) is not, to
Company’s knowledge, under investigation with respect to, and, to Company’s knowledge, have not been threatened to be charged with or given any notice of any material violation of any applicable statutes, rules, regulations, orders and
restrictions of any domestic or foreign government, or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or the ownership of its properties, except where any such failure to comply or violation would not
reasonably be expected to have a Material Adverse Effect on Company or any of its Subsidiaries. 
 4.6.2 Regulatory Enforcement
Actions. Company, Bank and its other Subsidiaries are in compliance in all material respects with all laws administered by and regulations of any Governmental Agency applicable to it or to them, the failure to comply with which would have a
Material Adverse Effect. None of Company, Bank, Company’s Subsidiaries nor any of their officers or directors is now operating under any restrictions, agreements, memoranda, or commitments (other than restrictions of general application)
imposed by any Governmental Agency, nor are, to Company’s knowledge, (a) any such restrictions threatened or (b) any agreements, memoranda or commitments being sought by any Governmental Agency. 

  
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 4.6.3 Pending Litigation. There are no actions, suits, proceedings or written
agreements pending, or, to Company’s knowledge, threatened or proposed, against Company, Bank, or any of its other Subsidiaries at law or in equity or before or by any federal, state, municipal, or other governmental department, commission,
board, or other administrative agency, domestic or foreign, that, either separately or in the aggregate, would reasonably be expected to have a Material Adverse Effect on Company or any of its Subsidiaries or affect issuance or payment of the
Subordinated Notes; and neither Company nor any of its Subsidiaries is a party to or named as subject to the provisions of any order, writ, injunction, or decree of, or any written agreement with, any court, commission, board or agency, domestic or
foreign, that either separately or in the aggregate, will have a Material Adverse Effect on Company or any of its Subsidiaries. 
 4.6.4
Environmental. No Property is or, to Company’s knowledge, has been a site for the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any Hazardous
Materials and neither Company nor any of its Subsidiaries has engaged in such activities. There are no claims or actions pending or, to Company’s knowledge, threatened against Company or any of its Subsidiaries by any Governmental Agency or by
any other Person relating to any Hazardous Materials or pursuant to any Hazardous Materials Law. 
 4.6.5 Brokerage
Commissions. Except for commissions paid to the Placement Agent, neither Company nor any Affiliate of Company is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions contemplated by
this Agreement. 
 4.6.6 Investment Company Act. Neither Company nor any of its Subsidiaries is an “investment
company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

4.7 No Misstatement. No information, exhibit, report, schedule or document, when viewed together as a whole, furnished by
Company to Purchasers in connection with the negotiation, execution or performance of this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of
the circumstances under which they were made, not misleading. 
 4.8 Reporting Compliance. Company is subject to, and is in
compliance in all material respects with, the reporting requirements of Section 13 and Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and the rules and the regulations of the SEC thereunder (collectively,
the “Exchange Act”). Company’s SEC Reports at the time they were or hereafter are filed with the SEC, complied in all material respects with the requirements of the Exchange Act and did not and do not include any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

4.9 Internal Control Over Financial Reporting. Company and its Subsidiaries maintain systems of “internal control over
financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial
officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited
to, a system of accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are


  
 11 








 
recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance
with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the
end of Company’s most recent audited fiscal year, (y) Company has no knowledge of (i) any material weakness in Company’s internal control over financial reporting (whether or not remediated) or (ii) any fraud, whether or not
material, that involves management or other employees who have a significant role in Company’s internal controls and (z) there has been no change in Company’s internal control over financial reporting that has materially affected, or
is reasonably likely to materially affect, Company’s internal control over financial reporting. 
 4.10 Disclosure Controls and
Procedures. Company and its Subsidiaries maintain an effective system of disclosure controls and procedures (as defined in Rule 13a-15 and Rule 15d-15 of the Exchange Act), that (i) are designed to ensure that information required to be
disclosed by Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that material information relating to Company
and its Subsidiaries is made known to Company’s principal executive officer and principal financial officer by others within Company and its Subsidiaries to allow timely decisions regarding disclosure, and (ii) are effective in all
material respects to perform the functions for which they were established. As of the date hereof, Company has no knowledge that would reasonably cause it to believe that the evaluation to be conducted of the effectiveness of Company’s
disclosure controls and procedures for the most recently ended fiscal quarter period will result in a finding that such disclosure controls and procedures are ineffective for such quarter ended. 

4.11 No Registration. Other than the Purchasers with respect to the Subordinated Notes, no person has the right to require
Company or any of its Subsidiaries to register any securities for sale under the Securities Act by reason of acts required to be taken by Company pursuant to the terms of the Registration Rights Agreement or the issuance and sale of the Subordinated
Notes to be sold by Company hereunder. 
 4.12 Representations and Warranties Generally. The representations and warranties of
Company set forth in this Agreement are true and correct as of the date hereof and will be true and correct as of the Closing Date and as otherwise specifically provided herein. Any certificate signed by an officer of Company and delivered to the
Purchasers or to counsel for Purchasers shall be deemed to be a representation and warranty by Company to the Purchasers as to the matters set forth therein.  

5. GENERAL COVENANTS, CONDITIONS AND AGREEMENTS. 

Company hereby further covenants and agrees with each Purchaser as follows: 

5.1 Compliance with Transaction Documents. Company shall comply with, observe and timely perform each and every one of the
covenants, agreements and obligations under the Transaction Documents. 
 5.2 Absence of Control. It is the intent of the
parties to this Agreement that in no event shall Purchasers, by reason of any of the Transaction Documents, be deemed to control, directly or indirectly, Company, and Purchasers shall not exercise, or be deemed to exercise, directly or indirectly, a
controlling influence over the management or policies of Company. 
 5.3 Secondary Market Transactions. Each Purchaser shall
have the right at any time and from time to time to securitize its Subordinated Notes or any portion thereof in a single asset 

  
 12 








 
securitization or a pooled loan securitization of rated single or multi-class securities secured by or evidencing ownership interests in the Subordinated Notes (each such securitization is
referred to herein as a “Secondary Market Transaction”). In connection with any such Secondary Market Transaction, Company shall, at Company’s expense, cooperate with Purchasers and otherwise reasonably assist Purchasers in
satisfying the market standards to which Purchasers customarily adhere or which may be reasonably required in the marketplace or by applicable rating agencies in connection with any such Secondary Market Transaction. Subject to any written
confidentiality obligation, all information regarding Company may be furnished, without liability except in the case of gross negligence or willful misconduct, to any Purchaser and to any Person reasonably deemed necessary by Purchaser in connection
with participation in such Secondary Market Transaction. All documents, financial statements, appraisals and other data relevant to Company or the Subordinated Notes may be retained by any such Person. 

5.4 Bloomberg. Within 30 days after Closing, Company will utilize its commercially reasonable efforts to have the Subordinated
Notes quoted on Bloomberg. 
 6. REPRESENTATIONS, WARRANTIES AND COVENANTS OF PURCHASERS. 

Each Purchaser hereby represents and warrants to Company, and covenants with Company, severally and not jointly, as follows: 

6.1 Legal Power and Authority. It has all necessary power and authority to execute, deliver and perform its obligations under
this Agreement and to consummate the transactions contemplated hereby. It is an entity duly organized, validly existing and in good standing under the laws its jurisdiction of organization. 

6.2 Authorization and Execution. The execution, delivery and performance of this Agreement and the Registration Rights Agreement
have been duly authorized by all necessary action on the part of such Purchaser, and this Agreement and the Registration Rights Agreement are each a legal, valid and binding obligation of such Purchaser, enforceable against such Purchaser in
accordance with its terms. 
 6.3 No Conflicts. Neither the execution, delivery or performance of the Transaction Documents
nor the consummation of any of the transactions contemplated thereby will conflict with, violate, constitute a breach of or a default (whether with or without the giving of notice or lapse of time or both) under (i) its organizational
documents, (ii) any agreement to which it is party, (iii) any law applicable to it or (iv) any order, writ, judgment, injunction, decree, determination or award binding upon or affecting it. 

6.4 Purchase for Investment. It is purchasing the Subordinated Note for investment for its own account and not with a view to
any distribution and with no present intention of reselling, distributing or otherwise disposing of the same. It has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for, or which is
likely to compel, a disposition of the Subordinated Notes in any manner. 
 6.5 Institutional Accredited Investor. It is and
will be on the Closing Date an institutional “accredited investor” as such term is defined in Rule 501(a) of Regulation D and as contemplated by subsections (1), (2), (3) and (7) of Rule 501(a) of Regulation D, and has no less
than $5,000,000 in total assets. 
 6.6 Financial and Business Sophistication. It has such knowledge and experience in
financial and business matters that it is capable of evaluating the merits and risks of the prospective 

  
 13 








 
investment in the Subordinated Notes. It has relied solely upon its own knowledge of, and/or the advice of its own legal, financial or other advisors with regard to, the legal, financial, tax and
other considerations involved in deciding to invest in the Subordinated Notes. 
 6.7 Ability to Bear Economic Risk of
Investment. It recognizes that an investment in the Subordinated Notes involves substantial risk. It has the ability to bear the economic risk of the prospective investment in the Subordinated Notes, including the ability to hold the
Subordinated Notes indefinitely, and further including the ability to bear a complete loss of all of its investment in Company. 
 6.8
Information. It acknowledges that: (i) it is not being provided with the disclosures that would be required if the offer and sale of the Subordinated Notes were registered under the Securities Act, nor is it being provided with any
offering circular or prospectus prepared in connection with the offer and sale of the Subordinated Notes; (ii) it has conducted its own examination of Company and the terms of the Subordinated Notes to the extent it deems necessary to make its
decision to invest in the Subordinated Notes; and (iii) it has availed itself of publicly available financial and other information concerning Company to the extent it deems necessary to make its decision to purchase the Subordinated Notes. It
has reviewed the information set forth in Company’s SEC Reports and the exhibits and schedules hereto and contained in the data room established by Company on Intralinks. 

6.9 Access to Information. It acknowledges that it and its advisors have been furnished with all materials relating to the
business, finances and operations of Company that have been requested by it or its advisors and have been given the opportunity to ask questions of, and to receive answers from, persons acting on behalf of Company concerning terms and conditions of
the transactions contemplated by this Agreement in order to make an informed and voluntary decision to enter into this Agreement. 
 6.10
Investment Decision. It has made its own investment decision based upon its own judgment, due diligence and advice from such advisors as it has deemed necessary and not upon any view expressed by any other person or entity, including the
Placement Agent. Neither such inquiries nor any other due diligence investigations conducted by it or its advisors or representatives, if any, shall modify, amend or affect its right to rely on Company’s representations and warranties contained
herein. It is not relying upon, and has not relied upon, any advice, statement, representation or warranty made by any Person by or on behalf of Company, including, without limitation, the Placement Agent, except for the express statements,
representations and warranties of Company made or contained in this Agreement. Furthermore, it acknowledges that (i) the Placement Agent has not performed any due diligence review on behalf of it and (ii) nothing in this Agreement or any
other materials presented by or on behalf of Company to it in connection with the purchase of the Subordinated Notes constitutes legal, tax or investment advice. 

6.11 Private Placement; No Registration; Restricted Legends. It understands and acknowledges that the Subordinated Notes are
being sold by Company without registration under the Securities Act in reliance on the exemption from federal and state registration set forth in, respectively, Rule 506(b) of Regulation D under Section 4(a)(2) of the Securities Act and
Section 18 of the Securities Act, or any state securities laws, and accordingly, may be resold, pledged or otherwise transferred only if exemptions from the Securities Act and applicable state securities laws are available to it. It further
acknowledges and agrees that all certificates or other instruments representing the Subordinated Notes will bear the restrictive legend set forth in the form of Subordinated Note, which is attached as an exhibit to the Indenture. It further
acknowledges its primary responsibilities under the Securities Act and, accordingly, will not sell or otherwise transfer the Subordinated Notes or any interest therein without complying with the requirements of the Securities Act and the rules and
regulations promulgated thereunder and the requirements set forth in this Agreement. 

  
 14 








 6.12 Placement Agent. It will purchase the Subordinated Note(s) directly from
Company and not from the Placement Agent and understands that neither the Placement Agent nor any other broker or dealer has any obligation to make a market in the Subordinated Notes. 

6.13 Tier 2 Capital. If all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to
the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, Company will immediately notify the Purchasers, and thereafter Company and the
Purchasers will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital. 

6.14 Accuracy of Representations. It understands that each of the Placement Agent and Company will rely upon the truth and
accuracy of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated by this Agreement, and agrees that if any of the representations or acknowledgements made by it are no longer accurate as of
the Closing Date, or if any of the agreements made by it are breached on or prior to the Closing Date, it shall promptly notify the Placement Agent and Company. 

6.15 Representations and Warranties Generally. The representations and warranties of Purchaser set forth in this Agreement are
true and correct as of the date hereof and will be true and correct as of the Closing Date and as otherwise specifically provided herein. Any certificate signed by a duly authorized representative of Purchaser and delivered to the Company or to
counsel for Company shall be deemed to be a representation and warranty by Purchaser to Company as to the matters set forth therein. 
 7.
TERMINATION. Purchasers may terminate this Agreement (i) at any time prior to the Closing Date by written notice signed by all Purchasers to Company if Purchasers shall decline to purchase the Subordinated Notes for any reason
permitted by this Agreement or (ii) on the Closing Date if any condition described in Section 3.2 is not fulfilled or waived in writing by the Purchasers on or prior to the Closing Date. Any termination pursuant to this Section
shall be without liability on the part of (a) Company to Purchasers or (b) Purchasers to Company. 
 8. MISCELLANEOUS. 

8.1 Prohibition on Assignment by Company. Except as described in Article VII of the Indenture, Company may not assign,
transfer or delegate any of its rights or obligations under this Agreement or the Subordinated Notes without the prior written consent of Purchasers. 

8.2 Time of the Essence. Time is of the essence of this Agreement. 

8.3 Waiver or Amendment; Remedies. No waiver or amendment of any term, provision, condition, covenant or agreement herein shall
be effective unless in writing and signed by all of the parties hereto. No failure to exercise or delay in exercising, by a Purchaser or any holder of the Subordinated Notes, of any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right or remedy provided by law. The rights and remedies provided in this Agreement are
cumulative and not exclusive of any right or remedy provided by law or equity. 
 8.4 Severability. Any provision of this
Agreement which is unenforceable or invalid or contrary to law, or the inclusion of which would adversely affect the validity, legality or enforcement of this Agreement, shall be of no effect and, in such case, all the remaining terms and provisions
of this Agreement shall subsist and be fully effective according to the tenor of this Agreement the same as 

  
 15 








 
though any such invalid portion had never been included herein. Notwithstanding any of the foregoing to the contrary, if any provisions of this Agreement or the application thereof are held
invalid or unenforceable only as to particular persons or situations, the remainder of this Agreement, and the application of such provision to persons or situations other than those to which it shall have been held invalid or unenforceable, shall
not be affected thereby, but shall continue valid and enforceable to the fullest extent permitted by law. 
 8.5 Notices. Any
notice which any party hereto may be required or may desire to give hereunder shall be deemed to have been given if in writing and if delivered personally, or if mailed, postage prepaid, by United States registered or certified mail, return receipt
requested, or if delivered by a responsible overnight commercial courier promising next business day delivery, addressed: 
  

			
	if to Company:		 Eastern Virginia Bankshares, Inc.
 330 Hospital
Road
 Tappahannock, Virginia 22560
 Attn: Joe A. Shearin,
President and Chief Executive Officer
 Facsimile: (804) 445-1047

Email: joe.shearin@bankevb.com

		
	with a copy to:		 Troutman Sanders LLP
 1001 Haxall Point

Richmond, Virginia 23219
 Attn: Jacob A. Lutz, III

Facsimile: (804) 698-6014
 Email:
jacob.lutz@troutmansanders.com

		
	if to Purchasers:		To the addresses indicated on Schedule I.

 or to such other address or addresses as the party to be given notice may have furnished in writing to the party seeking or
desiring to give notice, as a place for the giving of notice; provided that no change in address shall be effective until five (5) Business Days after being given to the other party in the manner provided for above. Any notice given in
accordance with the foregoing shall be deemed given when delivered personally or, if mailed, three (3) Business Days after it shall have been deposited in the United States mails as aforesaid or, if sent by overnight courier, the Business Day
following the date of delivery to such courier (provided next business day delivery was requested). 
 8.6 Successors and
Assigns. This Agreement shall inure to the benefit of the parties and their respective heirs, legal representatives, successors and assigns; except that, unless a Purchaser consents in writing, no assignment made by Company in violation of
this Agreement shall be effective or confer any rights on any purported assignee of Company. The term “successors and assigns” will not include a purchaser of any of the Subordinated Notes from any Purchaser merely because of such
purchase. 
 8.7 No Joint Venture. Nothing contained herein or in any document executed pursuant hereto and no action or
inaction whatsoever on the part of a Purchaser, shall be deemed to make a Purchaser a partner or joint venturer with Company. 

  
 16 








 8.8 Documentation. All documents and other matters required by any of the
provisions of this Agreement to be submitted or furnished to a Purchaser shall be in form and substance satisfactory to such Purchaser. 

8.9 Entire Agreement. This Agreement and the Subordinated Notes along with the Exhibits thereto constitute the entire agreement
between the parties hereto with respect to the subject matter hereof and may not be modified or amended in any manner other than by supplemental written agreement executed by the parties hereto. No party, in entering into this Agreement, has relied
upon any representation, warranty, covenant, condition or other term that is not set forth in this Agreement or in the Subordinated Notes. 

8.10 Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Virginia without giving effect to its laws or principles of conflict of laws. Nothing herein shall be deemed to limit any rights, powers or privileges which a Purchaser may have pursuant to any law of the United States of America or any rule,
regulation or order of any department or agency thereof and nothing herein shall be deemed to make unlawful any transaction or conduct by a Purchaser which is lawful pursuant to, or which is permitted by, any of the foregoing. 

8.11 No Third Party Beneficiary. This Agreement is made for the sole benefit of Company and the Purchasers, and no other person
shall be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever, nor shall any other person have any right of action of any kind hereon or be deemed to be a third party beneficiary
hereunder; provided, that the Placement Agent may rely on the representations and warranties contained herein to the same extent as if it were a party to this Agreement. 

8.12 Legal Tender of United States. All payments hereunder shall be made in coin or currency which at the time of payment is
legal tender in the United States of America for public and private debts. 
 8.13 Captions; Counterparts. Captions contained
in this Agreement in no way define, limit or extend the scope or intent of their respective provisions. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. In the event that any signature is delivered by facsimile transmission, or by e-mail delivery of a
“.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original
thereof. 
 8.14 Knowledge; Discretion. All references herein to Purchaser’s or Company’s knowledge shall be deemed
to mean the knowledge of such party based on the actual knowledge of such party’s Chief Executive Officer and Chief Financial Officer or such other persons holding equivalent offices. Unless specified to the contrary herein, all references
herein to an exercise of discretion or judgment by a Purchaser, to the making of a determination or designation by a Purchaser, to the application of a Purchaser’s discretion or opinion, to the granting or withholding of a Purchaser’s
consent or approval, to the consideration of whether a matter or thing is satisfactory or acceptable to a Purchaser, or otherwise involving the decision making of a Purchaser, shall be deemed to mean that such Purchaser shall decide using the
reasonable discretion or judgment of a prudent lender. 
 8.15 Waiver Of Right To Jury Trial. TO THE EXTENT PERMITTED UNDER
APPLICABLE LAW, THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THAT THEY MAY HAVE TO A TRIAL BY JURY IN 

  
 17 








 
ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS OF COMPANY OR PURCHASERS. THE PARTIES ACKNOWLEDGE THAT THEY HAVE BEEN
REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF THEIR OWN FREE WILL. THE PARTIES FURTHER ACKNOWLEDGE THAT (i) THEY HAVE READ AND UNDERSTAND THE MEANING AND RAMIFICATIONS OF
THIS WAIVER, (ii) THIS WAIVER HAS BEEN REVIEWED BY THE PARTIES AND THEIR COUNSEL AND IS A MATERIAL INDUCEMENT FOR ENTRY INTO THIS AGREEMENT AND THE REGISTRATION RIGHTS AGREEMENT AND (iii) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH
TRANSACTION DOCUMENTS AS IF FULLY INCORPORATED THEREIN. 
 8.16 Expenses. Except as otherwise provided in this Agreement, each
of the parties will bear and pay all other costs and expenses incurred by it or on its behalf in connection with the transactions contemplated pursuant to this Agreement; provided, however, that the Company shall, at the Closing, reimburse the fees
and expenses of one counsel for each Purchaser (or group of affiliated Purchasers) that purchases a Subordinated Note with an initial principal amount of at least $10,000,000 for a flat fee of $7,500. 

8.17 Survival. Each of the representations and warranties set forth in this Agreement shall survive the consummation of the
transactions contemplated hereby for a period of one year after the date hereof. Except as otherwise provided herein, all covenants and agreements contained herein shall survive until, by their respective terms, they are no longer operative. 

[Signature Pages Follow] 

  
 18 








 IN WITNESS WHEREOF, Company has caused this Subordinated Note Purchase Agreement to be
executed by its duly authorized representative as of the date first above written. 
  

					
	COMPANY:
	
	EASTERN VIRGINIA BANKSHARES, INC.
		
	By:		 /s/ Joe A. Shearin

			Name:		Joe A. Shearin
			Title:		President and Chief Executive Officer


 [Company Signature Page to Subordinated Note Purchase Agreement] 







 IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	PURCHASER:
	
	AMERICAN MUTUAL LIFE ASSOCIATION
		
	By:		 /s/ Timothy Percic

			Name:		Timothy Percic
			Title:		President


 [Purchaser Signature Page to Subordinated Note Purchase Agreement] 







 IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	PURCHASER:
	
	 ANGEL OAK FLEXIBLE INCOME FUND

by Angel Oak Capital Advisors, LLC, solely as investment advisor and not in its individual capacity

		
	By:		 /s/ Linda H. Singer

			Name:		Linda H. Singer
			Title:		Managing Director, Operations



  
 [Purchaser Signature
Page to Subordinated Note Purchase Agreement] 








 IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	PURCHASER:
	
	 ANGEL OAK MULTI-STRATEGY INCOME FUND

by Angel Oak Capital Advisors, LLC, solely as investment advisor and not in its individual capacity

		
	By:		 /s/ Linda H. Singer

			Name:		Linda H. Singer
			Title:		Managing Director, Operations



  
 [Purchaser Signature
Page to Subordinated Note Purchase Agreement] 








 IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	PURCHASER:
	
	BANK OF LANCASTER
		
	By:		 /s/ Deborah M. Evans

			Name:		Deborah M. Evans
			Title:		Chief Financial Officer



  
 [Purchaser Signature
Page to Subordinated Note Purchase Agreement] 








 IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	PURCHASER:
	
	BLUE RIDGE BANK, INC.
		
	By:		 /s/ Amanda G. Story

			Name:		Amanda G. Story
			Title:		Chief Financial Officer



  
 [Purchaser Signature
Page to Subordinated Note Purchase Agreement] 








 IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	PURCHASER:
	
	FIDELITY & GUARANTY LIFE INSURANCE COMPANY
		
	By:		 /s/ Thomas Cunningham

			Name:		Thomas Cunningham
			Title:		Vice President



  
 [Purchaser Signature
Page to Subordinated Note Purchase Agreement] 








 IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	PURCHASER:
	
	ILCO ERP
		
	By:		 /s/ Mark Fallon

			Name:		Mark Fallon
			Title:		CFO – ILCO ERP



  
 [Purchaser Signature
Page to Subordinated Note Purchase Agreement] 








 IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

			
	PURCHASER:
	
	MACON BANK, INC.
		
	By:		 /s/ Roger D. Plemens

			Name:
			Title:



  
 [Purchaser Signature
Page to Subordinated Note Purchase Agreement] 








 IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	PURCHASER:
	
	THE OLD POINT NATIONAL BANK OF PHOEBUS
		
	By:		 /s/ Laurie D. Grabow

			Name:		Laurie D. Grabow
			Title:		Chief Financial Officer



  
 [Purchaser Signature
Page to Subordinated Note Purchase Agreement] 








 IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	PURCHASER:
	
	SOUTHERN BANK FOUNDATION
		
	By:		 /s/ David L. Sauls

			Name:		David L. Sauls
			Title:		Treasurer



  
 [Purchaser Signature
Page to Subordinated Note Purchase Agreement] 








 IN WITNESS WHEREOF, the Purchaser has caused this Subordinated Note Purchase Agreement to
be executed by its duly authorized representative as of the date first above written. 
  

					
	PURCHASER:
	
	VIRGINIA COMMUNITY BANK
		
	By:		 /s/ Thomas M. Crowder

			Name:		Thomas M. Crowder
			Title:		Chief Financial Officer



  
 [Purchaser Signature
Page to Subordinated Note Purchase Agreement] 








 SCHEDULE I 
  

			
	 Purchaser
	  	Amount of Note ($)
		  	
		  	
		  	








 EXHIBIT A 

FORM OF INDENTURE 

[see Exhibit 4.3 to the Form 8-K to which this Subordinated Note Purchase Agreement 

is attached as Exhibit 10.26] 







 EXHIBIT B 

FORM OF REGISTRATION RIGHTS AGREEMENT 

[see Exhibit 10.27 to the Form 8-K to which this Subordinated Note Purchase Agreement 

is attached as Exhibit 10.26] 







 EXHIBIT C 

OPINION OF COUNSEL 

1. Each of Company and Bank (i) is validly existing and is in good standing under the laws of the Commonwealth of Virginia and
(ii) has all corporate power and authority necessary to carry on its business and to own, lease and operate its properties and assets as described in Company’s SEC Reports. 

2. Company has all corporate power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it
is a party and to consummate the transactions contemplated by the Purchase Agreement. 
 3. The Purchase Agreement has been duly authorized,
executed and delivered by Company. The Registration Rights Agreement has been duly authorized, executed and delivered by the Company. The Indenture has been duly and validly authorized by Company. The Indenture, when executed and delivered by
Company and Trustee, will constitute a legal valid and binding obligation of Company, enforceable against Company in accordance with its terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization,
receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or
equity) and the discretion of the court before which any proceeding therefor may be brought. 
 4. The Subordinated Notes have been duly
authorized and executed by Company and when completed and authenticated by the Trustee in accordance with, and in the forms contemplated by, the Indenture and issued, delivered and paid for as provided in the Purchase Agreement and the Indenture,
will have been duly executed, authenticated, issued and delivered under the Indenture and will constitute legal, valid and binding obligations of Company, entitled to the benefit of the Indenture and enforceable against Company in accordance with
their terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to
creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefor may be brought. 

5. Assuming the accuracy of the representations and warranties of each of Purchasers set forth in the Agreement, the Subordinated Notes to be
issued and sold by Company to Purchasers pursuant to the Agreement will be issued in a transaction exempt from the registration requirements of the Securities Act. 

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