Document:

WELLS FARGO &
COMPANY 8-K 

 

Exhibit 4.4

 

[Face of Note]

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede
& Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

	CUSIP NO. 95001D3C2	PRINCIPAL AMOUNT:  $___________
	REGISTERED NO. __	 

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES T

 

Due Nine Months or More From Date of Issue

 

Notes due October 31, 2021

 

WELLS FARGO & COMPANY,
a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises
to pay to CEDE & Co., or registered assigns, the principal sum of ___________________________________ DOLLARS ($___________)
on October 31, 2021 (the “Stated Maturity Date”) and to pay interest thereon from October 31, 2018
or from the most recent Interest Payment Date to which interest has been paid or duly provided for semi-annually on the last calendar
day of each April and October, commencing April 30, 2019, and at Maturity (each, an “Interest Payment Date”),
at the rate per annum specified below until the principal hereof is paid or made available for payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest next preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be
one Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security
shall be payable on the next day that is a Business Day, with the same force and effect as if made on such Interest Payment Date,
and without any interest or other payment with respect to the delay. “Business Day” shall mean a day, other
than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by
law or regulation to close in New York, New York.

 

Except as described below
for the first Interest Period, on each Interest Payment Date, interest will be paid for the period commencing on and including
the immediately preceding Interest Payment Date and ending on and including the day immediately preceding that Interest

 

    	 

    	 

    

Payment Date. This period is referred to as
an “Interest Period.” The first Interest Period will commence on and include October 31, 2018 and end on
and include April 29, 2019. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day
months.

 

The interest rate on this
Security that will apply during an Interest Period will be as follows:

 

	 	
        Commencing October 31, 2018 and

        ending October 30, 2020 
	 	3.30% per annum
	 	
        Commencing October 31, 2020 and

        ending October 30, 2021 
	 	4.00% per annum
	 	 	 	 

Any interest not
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may
be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

Payment of interest
on this Security will be made in immediately available funds at the office or agency of the Company maintained for that purpose
in the City of Minneapolis, Minnesota in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that, at the option of the Company, payment of interest may
be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register
or by wire transfer to such account as may have been designated by such Person. Payment of principal of and interest on this Security
at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose
in the City of Minneapolis, Minnesota. Notwithstanding the foregoing, for so long as this Security is a Global Security registered
in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer
of immediately available funds.

This
Security is redeemable at the option of the Company, in whole but not in part, on any Optional Redemption Date at a Redemption
Price equal to 100% of the principal amount of this Security to be redeemed, plus any accrued but unpaid interest to, but excluding,
the Redemption Date. The “Optional Redemption Dates” are quarterly on the last calendar day of each January,
April, July and October, commencing October 31, 2020 and ending July 31, 2021. Notice of any redemption will be mailed
at least 5 but not more than 30 days before the applicable Redemption Date to the Holder hereof. Unless the Company defaults in
the payment of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on this Security or the portion
hereof called for redemption.

This
Security is not subject to repayment at the option of the Holder hereof prior to October 31, 2021. This Security is not entitled
to any sinking fund.

    	 	2	 

    	 

    

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized
agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

 

[The remainder of this page has
been left intentionally blank]

 

    	 	3	 

    	 

    

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:  	 
	 	 	 
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:  	

 

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities of the

series designated therein described

in the within-mentioned Indenture.

 

	CITIBANK, N.A.,	 
	 	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 
	 	 	 
	OR	 
	 	 	 
	WELLS FARGO BANK, N.A.,	 
	 	as Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

 

    	 	4	 

    	 

    

[Reverse of Note]

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES T

 

Due Nine Months or More From Date of Issue

 

Notes due October 31, 2021

 

This Security is
one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to
time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series T,
of the Company. The Securities of this series will bear interest at a fixed rate or a floating rate. The Securities of this series
may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different
times or not at all and be denominated in different currencies.

The Securities are
issuable only in registered form without coupons and will be either (a) book-entry securities represented by one or more
Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and
registered in the names of, the beneficial owners or their nominees.

The Company agrees,
to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against
a Holder of this Security.

Modification and Waivers 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all
series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting
together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions
of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders
of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities
of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding

    	 	5	 

    	 

    

upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security.

Defeasance

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

Authorized Denominations

This Security is
issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000.

Registration of Transfer

Upon due presentment
for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new
Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate
principal amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations
provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed
in connection therewith.

This Security is
exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered
under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the
Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that
this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event
of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant
to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at the same
rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like
amount.

This Security may
not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a
nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled
to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this

    	 	6	 

    	 

    

Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall
be affected by notice to the contrary.

Obligation of the Company Absolute

No reference herein
to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin
or currency, herein prescribed, except as otherwise provided in this Security.

No Personal Recourse

No recourse shall
be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder,
officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly waived and released.

Defined Terms

All terms used in
this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined
in this Security.

Governing Law

This Security shall
be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of
laws.

    	 	7	 

    	 

    

ABBREVIATIONS

 

 

The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN COM	--	as tenants in common
	 	 	 
	TEN ENT	--	as tenants by the entireties
	 	 	 
	JT TEN	--	as joint tenants with right
	 	 	of survivorship and not
	 	 	as tenants in common

 

	UNIF GIFT MIN ACT --	 	 Custodian 	 
	 	(Cust)	 	(Minor)

 

	Under Uniform Gifts to Minors Act	 
	 	 
	 	 
	(State)	 

 

Additional abbreviations
may also be used though not in the above list.

 

FOR VALUE RECEIVED,
the undersigned hereby sell(s) and transfer(s) unto

 

	Please Insert Social Security or	 
	Other Identifying Number of Assignee
	 	 
	 	 

 

 

	 
	 
	 

(Please
print or type name and address including postal zip code of Assignee)

 

 

    	 	8	 

    	 

    

the within Security of WELLS FARGO & COMPANY
and does hereby irrevocably constitute and appoint __________________ attorney to transfer the said Security on the books of the
Company, with full power of substitution in the premises.

 

 

	Dated:  	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

 

NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement
or any change whatever.

 

 

    	 	9Exhibit 10.1

 

EXECUTION COPY

 

Employment
AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”) is made and entered into this 29th day of October, 2018 by and by and between (i) Southern
National Bancorp of Virginia, Inc. (“Company”) and Sonabank (the “Bank”) (collectively, the
Company and the Bank shall be referred to as the “Employer”), and Jeffrey H. Culver (“Executive”),
to be effective as of the Effective Date (as defined below).

 

BACKGROUND

 

WHEREAS, Executive
is currently serving as the President and Chief Operating Officer of the Company and the Bank; and

 

WHEREAS, the Company
and the Bank desire to employ Executive and Executive desires to accept employment subject to the agreements and covenants of this
Agreement.

 

NOW, THEREFORE, in
consideration of the payments, consents and acknowledgements described below, in consideration of Executive’s employment
with the Employer, and in consideration of other good and valuable consideration, the receipt and sufficiency of all of which is
hereby acknowledged, the parties agree as follows:

 

1.       Effective
Date; Term.

 

(a)       Effective
Date. This Agreement shall be effective as of October 29, 2018 (the “Effective Date”).

 

(b)       Term.
Upon the terms and subject to the conditions set forth in this Agreement, the Employer hereby employs Executive, and Executive
hereby accepts such employment, for the term commencing on the Effective Date and, unless otherwise earlier terminated pursuant
to Section 4 hereof, expiring on the close of business on the second (2nd) anniversary of the Effective Date (the “Term”).
If the Term expires and the parties agree that Executive will remain employed by the Employer but do not enter into a new employment
agreement, then such employment shall be at-will and this Agreement will be of no further force and effect, except that Section
6 hereof, as well as any other provisions of this Agreement necessary to interpret or enforce Section 6 hereof, shall survive and
continue to be in full force and effect in accordance with their terms.

 

2.       Employment.
Executive is hereby employed on the Effective Date as the President and Chief Operating Officer of the Company and the Bank. In
his capacity as President and Chief Operating Officer of the Company and the Bank, Executive shall have the duties, responsibilities
and authority commensurate with such position. During his employment with the Employer, and excluding any periods of vacation or
sick leave to which Executive is entitled, Executive agrees to (i) devote all of his business effort, time, energy, and skill to
fulfill his employment duties; and (ii) faithfully, loyally and diligently perform such duties. During his employment with the
Employer, Executive shall not be engaged in or provide services to any other business or enterprise (whether engaged in for profit
or not) which interferes with his obligations to the Employer. In his capacity as the President and Chief Operating Officer of
the Company and the Bank, Executive will report directly to the Chief Executive Officer of the Company and the Bank.

 

     

     

    

 

3.       Compensation
and Benefits.

 

(a)       Base
Salary. During the Term, the Employer shall pay to Executive base salary at the rate equal to $350,000 (“Base Salary”),
less normal withholdings, payable in approximately equal bi-weekly or other installments as are or become customary under the Employer’s
payroll practices for its Executives from time to time. The Compensation Committee of the Board of Directors of the Company and
the Bank (the “Compensation Committee”) shall review Executive’s Base Salary from time to time and may
increase, but not decrease, such Base Salary in connection with such review.

 

(b)       Benefit
Plans. During the Term, Executive shall be entitled to participate in or become a participant in any employee benefit plan
maintained by the Employer for which Executive is or will become eligible on such terms as the Board, or committee thereof, may,
in its discretion, establish, modify or otherwise change; provided, however, that Executive shall not be eligible to participate
in the Eastern Virginia Bankshares, Inc. Supplemental Executive Retirement Plan; and provided further that nothing herein shall
limit the ability of the Employer to amend, modify or terminate any such plans at any time and from time to time.

 

(c)       Incentive
Compensation. Executive shall receive such incentive awards, including but not limited to equity awards, in such manner and
subject to such terms and conditions as the Board, or a committee thereof, in its sole discretion, may determine.

 

(d)       Clawback.
Executive agrees that any incentive compensation (including both equity and cash incentive compensation) that Executive receives
from the Employer or a related entity is subject to repayment (i.e., clawback) to the Employer or such related entity as determined
by the Board or its Compensation Committee in the event (i) of a restatement of the Employer’s financial results (other than
a restatement caused by a change in applicable accounting rules or interpretations) the result of which is that the financial statements
were materially inaccurate and any incentive compensation paid would have been a materially lower amount had it been calculated
based on such restated results or (ii) the repayment is otherwise required by applicable state or federal law or regulation or
stock exchange requirement, or by a separate “clawback” policy, as may be adopted from time to time by the Board. Except
where offset of, or recoupment from, incentive compensation covered by Section 409A of the Code (as defined below) is prohibited
by Section 409A of the Code, to the extent allowed by law and as determined by the Compensation Committee, Executive agrees that
such repayment may, in the discretion of the Compensation Committee, be accomplished by withholding of future compensation to be
paid to Executive by the Employer. Any recovery of incentive compensation covered by Section 409A of the Code shall be implemented
in a manner which complies with Section 409A of the Code.

 

(e)       Expenses.
During the Term, and subject to Section 10 hereof, Executive shall be entitled to receive prompt reimbursement for all reasonable
expenses incurred by Executive in the course of performing his duties and responsibilities under this Agreement, in accordance
with the policies, practices and procedures of the Employer to the extent available to other peer executives with respect to travel
and other business expenses.

 

4.       Termination
of Employment.

 

(a)       Death.
Executive’s employment shall terminate automatically upon his death.

 

(b)       Termination
by the Employer. The Employer may terminate Executive’s employment during the Term with or without Cause (as defined
herein), in each case immediately on written notice to Executive. For purposes of this Agreement, a termination shall be considered
to be for “Cause” if the Employer determines in good faith that any of the following has occurred: (i) Executive’s
willful violation of any laws, rules or regulations applicable to banks or the banking industry generally; (ii) Executive’s
material failure to comply with the Employer’s policies or guidelines of employment or corporate governance policies or guidelines,
including, without limitation, any business code of ethics adopted by the Employer, that, if capable of being cured, is not cured
by Executive within ten (10) days of written notice by the Employer of the failure; (iii) any act of fraud, misappropriation or
embezzlement by Executive; (iv) a material breach of this Agreement that, if such breach is capable of being cured, is not cured
by Executive within ten (10) days of written notice by the Employer of the breach; or (v) Executive’s conviction of, or Executive’s
pleading guilty or nolo contendere to, a felony or a crime involving moral turpitude (including pleading guilty or nolo contendere
to a felony or lesser charge which results from plea bargaining).

 

    2 

     

    

 

(c)       Termination
by Executive. Executive’s employment may be terminated by Executive for any reason or no reason by delivering a notice
of termination to the Employer thirty (30) days prior to the desired date of termination.

 

5.       Obligations
of the Employer upon Termination.

 

(a)       Termination
by the Employer Other Than for Cause. During the Term, if the Employer terminates Executive’s employment other than for
Cause, then the Employer shall pay to Executive in a lump sum in cash within thirty (30) days after the date of termination, Executive’s
Base Salary through the date of termination to the extent not theretofore paid (the “Accrued Salary”) and the
following severance benefits (the benefits provided in Section 5(a)(i), (ii) and (iii) being collectively referred to as the “Severance
Benefits”), provided that, with respect to receipt of the Severance Benefits, Executive complies with Section 5(d) hereof
and the obligations set forth in Section 6 hereof. For the avoidance of doubt, if Executive does not comply with the obligations
set forth in Section 5(d) or Section 6 hereof, then any obligation of the Employer to pay the Severance Benefits pursuant to this
Section 5(a) shall cease immediately upon Executive’s breach thereof:

 

(i) subject
to Section 10 hereof, the Employer shall pay to Executive an amount equal to (X) if such termination occurs outside the Change
in Control Window (as defined herein), an amount equal to one (1) times Executive’s then-current Base Salary, or (Y) if such
termination occurs during the Change in Control Window, an amount equal to two (2) times Executive’s then-current Base Salary
(in either case, the “Severance Amount”), payable in a single lump sum on the first payroll date to occur after
the sixtieth (60th) day after the date of termination. For purposes of this Agreement, “Change in Control Window”
means the two (2) year period immediately following the effective date of a Change in Control (as such term is defined in the Company’s
2017 Equity Compensation Plan);

 

(ii) if Executive
elects to continue participation in any group medical, dental, vision and/or prescription drug plan benefits to which Executive
and/or Executive’s eligible dependents would be entitled under Section 4980B of the Code (COBRA), then for (X) twelve (12)
months, if such termination occurs outside the Change in Control Window, or (Y) twenty-four (24) months, if such termination occurs
during the Change in Control Window (in either case, the “Group Health Benefits Continuation Period”), the Employer
shall pay the excess of (1) the COBRA cost of such coverage over (2) the amount that Executive would have had to pay for such coverage
if he had remained employed during the Group Health Benefits Continuation Period and paid the active employee rate for such coverage,
provided, however, that (A) if Executive becomes eligible to receive group health benefits under a program of a subsequent employer
or otherwise, the Employer’s obligation to pay any portion of the cost of health coverage as described herein shall cease,
except as otherwise provided by law; (B) the Group Health Benefits Continuation Period shall run concurrently with any period for
which Executive is eligible to elect health coverage under COBRA; (C) for all months after the initial eighteen (18) months of
the Group Health Benefits Continuation Period, if any, the Employer-paid portion of the monthly premium for such group health benefits,
determined in accordance with Code Section 4980B and the regulations thereunder, shall be treated as taxable compensation by including
such amount in Executive’s income in accordance with applicable rules and regulations; (D) during the Group Health Benefits
Continuation Period, the benefits provided in any one calendar year shall not affect the amount of benefits provided in any other
calendar year (other than the effect of any overall coverage benefits under the applicable plans); (E) the reimbursement of an
eligible taxable expense shall be made as soon as practicable but not later than December 31 of the year following the year in
which the expense was incurred; and (F) Executive’s rights pursuant to this Section 5(a)(ii) shall not be subject to liquidation
or exchange for another benefit; and

 

    3 

     

    

 

(iii) Executive’s
unvested equity awards outstanding on the Date of Termination, shall become fully vested and exercisable on the Date of Termination
and shall otherwise remain subject to the terms and conditions of the equity plan pursuant to which they were granted and the award
agreements evidencing the grant thereof.

 

(b)       Termination
by the Employer for Cause or Resignation by Executive; Death. If during the Term Executive’s employment is terminated
by the Employer for Cause or by Executive for any reason, or in the event of Executive’s death, then the Employer shall have
no further obligations to Executive or Executive’s legal representatives under this Agreement, other than for payment of
Accrued Salary, which shall be paid to Executive or Executive’s estate or beneficiary, as applicable, in a lump sum in cash
within thirty (30) days after the date of termination.

 

(c)       Expiration
of Term. If Executive’s employment terminates due to the expiration of the Term, then the Employer shall have no further
obligations to Executive or Executive’s legal representatives under this Agreement, other than for payment of Accrued Salary,
which shall be paid to Executive in a lump sum in cash within thirty (30) days after the date of termination. Notwithstanding the
foregoing, if the Employer terminates Executive’s employment other than for Cause (as defined in this Agreement) after the
end of the Term and Executive is subject to the restrictions in Section 6, then Executive shall be entitled to the payments referenced
in Section 5(a)(i)(X) or (Y), as applicable, and 5(a)(ii)(X) or (Y), as applicable, provided that Executive complies with Section
5(d) hereof and the obligations set forth in Section 6 hereof. For the avoidance of doubt, if Executive does not comply with the
obligations set forth in Section 5(d) or Section 6 hereof, then any obligation of the Employer to pay the payments and benefits
pursuant to this Section 5(c) shall cease immediately upon Executive’s breach thereof.

 

(d)       Separation
Agreement/Release of Claims. Notwithstanding anything in the Agreement to the contrary, the Employer shall be obligated to
provide the Severance Benefits pursuant to Section 5(a) hereof or the payments and benefits pursuant to Section 5(c) hereof only
if within forty-five (45) days after the date of termination Executive shall have executed a separation and full release of claims/covenant
not to sue agreement in the form provided by the Employer (the “Release Agreement”) and such Release Agreement
shall not have been revoked within the revocation period specified in the Release Agreement.

 

6.       Restrictions
on Competition and Disclosure and Use of Confidential Information.

 

(a)       Confidential
Information. Executive agrees that Executive shall not, directly or indirectly, use any Confidential Information (as defined
herein) on Executive’s own behalf or on behalf of any Person (as defined herein) other than the Employer, or reveal, divulge,
or disclose any Confidential Information to any Person not expressly authorized by the Employer to receive such Confidential Information.
This obligation shall remain in effect for as long as the information or materials in question retain their status as Confidential
Information. Executive further agrees that he shall fully cooperate with the Employer in maintaining the Confidential Information
to the extent permitted by law. The parties acknowledge and agree that this Agreement is not intended to, and does not, alter either
the Employer’s rights or Executive’s obligations under any state or federal statutory or common law regarding trade
secrets and unfair trade practices. Anything herein to the contrary notwithstanding, Executive shall not be restricted from disclosing
information that is required to be disclosed by law, court order or other valid and appropriate legal process; provided, however,
that in the event such disclosure is required by law, Executive shall provide the Employer with prompt notice of such requirement
so that the Employer may seek an appropriate protective order prior to any such required disclosure by Executive.

 

    4 

     

    

 

Executive understands
and acknowledges that nothing in this section limits his ability to initiate communications directly with, respond to any inquiry
from, volunteer information to, or provide testimony before any government agency or otherwise participate in any reporting of,
investigation into, or proceeding regarding suspected violations of law, or from making other disclosures that are protected under,
or from receiving an award for information provided under, the whistleblower provisions of state or federal law or regulation. 
Executive does not need the prior authorization of the Employer to engage in such communications with any government agency, respond
to such inquiries from any government agency, provide Confidential Information or documents containing Confidential Information
to any government agency, or make any such reports or disclosures to any government agency.  Executive is not required to
notify the Employer that Executive has engaged in such communications with a government agency. Executive recognizes and agrees
that, in connection with any such activity outlined above, Executive must inform the government agency that the information Executive
is providing is confidential.

 

Federal law provides
certain protections to individuals who disclose a trade secret to their attorney, a court, or a government official in certain,
confidential circumstances.  Specifically, federal law provides that an individual shall not be held criminally or civilly
liable under any state or federal trade secret law for the disclosure of a trade secret under either of the following conditions:

 

		·	Where the disclosure is made (A) in confidence to a federal, state or local government official,
either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation
of law; or

		·	Where the disclosure is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. 

 

Federal law also provides that an individual
who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to
the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document
containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

 

For purposes of this
Section 6, “Confidential Information” means any and all data and information relating to the Employer, their activities,
business, or clients that (i) is disclosed to Executive or of which Executive becomes aware as a consequence of his employment
with the Employer; (ii) has value to the Employer; and (iii) is not generally known outside of the Employer. “Confidential
Information” shall include, but is not limited to the following types of information regarding, related to, or concerning
the Employer: trade secrets (as defined by Virginia Uniform Trade Secrets Act); financial plans and data; management planning information;
business plans; operational methods; market studies; marketing plans or strategies; pricing information; product development techniques
or plans; customer lists; customer files, data and financial information; details of customer contracts; current and anticipated
customer requirements; identifying and other information pertaining to business referral sources; past, current and planned research
and development; computer aided systems, software, strategies and programs; business acquisition plans; management organization
and related information (including, without limitation, data and other information concerning the compensation and benefits paid
to officers, directors, employees and management); personnel and compensation policies; new personnel acquisition plans; and other
similar information. “Confidential Information” also includes combinations of information or materials which individually
may be generally known outside of the Employer, but for which the nature, method, or procedure for combining such information or
materials is not generally known outside of the Employer. In addition to data and information relating to the Employer, “Confidential
Information” also includes any and all data and information relating to or concerning a third party that otherwise meets
the definition set forth above, that was provided or made available to the Employer by such third party, and that the Employer
has a duty or obligation to keep confidential. This definition shall not limit any definition of “confidential information”
or any equivalent term under state or federal law. “Confidential Information” shall not include information that has
become generally available to the public by the act of one who has the right to disclose such information without violating any
right or privilege of the Employer. For purposes of this Section 6, “Person” means any individual or any corporation,
partnership, joint venture, limited liability company, association or other entity or enterprise.

 

    5 

     

    

 

(b)       Non-competition.
Beginning on the Effective Date and for a period continuing through the twelve (12) months following cessation of Executive’s
employment with the Employer (the “Restricted Period”), Executive shall not, directly or indirectly, within
any State in the United States where the Employer has a retail bank branch at the time Executive’s employment ceases, own
any interest in, control or participate in the ownership or control of, or perform services that are the same as or substantially
similar to the services Executive performed for the Employer pursuant to this Agreement for any company, person or entity engaged
in a Competitive Business (as defined herein). A “Competitive Business” shall mean any person or entity that
is providing deposits, money market accounts, certificates of deposit or other typical retail banking deposit-type services or
loans on a retail level, to individuals, businesses or non-profit entities in any State in the United States in which the Employer
has a retail bank branch at the time Executive’s employment ceases. Notwithstanding the foregoing, nothing in this Agreement
shall prevent Executive from owning for passive investment purposes not intended to circumvent this Agreement, less than five percent
(5%) of the publicly-traded voting securities of any company engaged in the banking, financial services, insurance, brokerage or
other business similar to or competitive with the Employer (so long as Executive has no power to manage, operate or control the
competing enterprise and no power, alone or in conjunction with other affiliated parties, to select a director, manager, general
partner, or similar governing official of the competing enterprise other than in connection with the normal and customary voting
powers afforded Executive in connection with any permissible equity ownership).

 

(c)       Non-solicitation
of Employees. During the Restricted Period, Executive shall not, directly or indirectly solicit, induce or hire, or attempt
to solicit, induce or hire, any person who is an employee of the Employer at the time Executive’s employment ceases or within
six (6) months prior thereto, to leave his or his employment with the Employer or join or become affiliated with any Competitive
Business.

 

(d)       Non-solicitation
of Customers. During the Restricted Period, Executive shall not, directly or indirectly solicit or induce or attempt to solicit
or induce, any customer, lender, supplier, licensee, licensor or other business relation of the Employer to terminate its relationship
or contracts with the Employer, to cease doing business with the Employer, or in any way interfere with the relationship between
any such customer, lender, supplier, licensee, licensor or business relation and the Employer.

 

(e)       Rights
and Remedies Upon Breach. The parties specifically acknowledge and agree that the remedy at law for any breach of the covenants
in Section 6 will be inadequate, and that in the event Executive breaches any such covenant, the Employer shall have the right
and remedy, without the necessity of proving actual damage or posting any bond, to enjoin, preliminarily and permanently, Executive
from violating the covenant and to have the covenant specifically enforced by any court of competent jurisdiction, it being agreed
that any breach would cause irreparable injury to the Employer and that money damages would not provide an adequate remedy to the
Employer. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the
Employer at law or in equity. The Employer and Executive understand and agree that, if the parties become involved in legal action
regarding the enforcement of the covenants in Section 6, the prevailing party in such legal action will be entitled, in addition
to any other remedy, to recover its reasonable costs and attorneys’ fees incurred in enforcing or defending action with respect
to such covenants. The Employer’s ability to enforce its rights under the covenants in Section 6 or applicable law against
Executive shall not be impaired in any way by the existence of a claim or cause of action on the part of Executive based on, or
arising out of, this Agreement or any other event or transaction.

 

    6 

     

    

 

7.       Non-exclusivity
of Rights. Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any employee
benefit plan, program, policy or practice provided by the Employer or its affiliated companies and for which Executive may qualify.
Amounts that are vested benefits or which Executive is otherwise entitled to receive under any plan, policy, practice or program
of the Employer or any of its affiliated companies at or subsequent to the date of termination shall be payable in accordance with
such plan, policy, practice or program.

 

8.       Full
Settlement; No Mitigation. The Employer’s obligation to make the payments provided for in this Agreement and otherwise
to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right
or action which the Employer may have against Executive or others. In no event shall Executive be obligated to seek other employment
or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement
and such amounts shall not be reduced whether or not Executive obtains other employment.

 

9.       Successors.
This Agreement is personal to Executive and shall not be assignable by Executive otherwise than by will or the laws of descent
and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives. This
Agreement can be assigned by the Employer and shall be binding and inure to the benefit of the Employer, and their successors and
assigns.

 

10.     Code
Section 409A.

 

(a)       General.
This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid
or provided in a manner that is either exempt from or compliant with the requirements of Section 409A of the Internal Revenue Code
of 1986, as amended, and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder (and any applicable
transition relief under Section 409A of the Code) (“Section 409A of the Code”). Nevertheless, the tax treatment
of the benefits provided under the Agreement is not warranted or guaranteed. Neither the Employer nor its directors, officers,
employees or advisers, shall be held liable for any taxes, interest, penalties or other monetary amounts owed by Executive as a
result of the application of Section 409A of the Code.

 

(b)       Definitional
Restrictions. Notwithstanding anything in this Agreement to the contrary, to the extent that any amount or benefit that would
constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred
Compensation”) would otherwise be payable or distributable hereunder by reason of Executive’s termination of employment,
such Non-Exempt Deferred Compensation will not be payable or distributable to Executive by reason of such circumstance unless the
circumstances giving rise to such termination of employment meet any description or definition of “separation from service,”
in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available
under such definition). If this provision prevents the payment or distribution of any Non-Exempt Deferred Compensation, then, subject
to subsection (c) below, such payment or distribution shall be made at the time and in the form that would have applied absent
the non-409A-conforming event.

 

    7 

     

    

 

(c)       Six-Month
Delay in Certain Circumstances. Notwithstanding anything in this Agreement to the contrary, if any amount or benefit that would
constitute Non-Exempt Deferred Compensation would otherwise be payable or distributable under this Agreement by reason of Executive’s
separation from service during a period in which he is a Specified Employee (as defined below), then, subject to any permissible
acceleration of payment by the Employer under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts
of interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such Non-Exempt Deferred Compensation that would otherwise
be payable during the six-month period immediately following Executive’s separation from service will be accumulated through
and paid or provided on the first day of the seventh month following Executive’s separation from service (or, if Executive
dies during such period, within 30 days after Executive’s death) (in either case, the “Required Delay Period”);
and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the
Required Delay Period.

 

(d)       Timing
of Release of Claims. Whenever in this Agreement a payment or benefit is conditioned on Executive’s execution of a release
of claims, such release must be executed and all revocation periods shall have expired within 60 days after the date of termination;
failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes Non-Exempt Deferred Compensation,
then such payment or benefit (including any installment payments) that would have otherwise been payable during such 60-day period
shall be accumulated and paid on the 60th day after the date of termination provided such release shall have been executed
and such revocation periods shall have expired. If such payment or benefit is exempt from Section 409A of the Code, the Employer
may elect to make or commence payment at any time during such period.

 

(e)       Timing
of Reimbursements and In-kind Benefits. If Executive is entitled to be paid or reimbursed for any taxable expenses under this
Agreement, and such payments or reimbursements are includible in Executive’s federal gross taxable income, the amount of
such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the
reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was
incurred. No right of Executive to reimbursement of expenses under this Agreement shall be subject to liquidation or exchange for
another benefit.

 

11.       Modified
Cutback of Compensation Deemed to be Contingent on a Change of Control. If any benefits or payments are to be made under the
terms of this Agreement or any other agreement between Executive and the Employer following a transaction that constitutes a change
in the ownership or effective control of the Employer or in the ownership of a substantial portion of the assets of the Employer
such that the provisions of Section 280G of the Internal Revenue Code of 1986, as amended, and any regulations thereunder (“Code
Section 280G”) or Section 4999 of the Internal Revenue Code and any regulations thereunder could potentially apply to
such compensation, then the following provisions shall be applicable:

 

(a)       In
the event the independent accountants serving as auditors for the Employer on the date of a change of control within the meaning
of Code Section 280G (or any other accounting firm designated by the Employer) determine that some or all of the payments or benefits
scheduled under this Agreement, as well as any other payments or benefits on such change of control, would be nondeductible by
the Employer under Code Section 280G, then the payments scheduled under this Agreement and all other agreements between Executive
and the Employer will be reduced to one dollar less than the maximum amount which may be paid without causing any such payment
or benefit to be nondeductible. Any reduction of benefits or payments required to be made under this Section 11(a) shall be taken
in the following order: first from cash compensation and then from payments or benefits not payable in cash, in each case in reverse
order beginning with payments or benefits which are to be paid the farthest in time from the date of determination.

 

    8 

     

    

 

(b)       Notwithstanding
the foregoing Section 11(a), in the event the independent accountants serving as auditors for the Employer on the date of a change
of control within the meaning of Code Section 280G (or any other accounting firm designated by the Employer) determine that the
net economic benefit to Executive after payment of all income and excise taxes is greater without giving effect to Section 11(a)
than Executive’s net economic benefit after a reduction by reason of the application of Section 11(a), then Section 11(a)
shall be a nullity and without any force or effect. Any decisions regarding the requirement or implementation of the reductions
to compensation described in Section 11(a) shall be made by the independent accountants serving as auditors for the Employer on
the date of a change of control within the meaning of Code Section 280G (or any other accounting firm designated by the Employer),
shall be made at the Employer’s expense and shall be binding on the parties.

 

12.       Regulatory
Action.

 

(a)       If
Executive is removed and/or permanently prohibited from participating in the conduct of the Employer’s affairs by an order
issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4)
and (g)(1)), all obligations of the Employer under this Agreement shall terminate, as of the effective date of such order.

 

(b)       If
Executive is suspended and/or temporarily prohibited from participating in the conduct of the Employer’s affairs by a notice
served under Section 8(e)(3) or 8(g)(1) of the FDIA (12 U.S.C. 1818(e)(3) and (g)(1)), all obligations of the Employer under this
Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Employer shall reinstate (in whole or in part) any of its obligations which were suspended.

 

(c)       If
the Employer is in default (as defined in Section 3(x)(1) of the FDIA), all obligations under this Agreement shall terminate as
of the date of default.

 

(d)       All
obligations under this Agreement shall be terminated, except to the extent a determination is made that continuation of the Agreement
is necessary for the continued operation of the Employer (1) by the director of the FDIC or his or his designee (the “Director”),
at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Employer under the authority contained
in 13(c) of the FDIA; or (2) by the Director, at the time the Director approves a supervisory merger to resolve problems related
to operation of the Employer when the Employer is determined by the Director to be in an unsafe and unsound condition.

 

(e)       Notwithstanding
anything contained in this Agreement to the contrary, no payments shall be made pursuant to any provision herein in contravention
of the requirements of Section 2[18(k)] of the FDIA (12 U.S.C. 1828(k)). In particular, the provisions pertaining to the potential
for payments shall have no force or effect as long as either the agreement concerning the potential for payments or the actual
payment of such amounts would be considered a “golden parachute payment,” with the meaning of 12 C.F.R. Section 359.1(f).

 

    9 

     

    

 

13.       Miscellaneous.

 

(a)       Applicable
Law; Forum Selection; Consent to Jurisdiction. The Employer and Executive agree that this Agreement shall be governed by and
construed and interpreted in accordance with the laws of the State of Virginia without giving effect to its conflicts of law principles.
Executive agrees that the exclusive forum for any action to enforce this Agreement, as well as any action relating to or arising
out of this Agreement, shall be the Circuit Court of Fairfax County or the federal court encompassing that jurisdiction, at the
option of the Employer. With respect to any such court action, Executive hereby irrevocably submits to the personal jurisdiction
of such courts. The parties hereto further agree that the courts listed above are convenient forums for any dispute that may arise
herefrom and that neither party shall raise as a defense that such courts are not convenient forums.

 

(b)       Non-Duplication.
Notwithstanding anything to the contrary in this Agreement, and except as specifically provided below, any severance payments or
benefits received by Executive pursuant to this Agreement shall be in lieu of any general severance policy or other severance plan
maintained by the Employer (other than a stock option, restricted stock, share or unit, performance share or unit, supplemental
retirement, deferred compensation or similar plan or agreement which may contain provisions operative on a termination of Executive’s
employment or may incidentally refer to accelerated vesting or accelerated payment upon a termination of employment).

 

(c)       Captions.
The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.

 

(d)       Amendments.
This Agreement may not be amended or modified otherwise than-by a written agreement executed by the parties hereto or their respective
successors and legal representatives.

 

(e)       Notices.
All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by
registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

	
        If to Executive:

        On file with the Employer
	
        If to the Employer:

        6830 Old Dominion Drive

        McLean, Virginia 22101

        Attention: CEO 

 

or to such other address as either party
shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually
received by the addressee.

 

(f)       Severability.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

 

(g)       Withholding.
The Employer may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be
required to be withheld pursuant to any applicable law or regulation.

 

(h)       Waivers.
Failure of either party to insist, in one or more instances, on performance by the other in strict accordance with the terms and
conditions of this Agreement shall not be deemed a waiver or relinquishment of any right granted in this Agreement or of the future
performance of any such term or condition or of any other term or condition of this Agreement, unless such waiver is contained
in a writing signed by the party making the waiver.

 

    10 

     

    

 

(i)       Entire Agreement.
This Agreement contains the entire agreement between the Employer and Executive with respect to the subject matter hereof and,
from and after the date hereof, this Agreement shall supersede any other agreement, written or oral, between the parties relating
to the subject matter of this Agreement, including but not limited to any prior discussions, understandings, and/or agreements
between the parties, written or oral, at any time. 

 

(j)       Construction.
The parties understand and agree that because they both have been given the opportunity to have counsel review and revise this
Agreement, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall
not be employed in the interpretation of this Agreement. Instead, the language of all parts of this Agreement shall be construed
as a whole, and according to its fair meaning, and not strictly for or against either of the parties.

 

(k)       Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

(Signatures on following page)

 

    11 

     

    

 

IN WITNESS WHEREOF,
Executive has hereunto set Executive’s hand and the Employer has caused these presents to be executed in its name on its
behalf, all as of the day and year first above written.

 

	 	/s/ Jeffrey H. Culver	 
	 	JEFFREY H. CULVER	 
	 	 	 	 
	 	 	 	 
	 	/s/ Joe A. Shearin	 
	 	SOUTHERN NATIONAL	 
	 	BANCORP OF VIRGINIA, INC.	 
	 	By:  	 Joe A. Shearin	 
	 	Its:	 President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	/s/ Joe A. Shearin	 
	 	SONABANK	 
	 	By: 	Joe A. Shearin	 
	 	Its:	 President and Chief Executive Officer	 

  

    12

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