Document:

Amended and Restated Management Continuity Agreement of Janis Orfe

 Exhibit 10.07 
 AMENDED AND RESTATED 
 MANAGEMENT CONTINUITY AGREEMENT 
 This Agreement (“Agreement”), dated as of December 16, 2005, is between Union Bankshares Corporation, a Virginia corporation (the
“Company”), and Janis Orfe (the “Executive”) and is amended as of December 31, 2008, in order to comply with applicable provisions of Section 409A of the Internal Revenue Code of 1986, as amended, to provide as follows.

 1. Purpose 
 The
Company recognizes that the possibility of a Change in Control exists and the uncertainty and questions that it may raise among management may result in the departure or distraction of management personnel to the detriment of the Company and its
shareholders. Accordingly, the purpose of this Agreement is to encourage the Executive to continue employment after a Change in Control by providing reasonable employment security to the Executive and to recognize the prior service of the Executive
in the event of a termination of employment under certain circumstances after a Change in Control. 
 2. Term of the Agreement

 This Agreement will be effective on December 16, 2005 and will expire on
December 31, 2006; provided that on January 1, 2006 and on each January 1st thereafter (each such January 1st is referred to as the “Renewal Date”), this Agreement will be automatically extended for an additional calendar year. This Agreement will not,
however, be extended if the Company gives written notice of such non-renewal to the Executive no later than September 30th before the Renewal
Date, provided, however, that the Company shall not have the right to give any such non-renewal notice if a Change in Control of the Company (as defined in Section 12) has occurred (the original and any extended term of this Agreement is
referred to as the “Change in Control Period”). 
 3. Employment After a Change in Control 
 If a Change in Control of the Company (as defined in Section 12) occurs during the Change in Control Period and the Executive is employed by the
Company on the date the Change in Control occurs (the “Change in Control Date”), the Company will continue to employ the Executive in accordance with the terms and conditions of this Agreement for the period beginning on the Change in
Control Date and ending on the third anniversary of such date (the “Employment Period”). If a Change in Control occurs on account of a series of transactions, the Change in Control Date is the date of the last of such transactions.

 4. Terms of Employment 
 (a) Position and Duties. During the Employment Period, (i) the Executive’s position, authority, duties and responsibilities will be commensurate in all material respects 

 
with the most significant of those held, exercised and assigned at any time during the 90-day period immediately preceding the Change in Control Date and
(ii) the Executive’s services will be performed at the location where the Executive was employed immediately preceding the Change in Control Date or any office that is the headquarters of the Company and is less than 35 miles from such
location. 
 (b) Compensation 
 (i) Base Salary. During the Employment Period, the Executive will receive an annual base salary (the “Annual Base Salary”) at least equal to the base salary paid or payable to the Executive by the
Company and its affiliated companies for the twelve-month period immediately preceding the Change of Control Date. During the Employment Period, the Annual Base Salary will be reviewed at least annually and will be increased at any time and from
time to time as will be substantially consistent with increases in base salary generally awarded in the ordinary course of business to other peer executives of the Company and its affiliated companies. Any increase in the Annual Base Salary will not
serve to limit or reduce any other obligation to the Executive under this Agreement. The Annual Base Salary will not be reduced after any such increase, and the term Annual Base Salary as used in this Agreement will refer to the Annual Base Salary
as so increased. The term “affiliated companies” includes any company controlled by, controlling or under common control with the Company. 
 (ii) Annual Bonus. In addition to the Annual Base Salary, the Executive will be awarded for each year ending during the Employment Period and for which the Executive is employed on the last day of the year an
annual bonus (the “Annual Bonus”) in cash at least equal to the average annual bonus paid or payable, including by reason of any deferral, for the two years immediately preceding the year in which the Change in Control Date occurs. Each
such Annual Bonus will be paid no later than two and a half months after the end of the year for which the Annual Bonus is awarded. 
 (iii) Incentive, Savings and Retirement Plans. During the Employment Period, the Executive will be entitled to participate in all incentive (including stock incentive), savings and retirement, insurance plans, policies and programs
applicable generally to other peer executives of the Company and its affiliated companies, but in no event will such plans, policies and programs provide the Executive with incentive opportunities, savings opportunities and retirement benefit
opportunities, in each case, less favorable, in the aggregate, than those provided by the Company and its affiliated companies for the Executive under such plans, policies and programs as in effect at any time during the six months immediately
preceding the Change in Control Date. 
 (iv) Welfare Benefit Plans. During the Employment Period, the Executive and/or
the Executive’s family, as the case may be, will be eligible for participation in and will receive all benefits under welfare benefit plans, policies 

  

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and programs provided by the Company and its affiliated companies to the extent applicable generally to other peer executives of the Company and its
affiliated companies, but in no event will such plans, policies and programs provide the Executive with benefits that are less favorable, in the aggregate, than the most favorable of such plans, policies and programs in effect at any time during the
six months immediately preceding the Change in Control Date. 
 (v) Fringe Benefits. During the Employment Period, the
Executive will be entitled to fringe benefits in accordance with the most favorable plans, policies and programs of the Company and its affiliated companies in effect for the Executive at any time during the six months immediately preceding the
Change in Control Date or, if more favorable to the Executive, as in effect generally from time to time after the Change in Control Date with respect to other peer executives of the Company and its affiliated companies. 
 (vi) Vacation. During the Employment Period, the Executive will be entitled to paid vacation in accordance with the most favorable
plans, policies and programs of the Company and its affiliated companies in effect for the Executive at any time during the six months immediately preceding the Change in Control Date or, if more favorable to the Executive, as in effect generally
from time to time after the Change in Control Date with respect to other peer executives of the Company and its affiliated companies. 
 5.
Termination of Employment Following a Change in Control 
 (a) Death or Disability. The Executive’s employment will
terminate automatically upon the Executive’s death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period, it may terminate the Executive’s
employment. For purposes of this Agreement, “Disability” means the Executive’s inability to perform his duties with the Company on a full time basis for 180 consecutive days or a total of at least 240 days in any twelve month period
as a result of the Executive’s incapacity due to physical or mental illness (as determined by an independent physician selected by the Board). 
 (b) Cause. The Company may terminate the Executive’s employment during the Employment Period for Cause. For purposes of this Agreement, “Cause” means (i) gross incompetence, gross negligence, willful misconduct in
office or breach of a material fiduciary duty owed to the Company or any affiliated company; (ii) conviction of a felony or a crime of moral turpitude (or a plea of nolo contendere thereto) or commission of an act of embezzlement or fraud
against the Company or any affiliated company; (iii) any material breach by the Executive of a material term of this Agreement, including, without limitation, material failure to perform a substantial portion of his duties and responsibilities
hereunder; or (iv) deliberate dishonesty of the Executive with respect to the Company or any affiliated company. 
  

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 (c) Good Reason; Window Period. The Executive’s employment may be terminated (i) during
the Employment Period by the Executive for Good Reason or (ii) during the Window Period by the Executive without any reason. For purposes of this Agreement, the “Window Period” means the 45-day period beginning on the later of the
one-year anniversary of the Change in Control Date or the date of closing of the corporate transaction that is the subject of shareholder approval in Section 12. For purposes of this Agreement, “Good Reason” means: 
 (i) a material reduction in the Executive’s duties or authority; 
 (ii) a failure by the Company to comply with any of the provisions of Section 4(b); 
 (iii) the Company’s requiring the Executive to be based at any office or location other than that described in Section 4(a)(ii);

 (iv) the failure by the Company to comply with and satisfy Section 7(b); or 
 (v) the Company fails to honor any term or provision of this Agreement; 
 (d) Notice of Termination. Any termination during the Employment Period by the Company or by the Executive for Good Reason or during the Window
Period shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this
Agreement relied upon. 
 (e) Date of Termination. “Date of Termination” means (i) if the Executive’s employment
is terminated by the Company for Cause, or by the Executive during the Window Period or for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, (ii) if the Executive’s
employment is terminated by the Company other than for Cause or Disability, the date specified in the Notice of Termination (which shall not be less than 30 nor more than 60 days from the date such Notice of Termination is given), and (iii) if
the Executive’s employment is terminated for Disability, 30 days after Notice of Termination is given, provided that the Executive shall not have returned to the full-time performance of his duties during such 30-day period. 
 (f) Key Employee. “Key Employee” shall have the meaning assigned to that term under Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”), which generally defines a Key Employee as an employee who, with respect to a publicly traded company, is (a) one of the top fifty most highly compensated officers with an annual compensation in excess of
$130,000 (as adjusted from time to time by Treasury Regulations), (b) a five percent owner of the Company, or (c) a one percent owner of the Company with annual compensation in excess of $150,000 (as adjusted from time to time by Treasury
Regulations). 
  

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 6. Compensation Upon Termination 
 (a) Termination Without Cause or for Good Reason or During Window Period. The Executive will be entitled to the following benefits if, during the
Employment Period, the Company terminates his employment without Cause or the Executive terminates his employment with the Company or any affiliated company for Good Reason or during the Window Period. 
 (i) Accrued Obligations. The Accrued Obligations are the sum of: (1) the Executive’s Annual Base Salary through the Date
of Termination at the rate in effect just prior to the time a Notice of Termination is given; (2) the amount, if any, of any incentive or bonus compensation theretofore earned which has not yet been paid; (3) the product of the Annual
Bonus paid or payable, including by reason of deferral, for the most recently completed year and a fraction, the numerator of which is the number of days in the current year through the Date of Termination and the denominator of which is 365; and
(4) any benefits or awards (including both the cash and stock components) which pursuant to the terms of any plans, policies or programs have been earned or become payable, but which have not yet been paid to the Executive (but not including
amounts that previously had been deferred at the Executive’s request, which amounts will be paid in accordance with the Executive’s existing directions). The Accrued Obligations will be paid to the Executive in a lump sum cash payment
within ten days after the Date of Termination. Notwithstanding the foregoing, if the Executive is a Key Employee on the Date of Termination, then to the extent the Accrued Obligations constitute deferred compensation under Code Section 409A,
the Accrued Obligations shall not be paid until the first day of the seventh month following the Date of Termination. 
 (ii) Salary Continuance Benefit. The Salary Continuance Benefit is an amount
equal to 2.0 times the Executive’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus paid or payable for the two
most recently completed years and any amount contributed by the Executive during the most recently completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals.
The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the 45th day following the Date of
Termination; however, (1) if the Executive is a Key Employee on the Date of Termination, the Salary Continuation Benefit shall not be paid until the first day of the seventh month following the Date of Termination; or (2) if the Date of
Termination occurs more than two years after the Change in Control Date, the Salary Continuation Benefit will be paid in the form of periodic salary payments as if the Executive had not been terminated. 
 (iii) Welfare Continuance Benefit. For 24 months following the Date of Termination, the Executive and his dependents will continue
to be covered under 

  

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all health and dental plans, disability plans, life insurance plans and all other welfare benefit plans (as defined in Section 3(1) of ERISA)
(“Welfare Plans”) in which the Executive or his dependents were participating immediately prior to the Date of Termination (the “Welfare Continuance Benefit”). The Company will pay all or a portion of the cost of the Welfare
Continuance Benefit for the Executive and his dependents under the Welfare Plans on the same basis as applicable, from time to time, to active employees covered under the Welfare Plans and the Executive will pay any additional costs. If
participation in any one or more of the Welfare Plans included in the Welfare Continuance Benefit is not possible under the terms of the Welfare Plan or any provision of law would create an adverse tax effect for the Executive or the Company due to
such participation, the Company will provide substantially identical benefits directly or through an insurance arrangement. The Welfare Continuance Benefit as to any Welfare Plan will cease if and when the Executive has obtained coverage under one
or more welfare benefit plans of a subsequent employer that provides for equal or greater benefits to the Executive and his dependents with respect to the specific type of benefit. The Executive or his dependents will become eligible for COBRA
continuation coverage as of the date the Welfare Continuance Benefit ceases for all health and dental benefits. 
 (b) Death. If the
Executive dies during the Employment Period, this Agreement will terminate without any further obligation on the part of the Company under this Agreement, other than for (i) payment of the Accrued Obligations and six months of the
Executive’s Base Salary (which shall be paid to the Executive’s beneficiary designated in writing or his estate, as applicable, in a lump sum cash payment within 30 days of the date of death); (ii) the timely payment or provision of
the Welfare Continuance Benefit to the Executive’s spouse and other dependents for 24 months following the date of death; and (iii) the timely payment of all death and retirement benefits pursuant to the terms of any plan, policy or
arrangement of the Company and its affiliated companies. 
 (c) Disability. If the Executive’s employment is terminated because
of the Executive’s Disability during the Employment Period, this Agreement will terminate without any further obligation on the part of the Company under this Agreement, other than for (i) payment of the Accrued Obligations and six months
of the Executive’s Base Salary (which shall be paid to the Executive in a lump sum cash payment within 30 days of the Date of Termination unless the Executive is a Key Employee on the Date of Termination, in which case these amounts shall not
be paid (or begin to be paid until the first day of the seventh month following the Date of Termination); (ii) the timely payment or provision of the Welfare Continuance Benefit for 24 months following the Date of Termination; and
(iii) the timely payment of all disability and retirement benefits pursuant to the terms of any plan, policy or arrangement of the Company and its affiliated companies. 
 (d) Cause; Other than for Good Reason. If the Executive’s employment is terminated for Cause during the Employment Period, this Agreement
will terminate without further obligation to the Executive other than the payment to the Executive of the 

  

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Annual Base Salary through the Date of Termination, plus the amount of any compensation previously deferred by the Executive. If the Executive terminates
employment during the Employment Period, excluding a termination either for Good Reason or during the Window Period, this Agreement will terminate without further obligation to the Executive other than for the Accrued Obligations (which will be paid
in a lump sum in cash within 30 days of the Date of Termination) and any other benefits to which the Executive may be entitled pursuant to the terms of any plan, program or arrangement of the Company and its affiliated companies. 
 (e) Gross-Up Payment. In the event any payment or distribution by the Company to or for the benefit of the Executive (whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 6(e)) (a “Payment”) would be subject to the excise tax imposed by
Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax (collectively, the “Excise Tax”), then the Executive will be entitled to receive an additional payment (a
“Gross-Up Payment”) in an amount such that after payment by the Executive of all taxes (including any income taxes and interest or penalties imposed with respect to such taxes) and the Excise Tax imposed on the Gross-Up Payment, the
Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed on the Payments. All determinations required to be made under this Section 6(e), including whether and when a Gross-Up Payment is required and the amount of
such Gross-Up Payment, will be made by the independent accounting firm of the Company immediately prior to the Executive’s termination of employment (the “Accounting Firm”). All fees and expenses of the Accounting Firm will be borne
solely by the Company, and any determination by the Accounting Firm will be binding upon the Company and the Executive. Any Gross-Up Payment, as determined pursuant to this Section 6(e), will be paid by the Company to the Executive within ten
days of the receipt of the Accounting Firm’s determination, but in no event shall it be paid later than the end of the year next following the year in which the Executive initially paid the Excise Tax. 
 (i) If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall so indicate to the Executive in writing.

 (ii) In the event there is an under-payment of the Gross-Up Payment due to the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the Accounting Firm and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm will determine the amount of any such under-payment that
has occurred and such amount will be promptly paid by the Company to or for the benefit of the Executive, but in no event shall it be paid later than the end of the year next following the year in which the Executive initially paid the Excise Tax.

 7. Binding Agreement; Successors 
 (a) This Agreement will be binding upon and inure to the benefit of the Executive (and his personal representative), the Company and any successor organization 

  

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or organizations which shall succeed to substantially all of the business and property of the Company, whether by means of merger, consolidation, acquisition
of all or substantially of all of the assets of the Company or otherwise, including by operation of law. 
 (b) The Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform it if no such succession had taken place. 
 (c) For purposes of this Agreement,
the term “Company” includes any subsidiaries of the Company and any corporation or other entity which is the surviving or continuing entity in respect of any merger, consolidation or form of business combination in which the Company ceases
to exist; provided, however, that for purposes of determining whether a Change in Control has occurred herein, the term “Company” refers to Union Bankshares Corporation or its successors. 
 8. Fees and Expenses; Mitigation 
 (a)
The Company will pay or reimburse the Executive for all costs and expenses, including without limitation court costs and reasonable attorneys’ fees, incurred by the Executive (i) in contesting or disputing any termination of the
Executive’s employment or (ii) in seeking to obtain or enforce any right or benefit provided by this Agreement, in each case provided the Executive’s claim is upheld by a court of competent jurisdiction. The Company shall reimburse
the foregoing costs on a current basis after the Executive submits a claim for reimbursement with the proper documentation of the expenses, provided that no expense will be reimbursed after the end of the year following the year in which the expense
is incurred. 
 (b) The Executive shall not be required to mitigate the amount of any payment the Company becomes obligated to make to the
Executive in connection with this Agreement, by seeking other employment or otherwise. Except as specifically provided above with respect to the Welfare Continuance Benefit, the amount of any payment provided for in Section 6 shall not be
reduced, offset or subject to recovery by the Company by reason of any compensation earned by the Executive as the result of employment by another employer after the Date of Termination, or otherwise. 
 9. No Employment Contract 
 Nothing in
this Agreement will be construed as creating an employment contract between the Executive and the Company prior to Change in Control. 
 10.
Continuance of Welfare Benefits Upon Death 
 If the Executive dies while receiving a Welfare Continuation Benefit, the
Executive’s spouse and other dependents will continue to be covered under all applicable 

  

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Welfare Plans during the remainder of the 24-month coverage period. The Executive’s spouse and other dependents will become eligible for COBRA
continuation coverage for health and dental benefits at the end of such 24-month period. 
 11. Notice 
 Any notices and other communications provided for by this Agreement will be sufficient if in writing and delivered in person or sent by registered or
certified mail, postage prepaid (in which case notice will be deemed to have been given on the third day after mailing), or by overnight delivery by a reliable overnight courier service (in which case notice will be deemed to have been given on the
day after delivery to such courier service). Notices to the Company shall be directed to the Secretary of the Company, with a copy directed to the Chairman of the Board of the Company. Notices to the Executive shall be directed to his last known
address. 
 12. Definition of a Change in Control 
 No benefits shall be payable hereunder unless there shall have been a Change in Control of the Company as set forth below. For purposes of this Agreement, a “Change in Control” means: 
 (a) The acquisition by any Person of beneficial ownership of 20% or more of the then outstanding shares of common stock of the Company, provided that an
acquisition directly from the Company (excluding an acquisition by virtue of the exercise of a conversion privilege) shall not constitute a Change in Control; 
 (b) Individuals who constitute the Board on the date of this Agreement (the “Incumbent Board”) cease to constitute a majority of the Board, provided that any director whose nomination was approved by a vote
of at least two-thirds of the directors then comprising the Incumbent Board will be considered a member of the Incumbent Board, but excluding any such individual whose initial assumption of office is in co(as such terms are used in Rule 14a-11
promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”)); 
 (c) Approval by the shareholders of the Company of
a reorganization, merger, share exchange or consolidation (a “Reorganization”), provided that shareholder approval of a Reorganization will not constitute a Change in Control if, upon consummation of the Reorganization, each of the
following conditions is satisfied: 
 (i) more than 60% of the then outstanding shares of common stock of the corporation
resulting from the Reorganization is beneficially owned by all or substantially all of the former shareholders of the Company in substantially the same proportions as their ownership existed in the Company immediately prior to the Reorganization;

 (ii) no Person beneficially owns 20% or more of either (1) the then outstanding shares of common stock of the
corporation resulting from the 

  

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transaction or (2) the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of
directors; and 
 (iii) at least a majority of the members of the board of directors of the corporation resulting from the
Reorganization were members of the Incumbent Board at the time of the execution of the initial agreement providing for the Reorganization. 
 (d) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company, or of the sale or other disposition of all or substantially all of the assets of the Company. 
 (e) For purposes of this Agreement, “Person” means any individual, entity or group (within the meaning of Section 13(d)(3) of the Exchange
Act, other than any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliated company, and “beneficial ownership” has the meaning given the term in Rule 13d-3 under the Exchange Act. 
 13. Confidentiality 
 The Executive
will hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies and their respective businesses, which was obtained by the
Executive during the Executive’s employment by the Company or any of its affiliated companies and which will not be or become public knowledge. After termination of the Executive’s employment with the Company, the Executive will not,
without the prior written consent of the Company or except as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event
shall an asserted violation of the provisions of this Section 13 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement. 
 14. Miscellaneous 
 No provision of
this Agreement may be amended, modified, waived or discharged unless such amendment, modification, waiver or discharge is agreed to in a writing signed by the Executive and the Chairman of the Board or President of the Company. No waiver by either
party hereto at any time of any breach by the other party hereto of, or of compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

  

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 15. Governing Law 
 The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the Commonwealth of Virginia. 
 16. Validity 
 The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 (Signatures appear on the following page) 
  

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 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by Union Bankshares
Corporation by its duly authorized officer, and by the Executive, as of the date first above written. 
  

			
	UNION BANKSHARES CORPORATION
		
	By:	 	 /s/ G. William Beale

		 	G. William Beale
		 	President and Chief Executive Officer
	
	EXECUTIVE
		
	By:	 	 /s/ Janis Orfe

		 	Janis Orfe

  

 12Amended and Restated Employment Agreement of John C. Neal

 Exhibit 10.08 
 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 This Amended and Restated Employment Agreement (this “Agreement”) is made as of May 1, 2006, by and between Union Bank and Trust Company,
a Virginia banking corporation (the “Bank”), and John C. Neal (the “Officer”), and to which Union Bankshares Corporation, a Virginia corporation and parent company of the Bank (the “Company”), is made a party,
and is amended as of December 31, 2008, in order to comply with applicable provisions of Section 409A of the Internal Revenue Code of 1986, as amended. 
 The parties, intending to be legally bound, agree as follows: 
 1. Employment and Acceptance. The
Officer shall be employed as President and Chief Executive Officer of the Bank. The Officer shall have the duties and responsibilities that are commensurate with his position and shall also render such other services and duties as may be reasonably
assigned to him from time to time by the Bank, consistent with his positions as President and Chief Executive Officer of the Bank. The Officer hereby accepts and agrees to such employment and agrees to carry out his duties and responsibilities to
the best of his ability in a competent, efficient and businesslike manner. 
 2. Term of Employment. This Agreement is effective
May 1, 2006 (the “Commencement Date”) and will end on the second anniversary of the Commencement Date, unless sooner terminated as provided herein (the “Employment Period”). Beginning on the day following the Commencement
Date, and on each day thereafter, the Employment Period shall automatically be extended an additional day, unless prior to such extension the Bank gives written notice to the Officer that the Employment Period will not thereafter be extended. The
last day of the Employment Period, as extended from time to time, is sometimes referred to as the “Expiration Date.” 
 3.
Compensation and Benefits. 
 (a) Base Salary. The Bank shall pay the Officer an annual base salary of $232,540 (the “Base
Salary”), which will be payable in accordance with the payroll practices of the Bank applicable to all officers. The Base Salary will be reviewed annually by the Board of Directors and may be adjusted upward or downward in the sole discretion
of the Board of Directors. In no event, however, will the Base Salary be less than $232,540. 
 (b) Annual Bonus. The Officer may be
entitled to receive annual cash bonus payments in such amounts as may be determined in accordance with the terms and conditions of the applicable management incentive plan as may be adopted on an annual basis by the Board of Directors of the
Company. 
 (c) Stock Compensation. The Officer may be entitled to receive stock awards under the Company’s 2003 Stock Incentive
Plan, or any successor plan, in such amounts and 

 
subject to such terms and conditions as determined under the applicable management incentive plan as may be adopted on an annual basis by the Board of
Directors of the Company. 
 (d) Benefits. The Officer will be entitled to participate in and receive the benefits of any pension or
other retirement benefit plan, life insurance, profit sharing, employee stock ownership, and other plans, benefits and privileges of the Bank that may be in effect from time to time, to the extent the Officer is eligible under the terms of those
plans and programs, provided, however, that Officer and Company agree that Officer shall not be eligible to receive or claim any benefits under the Union Bankshares Corporation Severance Pay Plan effective as of October 1, 1999, as amended.

 (e) Business Expenses. The Bank will reimburse Officer or otherwise provide for or pay for all reasonable expenses incurred by
Officer in furtherance of, or in connection with, the business of the Bank, including, but not by way of limitation, travel expenses, country club dues, car allowance, and memberships in professional organizations, subject to such reasonable
documentation and other limitations as may be established by the Board of Directors of the Bank. 
 (f) Vacation. The Officer will be
entitled to five weeks of vacation per year after the Officer completes twenty years of employment with the Bank, to be taken at such times and intervals as shall be determined by the Officer with the approval of the Bank, which approval shall not
be unreasonably withheld. 
 (g) Deferred Compensation Benefits. The Bank may enter into a deferred compensation arrangement with the
Officer to provide for certain supplemental nonqualified cash benefits in such amounts and on such terms and conditions as the parties may agree. 
 4. Termination and Termination Benefits. Notwithstanding the provisions of Section 2, the Officer’s employment hereunder shall terminate under the following circumstances and shall be subject to the following provisions:

 (a) Death. If the Officer dies while employed by the Bank, the Bank will continue to pay an amount equal to the Officer’s then
current Base Salary to the Officer’s beneficiary designated in writing to the Company prior to his death (or to his estate, if he fails to make such designation) for six months after the Officer’s death, with such payments to be made on
the same periodic dates as salary payments would have been made to the Officer had he not died. 
 (b) Disability. The Officer’s
employment hereunder may be terminated at any time because of the Officer’s inability to perform his duties with the Bank on a full time basis for 180 consecutive days or a total of at least 240 days in any twelve month period as a result of
the Officer’s incapacity due to physical or mental illness as determined pursuant to the Bank’s long term disability policy; provided, however, that the Bank shall provide continued medical insurance in the Bank’s health plan for the
benefit of the Officer for a period of twelve months after the date of such termination. 
  

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 (c) Termination by the Bank for Cause. The Officer’s employment may be terminated at any time
without further liability on the part of the Bank or the Company effective immediately by written notice to the Officer setting forth in reasonable detail the nature of such Cause. Only the following shall constitute “Cause” for such
termination: 
 (i) continued failure by the Officer for reasons other than disability to follow reasonable instructions or
policies of the Board of Directors of the Bank after being advised in writing of such failure, including specific actions or inaction on the part of the Officer and the particular instruction or policy involved, and being given a reasonable
opportunity and period (as determined by the Chief Executive Officer of the Company) to remedy such failure; 
 (ii) gross
incompetence, gross negligence, willful misconduct in office or breach of a material fiduciary duty owed to the Company, the Bank, or any subsidiary or affiliate thereof; 
 (iii) conviction of a felony or a crime of moral turpitude (or a plea of nolo contendere thereto) or commission of an act of
embezzlement or fraud against the Company, the Bank, or any subsidiary or affiliate thereof; 
 (iv) any breach by the Officer
of a material term of this Agreement or violation in any material respect of any code or standard of conduct generally applicable to officers of the Company and the Bank, including without limitation material failure to perform a substantial portion
of his duties and responsibilities hereunder as established from time to time by the Board of Directors of the Bank, after being advised in writing of such breach, violation, or failure and being given a reasonable opportunity and period (as
determined by the Chief Executive Officer of the Company) to remedy such breach, violation, or failure; 
 (v) dishonesty of
the Officer with respect to the Company, the Bank, or any subsidiary or affiliate thereof; or 
 (vi) the willful engaging by
the Officer in conduct that is demonstrably and materially injurious to the Company or the Bank, monetarily or otherwise, or any conduct deemed by the Board of Directors of the Bank to be immoral or which may bring embarrassment or disrepute to the
Company, the Bank and their respective good names or status. 
 (d) Termination by the Bank without Cause. The Officer’s
employment may be terminated without Cause effective immediately by written notice to the Officer. In the event of termination without Cause, the Officer shall be entitled to the benefits specified in Section 4(f). 
 (e) Termination by the Officer. The Officer may terminate his employment hereunder with or without Good Reason (as defined below) by written
notice to the Board of 

  

 3 

 
Directors of the Bank effective thirty days after receipt of such notice by the Board of Directors. In the event the Officer terminates his employment
hereunder for Good Reason, the Officer shall be entitled to the benefits specified in Section 4(f). The Officer shall not be required to render any further services to the Bank. Upon termination of employment by the Officer without Good Reason,
the Officer shall be entitled to no further compensation or benefits under this Agreement. “Good Reason” shall be (i) the failure by the Bank to comply with the provisions of Section 3 or material breach by the Bank of any other
provision of this Agreement, which failure or breach shall continue for more than thirty days after the date on which the Board of Directors of the Bank receives notice of such failure or breach from the Officer, (ii) the assignment of the
Officer without his consent to a position, responsibilities, or duties of a materially lesser status or degree of responsibility than his position, responsibilities, or duties at the Commencement Date other than as a direct result of the change in
control of the Company (which is otherwise addressed herein), or (iii) the requirement by the Bank that the Officer be based at any office that is greater than fifty miles from where the Officer’s office is located at the Commencement
Date. 
 (f) Certain Termination Benefits. In the event of termination by the Bank without Cause and other than for death or
disability, or by the Officer with Good Reason, the Officer shall be entitled to the following benefits, subject to the provisions of Section 5(c) (for purposes of this subsection (f), the term “Company” shall include the Bank as may
be applicable): 
 (i) Subject to subsection (iii) below, for a two-year period immediately following the date of
termination the Bank shall continue to pay the Officer his Base Salary (not including any bonus other than any unpaid bonus relating to a fiscal year of the Company completed prior to the date of termination) at the rate in effect on the date of
termination, such payments to be made on the same periodic dates as salary payments would have been made to the Officer had he not been terminated, provided that if the Officer is a Key Employee (as defined in subsection (vi)) on the date of
termination, he shall not receive any payments until the first day of the seventh month following the date of termination and the first payment shall include six months of payments and each remaining payment shall equal the same amount the Officer
would have received while employed. The Company and the Officer will use their best efforts to accelerate the vesting of any nonvested benefits of the Officer under any employee stock-based or other benefit plan or arrangement to the extent
permitted by the terms of such plan or arrangement. 
 (ii) Subject to subsection (iv) below, for a two-year period
immediately following the date of termination the Officer shall continue to receive medical and life insurance benefits pursuant to plans made available by the Bank to its employees at the expense of the Company to substantially the same extent the
Officer received such benefits on the date of termination (it being acknowledged that the post-termination plans may be different from the plans in effect on the date of termination). For purposes of application of such benefits, the Officer shall
be treated as if he had remained in the employ of the Bank, with a Base Salary at the rate in effect on the date of termination. 
  

 4 

 (iii) During the twelve month period that begins on the first anniversary date of the
termination of employment and ends on the second anniversary date, the Bank’s obligation to continue to pay the Base Salary to the Officer pursuant to subsection 4(f)(i) during such second twelve month period shall terminate thirty days after
the Officer obtains full-time employment with another employer that provides an annualized base salary that is at least equal to 75% of the Base Salary being paid by the Bank. 
 (iv) The Company’s obligation to provide the Officer with medical and life insurance benefits pursuant to subsection 4(f)(ii) hereof
shall terminate in the event the Officer obtains new employment and is eligible to participate in substantially comparable medical and life insurance programs made available to him and similarly situated employees by or through his new employer. If
only one type of insurance (e.g., medical) is made available to the Officer and similarly situated employees, the Company will continue to provide the Officer with the other insurance coverage for the remainder of the two year period or until such
type of insurance is made available to him and similarly situated employees by his new employer, whichever occurs sooner. 
 (v) During the two-year period following the date of termination, the Officer shall provide the Company with at least ten days written notice before the starting date of any employment, identifying the prospective employer and its
affiliated companies and the job description, including a description of the proposed geographic market area associated with the new position. The Officer shall notify in writing any new employer of the existence of the restrictive covenants set
forth in Section 5 of this Agreement. 
 (vi) For purposes of this Agreement, “Key Employee” shall have the
meaning assigned to that term under Section 409A of the Internal Revenue Code of 1986, as amended, which generally defines a Key Employee as an employee who, with respect to a publicly traded company, is (a) one of the top fifty most
highly compensated officers with an annual compensation in excess of $130,000 (as adjusted from time to time by Treasury Regulations), (b) a five percent owner of the Company, or (c) a one percent owner of the Company with annual
compensation in excess of $150,000 (as adjusted from time to time by Treasury Regulations). 
 5. Covenants of the Officer.

 (a) Noncompetition. The Officer agrees that during the Employment Period and for a one-year period following the termination of his
employment for any reason during the Employment Period, the Officer will not directly or indirectly, as a principal, agent, employee, employer, investor, co-partner or in any other individual or representative capacity whatsoever, engage in a
Competitive Business anywhere in the Market Area (as such terms are defined below) in any capacity that includes any of the significant responsibilities held or significant activities engaged in by the Officer on behalf of the 

  

 5 

 
Bank, the Company, and any of its Affiliates during the Employment Period. Notwithstanding the foregoing, the Officer may purchase or otherwise acquire up to
(but not more than) 1% of any class of securities of any business enterprise (but without otherwise participating in the activities of such enterprise) that engages in a Competitive Business in the Market Area and whose securities are listed on any
national or regional securities exchange or have been registered under Section 12 of the Securities Exchange Act of 1934. 
 (b)
Nonsolicitation. The Officer further agrees that during the Employment Period and for a two-year period following the termination of his employment for any reason, he will not directly or indirectly: (i) solicit, induce or attempt to
solicit or induce any customer or client of the Company or its Affiliates with whom the Officer had direct contact or whose identity the Officer learned as a result of his employment with the Bank, to terminate, diminish, or materially alter in a
manner harmful to the Bank the relationship of such customer or client with the Bank, the Company, or its Affiliates; (ii) solicit, induce, encourage, or participate in soliciting, inducing, or encouraging any employee to terminate his or her
employment with the Bank, the Company, or any of its Affiliates; or (iii) hire, employ, or engage in business with or attempt to hire, employ, or engage in business with any person employed by the Bank, the Company, or any of its Affiliates or
who has left the employment of the Bank, the Company, or any of its Affiliates within the preceding three months. 
 (c) Nonrenewal of the
Agreement. In the event the Bank elects not to renew this Agreement in accordance with Section 2, the provisions of Sections 5(a) and (b) shall not apply after the Expiration Date, unless the Officer shall otherwise be entitled to
receive payments from the Bank as a result of his termination without Cause or for Good Reason pursuant to Section 4(f). 
 (d)
Definitions. As used in this Agreement, the term “Competitive Business” means the financial services business, which includes one or more of the following businesses: consumer and commercial banking, residential and commercial
mortgage lending, securities brokerage and asset management, and any other business in which the Company or any of its Affiliates are engaged at the time of termination of the Officer’s employment; the term “Market Area” means the
area within a ten mile radius of any banking office or a loan production office (excluding for purposes of this Agreement an office providing residential mortgage loans) that the Company has established and is continuing to operate at the time of
termination of the Officer’s employment; the term “Affiliate” means a Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company; and the term
“Person” means any person, partnership, corporation, company, group or other entity. 
 (e) Confidentiality. During the
Employment Period and thereafter, and except as required by any court, supervisory authority or administrative agency or as may be otherwise required by applicable law, the Officer shall not, without the written consent of a person duly authorized
by the Bank, disclose to any person (other than his personal attorney, or an employee of the Bank or an Affiliate, or a person to whom disclosure is 

  

 6 

 
reasonably necessary or appropriate in connection with the performance by the Officer of his duties as an employee of the Bank) or utilize in conducting a
business any confidential information obtained by him while in the employ of the Bank, unless such information has become a matter of public knowledge at the time of such disclosure. 
 (f) Acknowledgment; Enforcement. The covenants contained in this Section 5 shall be construed and interpreted in any proceeding to permit
their enforcement to the maximum extent permitted by law. The Officer agrees that the restraints imposed herein are necessary for the reasonable and proper protection of the Company and its Affiliates, and that each and every one of the restraints
is reasonable in respect to length of time, geographic area and activities restricted. If, however, the time, geographic and/or scope of activity restrictions set forth in Section 5 are found by an arbitrator or court to be unenforceable
because the restrictions are overbroad, the arbitrator or court, as applicable, is empowered and directed to modify the restriction(s) to the extent necessary to make them enforceable. The Officer further acknowledges that damages at law would not
be a measurable or adequate remedy for breach of the covenants contained in this Section 5 and, accordingly, the Officer agrees to submit to the equitable jurisdiction of any court of competent jurisdiction in connection with any action to
enjoin the Officer from violating any such covenants. In any legal, equitable or arbitration action against the Officer in connection with the enforcement of the covenants included in this Section 5, each party will bear its own costs,
including its attorneys’ fees. All the provisions of this Section 5 will survive termination and expiration of this Agreement. 
 (g) Change in Control. Notwithstanding anything to the contrary contained in this Agreement, in the event of a change in control of the Company (as such term is defined in the Management Continuity Agreement, dated November 1,
2003, between the Company and the Officer) or the termination of the Officer as a result of his disability as determined pursuant to Section 4(b), the restrictions imposed by Sections 5(a) and (b) shall not apply to the Officer after he
ceases to be employed by the Bank. 
 6. Change in Control of the Company. This Agreement will terminate in the event there is a
change in control of the Company, and the Management Continuity Agreement, dated November 1, 2003, as it may hereafter be amended, between the Company and the Officer will become effective and any termination benefits will be determined and
paid solely pursuant to such Management Continuity Agreement. 
 7. Mitigation; Exclusivity of Benefits. 
 (a) The Officer shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise. 
 (b) The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to the Officer upon a termination
of employment with the Bank pursuant to employee benefit plans of the Bank or otherwise. 
  

 7 

 8. Withholding. All payments required to be made by the Bank hereunder to the Officer shall be
subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Bank may reasonably determine should be withheld pursuant to any applicable law or regulation. 
 9. Assignability. The Bank may assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any corporation,
company or other entity with or into which the Bank may hereafter merge or consolidate or to which the Bank may transfer all or substantially all of its assets, if in any such case said corporation, company or other entity shall by operation of law
or expressly in writing assume all obligations of the Bank hereunder as fully as if it had been originally made a party hereto, to the extent that any such transaction does not trigger the operation of Section 5 above. The Officer may not
assign or transfer this Agreement or any rights or obligations hereunder. 
 10. Notices. For the purposes of this Agreement, notices
and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses set forth below: 
  

			
	To the Bank:	  	Chairman of the Board
		  	Union Bank and Trust Company
		  	P. O. Box 446
		  	211 North Main Street
		  	Bowling Green, Virginia 22427
		
		  	And at the Chairman’s home address as shown on the records of the Bank.
		
	To the Officer:	  	John C. Neal
		  	5517 River Road
		  	Fredericksburg, Virginia 22407
		
	To the Company:	  	Chairman of the Board
		  	Union Bankshares Corporation
		  	P. O. Box 446
		  	211 North Main Street
		  	Bowling Green, Virginia 22427
		
		  	And at the Chairman’s home address as shown on the records of the Company.

 11. Amendment; Waiver. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing signed by the Officer and such officer or officers as may be specifically designated by the Board of Directors of the Bank to sign on their behalf. No waiver by any
party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. 
  

 8 

 12. Entire Agreement. This Agreement, together with the Management Continuity Agreement, dated
November 1, 2003, and as it may hereafter be amended, entered into between the parties hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof and no agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement or in the Management Continuity Agreement. For purposes of this Agreement, the term
“Company” includes any subsidiaries of the Company. 
 13. Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the Commonwealth of Virginia. 
 14. Nature of Obligations. Nothing contained herein shall create or
require the Bank to create a trust of any kind to fund any benefits which may be payable hereunder, and to the extent that the Officer acquires a right to receive benefits from the Bank hereunder, such right shall be no greater than the right of any
unsecured general creditor of the Bank. 
 15. Headings. The section headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement. 
 16. Validity. The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect. 
 17. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument. 
 (Signatures appear on the following page) 
  

 9 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first above written. 
  

			
	UNION BANKSHARES CORPORATION
		
	By:	 	 /s/ G. William Beale

		 	G. William Beale
		 	President and Chief Executive Officer
	
	UNION BANK AND TRUST COMPANY
		
	By:	 	 /s/ J. E. Small, III

		 	J. E. Small, III
		 	Chairman of the Board
	
	OFFICER:
	
	 /s/ John C. Neal

	John C. Neal

  

 10

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