Document:

EX-10.7

 Exhibit 10.7 

SKYLINE NATIONAL BANK 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

This Supplemental Executive Retirement Plan (the “Plan”) is adopted as of this 22nd day of November, 2017 with an effective date of October 1, 2017 (the “Effective Date”) by Skyline National Bank, a federally chartered national bank (the
“Employer” or the “Bank”) for the benefit of Rodney Halsey (the “Executive”). 

WHEREAS, the purpose of the Plan is to provide certain supplemental nonqualified pension benefits to certain executives who have
contributed substantially to the success of the Employer and the Employer desires to incentivize the executives to continue in its employ; 

WHEREAS, the experience of the Executive, his knowledge of the affairs of the Bank, and his reputation and contacts in the industry are
so valuable that assurance of his continued services is essential for the future growth and profits of the Bank and it is in the best interests of the Bank to arrange terms of continued employment for the Executive so as to reasonably assure his
remaining in the Bank’s employment during his lifetime or until the age of retirement; and 
 WHEREAS, this Plan is intended to
be and shall be administered as an income tax nonqualified, unfunded plan primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees within the meaning of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), Sections 201(2), 301(a)(3), and 401(a)(1). This Plan is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) and, accordingly, the intent of the parties hereto is that the Plan shall be operated and interpreted consistent with the requirements thereof. 

ARTICLE 1 DEFINITIONS 
 Whenever used in
this Plan, the following terms have the meanings specified: 
 1.1.    “Account Balance” means, as of
any date, the liability that should be accrued by the Bank under generally accepted accounting principles (“GAAP”) on behalf of the Executive. 

1.2    “Annuity Contract” means the following annuity contract(s) purchased and solely owned by the Bank:
Flexible Premium Indexed Deferred Annuity Contracts issued by National Western Life Insurance Company, contract #0101372452, and Life Insurance Company of the Southwest, contract #1091326X, and any such other annuity contracts or other asset as the
Bank may purchase from time to time as a Replacement Annuity under this Plan. 
 1.3    “Beneficiary”
means the person or entity designated, or otherwise determined in accordance with Article 4, in writing by the Executive to receive death benefits pursuant to this Plan in the event of his death. 

 1.4    “Beneficiary Designation Form” means the form
established from time to time by the Plan Administrator that the Executive completes, signs, and returns to the Plan Administrator to designate one or more Beneficiaries. 

1.5    “BHC” means Parkway Acquisition Corp., a Virginia corporation. 

1.6    “Board” means the Board of Directors of the Bank. 

1.7    A “Change in Control” shall be deemed to have taken place if any of the following takes place with
respect to the Bank or the BHC: 
 (a)    any person or entity, including a “group” as defined
in Section 13(d)(3) of the Securities Exchange Act of 1934, a wholly-owned subsidiary thereof, or any employee benefit plan of the Employer or the BHC or any of its subsidiaries becomes the beneficial owner of Employer or BHC securities having
fifty percent (50%) or more of the combined voting power of the then outstanding securities of the Employer or BHC that may be cast for the election of directors of the Employer or the BHC (other than as a result of the issuance of securities
initiated by the Employer or the BHC in the ordinary course of business); or 
 (b)    as the result of,
or in connection with, any cash tender or exchange offer, merger or other business combination, sale of assets or contested election, or any combination of the foregoing transactions, the holders of all Employer’s or the BHC’s securities
entitled to vote generally in the election of directors of the Employer or the BHC immediately prior to such transaction constitute, following such transaction, less than a majority of the combined voting power of the then-outstanding securities of
the Employer or the BHC or any of their respective successor corporations or entities entitled to vote generally in the election of the directors of Employer or the BHC or such other corporation or entity after such transactions; or 

(c)    such other change of ownership or control event as defined in Treasury Regulation §1.409A-3(i)(5) or any subsequent, applicable Treasury Regulation. 

(d)    An event described in items (a) through (c) above shall constitute a Change in Control only if
the event constitutes a change in control event as defined in Treasury Regulations §1.409A-3(i)(5) or any subsequent, applicable Treasury Regulation. 

1.8    “Disability” shall mean the Executive (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of net less than twelve (12) months or (ii) is, by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less
than three (3) months under an accident and health plan covering employees of the Employer. 

 Medical determination of Disability may be made by either the Social Security Administration
or by the provider of an accident or health plan covering employees of the Employer, provided that the definition of disability applied under such disability insurance program complies with the requirements of Section 409A. Upon the request of
the Plan Administrator, the Executive must submit proof to the Plan Administrator of Social Security Administration’s or the provider’s determination. 

1.9    “Early Retirement Age” means age sixty (60). 

1.10    “Early Retirement Date” means the date the Executive Separates from Service after reaching Early
Retirement Age but before Normal Retirement Age. 
 1.11     “Replacement Annuity” means an annuity
policy that is comparable to the Annuity Contract, or an asset of comparable value, in either case with a lifetime withdrawal feature and benefit value comparable to the lifetime withdrawal feature and benefit value of the Annuity Contract as in
effect immediately prior to a transfer or surrender of the Annuity Contract. 
 1.12    “Rider” means
the income rider attached to the Annuity Contract, if any, as an endorsement or other product feature that operates as an income rider, with such feature providing for a withdrawal or payment feature for the life of the annuitant. 

1.13    “Normal Retirement Age” means age sixty-five (65). 

1.14    “Separation from Service” means separation from service as that term is defined and interpreted
in Section 409A of the Code and Treasury Regulation §1.409A-1(h) or in subsequent regulations or other guidance issued by the Internal Revenue Service. 

ARTICLE 2 
 DEFERRED
COMPENSATION AND VALUATION OF ACCOUNT 
 2.1    Annuity Contract and Other Investments. For purposes of
satisfying its obligations to provide benefits under this Plan, the Bank has initially invested in the Annuity Contract and may invest in other investments. However, nothing in this Section shall require the Bank to invest in any particular form of
investment. 
 2.2    Ownership of the Annuity Contract. The Bank is the sole owner of the Annuity Contract, and
other such investments, and shall have the right to exercise all incidents of ownership. The Bank shall be the beneficiary of the death proceeds of the Annuity Contract. The Bank shall at all times be entitled to the Annuity Contract’s cash
surrender value, as that term, or a functionally similar term, is defined in the Annuity Contract. 
 2.3    Right to
Annuity Contract. Notwithstanding any provision hereof to the contrary, the Bank shall have the right to sell or surrender any Annuity Contract without terminating this Plan, provided the Bank replaces the Annuity Contract with a comparable
annuity policy or asset of comparable value. Without limitation, the Annuity Contract at all times shall be the exclusive property of the Bank and shall be subject to the claims of the Bank’s creditors 

 2.4    Rabbi Trust. Employer may establish a “rabbi
trust” to which contributions may be made to provide the Employer with a source of funds for purposes of satisfying the obligations of the Employer under the Plan. The trust shall constitute an unfunded arrangement and shall not affect the
status of the Plan as an unfunded plan. The Executive and or his Beneficiary shall have no beneficial ownership interest in any assets held in the trust. 

ARTICLE 3 
 RETIREMENT
AND OTHER BENEFITS 
 3.1    Retirement Benefit. Upon the Executive’s Separation from Service after
reaching Normal Retirement Age for any reason other than death, Disability, or Cause (defined below), the Executive will be entitled to the monthly benefit payment described in this paragraph 3.1. The amount of the monthly benefit will equal [the
amount that is paid from the Annuity Contract designated under this Plan to benefit the Executive through the Rider (the “Normal Retirement Benefit”), whether designated as a single life payment or joint and survivor payment as elected by
the Executive], which Annuity Contract shall not be changed in a manner which would adversely affect the interests of the Executive without written approval from the Executive. The Normal Retirement Benefit will commence on the first (1st) day of
the second month following the date of the Executive’s Separation from Service, payable monthly and continuing for his or her lifetime. This shall be the Executive’s benefit in lieu of any other benefit under this Plan. 

3.2    Early Retirement Benefit. In the event the Executive should Separate from Service after reaching Early
Retirement Age but Prior to Normal Retirement Age for any reason other than death, Disability, or Cause, the Executive will be entitled to a monthly benefit equal to a percentage of the amount that is paid from the Annuity Contract designated under
this Plan to benefit the Executive through the Rider (the “Early Retirement Benefit”). The percentage is the ratio of the Account Balance on the Early Retirement Date to the projected Account Balance at Normal Retirement Age and applied to
the amount that is paid from the Annuity Contract through the Rider at Normal Retirement Age. The Early Retirement Benefit will commence on the first day of the second month following the Executive’s Normal Retirement Age and will continue for
the Executive’s lifetime. 
 3.3    Disability Benefit. In the event the Executive should Separate from
Service as a result of becoming Disabled while actively employed by the Employer any time after the effective date of this Plan but prior to the commencement of benefit payments under the Plan, the Executive will be entitled to a monthly benefit
equal to a percentage of the amount that is paid from the Annuity Contract designated under this Plan to benefit the Executive through the Rider (the “Disability Benefit”). The percentage is the ratio of the Account Balance on the date of
Separation from Service as a result of Disability to the projected Account Balance at Normal Retirement Age and applied to the amount that is paid from the Annuity Contract through the Rider at Normal Retirement Age. The Disability Benefit will
commence on the first day of the second month following the Executive’s Normal Retirement Age and will continue for the Executive’s lifetime. 

 3.4    Preretirement Death Benefit. Upon death of the Executive
while in service to the Employer, the Employer shall pay to the Executive’s Beneficiary the Normal Retirement Benefit as if the Executive had survived to Normal Retirement Age, payable in one hundred eighty (180) equal monthly payments
commencing no later than sixty (60) days from the date of death. 
 3.5    Postretirement Death Benefit.

 (a)    If a single life benefit payment was elected by the Executive, upon death of the Executive
after benefit payments have commenced under the Plan, but before receiving a total of one hundred eighty (180) payments, the Employer shall continue to pay to the Executive’s Beneficiary the Normal Retirement Benefit until one hundred
eighty (180) payments have been made. If the Executive dies after receiving one hundred eighty (180) or more payments of benefit payments, this Agreement will terminate and no additional payments will be made to the Executive’s
Beneficiary under the Plan. 
 (b)    If a joint and survivor benefit payment was elected by the
Executive, upon death of the Executive after benefit payments have commenced under the Plan, the benefit payments due to his or her survivor will continue until the death of such survivor and no other death benefit will be payable under this
Agreement. 
 3.6    Change in Control Benefit. Upon a Change in Control, the Executive will fully vest in the
Normal Retirement Benefit as provided for in paragraph 3.1, with such benefit payable as provided as if Executive Separated from Service at his Normal Retirement Age with payments commencing upon reaching such Normal Retirement Age. The Employer
will establish a “rabbi trust,” if one has not already been established, for the purposes of this Plan, to which assets will be contributed to provide the Employer with a source of funds for purposes of satisfying the obligations of the
Employer under the Plan. The amount of the contribution to the “rabbi trust” will be the amount sufficient to satisfy the obligation of the Employer under paragraph 3.1. 

3.7    Restriction on Timing of Distributions. Notwithstanding the applicable provisions of this Plan regarding
timing of payments, the special rules contained in this Section 3.7 shall apply. If the stock of the Employer is publicly traded at the time of the Executive’s Separation from Service in order for this Plan to comply with Section 409A
of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section 409A of the Code) at the time of a distribution and to the extent such applicable provisions of Section 409A of the Code and
the regulations thereunder require a delay of such distributions by a six-month period after the date of such Executive’s Separation from Service with the Employer, no such distribution shall be made
prior to the date that is six months after the date of the Executive’s Separation from Service with the Employer, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum within five (5) business days
after the end of the six (6) month delay.  
 3.8    Termination for Cause. Notwithstanding anything
to the contrary contained herein, in the event of the Executive’s termination for Cause, this Plan shall terminate and no benefits shall be payable under the Plan. For this purpose, “Cause” shall be determined in accordance with the
definition of “Cause” and the process for determining such Cause in the Change in Control Agreement by and between the Bank and the Executive dated October 31, 2017. 

 ARTICLE 4 

BENEFICIARIES 

4.1    Beneficiary Designations. The Executive shall have the right to designate, at any time, a Beneficiary to
receive any benefits payable under this Plan upon the death of the Executive. The Beneficiary designated under this Plan may be the same as or different from the Beneficiary designation under any other benefit plan of the Employer in which the
Executive participates. 
 4.2    Beneficiary Designation; Changes. The Executive shall designate a Beneficiary
by completing and signing the Beneficiary Designation Form and delivering it to the Plan Administrator or its designated agent. The Executive’s Beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the
Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary by completing, signing, and otherwise complying with the terms of the Beneficiary
Designation Form and the Plan Administrator’s rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be
cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator before the Executive’s death. 

4.3    Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received
in writing by the Plan Administrator or its designated agent. 
 4.4    No Beneficiary Designation. If the
Executive dies without a valid Beneficiary designation, or if all designated Beneficiaries predecease the Executive, then the Executive’s spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the benefits shall
be distributed to the personal representative of the Executive’s estate. 
 4.5    Facility of Payment. If a
benefit is payable to a minor, to a person declared incapacitated, or to a person incapable of handling the disposition of his or her property, the Employer may pay such benefit to the guardian, legal representative, or person having the care or
custody of the minor, incapacitated person, or incapable person. The Employer may require proof of incapacity, minority, or guardianship as it may deem appropriate before distribution of the benefit. Distribution shall completely discharge the
Employer from all liability for the benefit. 
 ARTICLE 5 

GENERAL LIMITATIONS 
 5.1.
    Limits on Payments. It is the intention of the parties that none of the payments to which the Executive is entitled under this Plan will constitute a “golden parachute payment” within the meaning of 12 USC
Section 1828(k) or implementing regulations of the 

 
FDIC, the payment of which is prohibited (collectively, “Section 1828(k)”). Notwithstanding any other provision of this Plan to the contrary, any payments due to be made by
Employer for the benefit of the Executive pursuant to this Plan, or otherwise, are subject to and conditioned on compliance with Section 1828(k) and any regulations promulgated thereunder including the receipt of all required approvals thereof
by Employer’s primary federal banking regulator and/or the FDIC. 
 In addition, Employer and its successors retain the legal right to
demand the return of any payment made hereunder which constitutes a “golden parachute payment” within the meaning of Section 1828(k) or implementing regulations of the FDIC should Employer or its successors later obtain information
indicating that the Executive committed, is substantially responsible for, or has violated, the respective acts or omissions, conditions, or offenses outlined under 12 C.F.R. 359.4(a)(4). 

ARTICLE 6 
 CLAIMS AND
REVIEW PROCEDURES 
 6.1    Claims Procedure. A person or Beneficiary (a “claimant”) who has not
received benefits under the Plan that he or she believes should be paid shall make a claim for such benefits as follows: 

(a)    Initiation - Written Claim. The claimant initiates a claim by submitting to the Plan
Administrator a written claim for the benefits. If the claim relates to the contents of a notice received by the claimant, the claim must be made within sixty (60) days after the notice was received by the claimant. All other claims must be
made within one hundred eighty (180) days after the date of the event that caused the claim to arise. The claim must state with particularity the determination desired by the claimant. 

(b)    Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant
within ninety (90) days after receiving the claim. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional ninety
(90) days by notifying the claimant in writing, prior to the end of the initial ninety (90)-day period, that an additional period is required. The notice of extension must set forth the special
circumstances and the date by which the Plan Administrator expects to render its decision. 

(c)    Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan
Administrator shall notify the claimant in writing of such denial. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

(i)    The specific reasons for the denial, 

(ii)    A reference to the specific provisions of the Plan on which the denial is based, 

 (iii)    A description of any additional information or
material necessary for the claimant to perfect the claim and an explanation of why it is needed, 

(iv)    An explanation of the Plan’s review procedures and the time limits applicable to such
procedures, and 
 (v)    A statement of the claimant’s right to bring a civil action under ERISA
Section 502(a) following an adverse benefit determination on review. 
 6.2    Review Procedure. If the Plan
Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows 

(a)    Initiation - Written Request. To initiate the review, the claimant, within 60 days after
receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review. 

(b)    Additional Submissions - Information Access. The claimant shall then have the opportunity to
submit written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other
information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 

(c)    Considerations on Review. In considering the review, the Plan Administrator shall take into
account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

(d)    Timing of Plan Administrator Response. The Plan Administrator shall respond in writing to
such claimant within sixty (60) days after receiving the request for review. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period
by an additional sixty (60) days by notifying the claimant in writing, prior to the end of the initial sixty (60)-day period, that an additional period is required. The notice of extension must set forth
the special circumstances and the date by which the Plan Administrator expects to render its decision. 

(e)    Notice of Decision. The Plan Administrator shall notify the claimant in writing of its
decision on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

(i)    The specific reasons for the denial, 

(ii)    A reference to the specific provisions of the Plan on which the denial is based, 

 (iii)    A statement that the claimant is entitled to
receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits, and 

(iv)    A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

 ARTICLE 7 

MISCELLANEOUS 

7.1    Amendments and Termination. Subject to paragraph 7.12 of this Plan, this Agreement may be amended or
terminated solely by a written agreement signed by the Bank and by the Executive. 
 7.2    No Guarantee of
Employment. This Plan is not an employment policy or contract. It does not give any Executive the right to remain an employee of the Employer, nor does it interfere with the Employer’s right to discharge the Executive. It also does not
require any Executive to remain an employee nor interfere with any Executive’s right to terminate employment at any time. 

7.3    Non-Transferability. Benefits under this Plan cannot be sold,
transferred, assigned, pledged, attached, or encumbered in any manner. 
 7.4    Tax Withholding. The Employer
shall withhold any taxes that are required to be withheld from the benefits provided under this Plan. 

7.5    Applicable Law. Except to the extent preempted by the laws of the United States of America, the validity,
interpretation, construction and performance of this Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, without giving effect to the principles of conflict of laws of such Commonwealth. 

7.6    Unfunded Arrangement. The Executive and his Beneficiary are general unsecured creditors of the Employer for
the payment of benefits under this Plan. The benefits represent the mere promise by the Employer to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, or garnishment by creditors. Any insurance, annuity contract or other asset purchased by Employer to fund its obligations under this Plan shall be a general asset of the Employer to which the Executive and Beneficiary have no preferred
or secured claim. 
 7.7.    Benefit Provision. Notwithstanding the provisions of this Plan in the payment of the
benefits under Article 3, any benefits payable under this Plan are contingent solely upon the amount that is provided by the Annuity Contract(s), including a Replacement Annuity, as identified in the Plan. 

 7.8    Severability. If any provision of this Plan is held
invalid, such invalidity shall not affect any other provision of this Plan, and each such other provision shall continue in full force and effect to the full extent consistent with law. If any provision of this Plan is held invalid in part, such
invalidity shall not affect the remainder of the provision, and the remainder of such provision together with all other provisions of this Plan shall continue in full force and effect to the full extent consistent with law. 

7.9    Headings. The headings of articles herein are included solely for convenience of reference and shall not
affect the meaning or interpretation of any provision of this Plan. 
 7.10    Notices. All notices, requests,
demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid. Unless otherwise changed by
notice, notice shall be properly addressed to the Executive if addressed to the address of the Executive on the books and records of the Employer at the time of the delivery of such notice, and properly addressed to the Employer if addressed to the
Board, at 101 Jacksonville Circle Floyd, VA 24091. 
 7.11    Payment of Legal Fees. In the event litigation
ensues between the parties concerning the enforcement of the obligations of the parties under this Plan, the non-prevailing party, in addition to all other remedies the court may award, shall also pay the
prevailing party’s costs and reasonable attorney’s fees incurred in such an action. 
 7.12    Termination
or Modification of Plan Because of Changes in Law, Rules or Regulations. The Employer is entering into this Plan on the assumption that certain existing tax laws, rules, and regulations will continue in effect in their current form. If that
assumption materially changes and the change has a material detrimental effect on this Plan, then the Employer reserves the right to terminate or modify this Plan accordingly. 

ARTICLE 8 

ADMINISTRATION OF AGREEMENT 

8.1    Plan Administrator Duties. This Plan shall be administered by a Plan Administrator consisting of the Board
or such committee or person(s) as the Board shall appoint. The Plan Administrator shall have the sole and absolute discretion and authority to interpret and enforce all appropriate rules and regulations for the administration of this Plan and the
rights of the Executive under this Plan, to decide or resolve any and all questions or disputes arising under this Plan, including benefits payable under this Plan and all other interpretations of this Plan, as may arise in connection with the Plan.

 8.2    Agents. In the administration of this Plan, the Plan Administrator may employ agents and delegate to
them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel, who may be counsel to the Employer. 

 8.3    Binding Effect of Decisions. The decision or action of the
Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation, and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon
all persons having any interest in the Plan. Without limiting the foregoing, it is acknowledged that the value of the benefits payable hereunder may be difficult to determine in the event the Employer does not actually purchase and maintain the
Annuity Contract as contemplated hereunder; therefore, in such event, the Employer shall have the right to make any reasonable assumptions in determining the benefits payable hereunder and any such determination made in good faith shall be binding
on the Executive. 
 8.4    Indemnity of Plan Administrator. The Plan Administrator shall not be liable to any
person for any action taken or omitted in connection with the interpretation and administration of this Plan, unless such action or omission is attributable to the willful misconduct of the Plan Administrator or any of its members. The Employer
shall indemnify and hold harmless the members of the Plan Administrator against any and all claims, losses, damages, expenses, or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful
misconduct by the Plan Administrator or any of its members. 
 8.5    Employer Information. To enable the Plan
Administrator to perform its functions, the Employer shall supply full and timely information to the Plan Administrator on all matters relating to the date and circumstances of the retirement, Disability, death, or Separation of Service of the
Executive and such other pertinent information as the Plan Administrator may reasonably require. 
 This Supplemental Executive Retirement
Plan Agreement is hereby adopted as of the date written above. 
  

			
	SKYLINE NATIONAL BANK
		
	By:	 	 /s/ Thomas M. Jackson, Jr.

	Name:	 	Thomas M. Jackson, Jr
	Title:	 	Chairman
	
	 /s/ Rodney R. Halsey

	Rodney R. HalseyExhibit

Exhibit 10.1

SERVICES AGREEMENT

This services agreement ("Agreement") is made and entered into as of this 26th day of March, 2019 (“Effective Date”), by and between SVB Financial Group ("Company"), a Delaware corporation with an office at 3003 Tasman Drive, Santa Clara, California 95054, and Michael Dreyer ("Consultant").

WHEREAS, Consultant currently serves as Company’s Chief Operations Officer;

WHEREAS, Consultant intends to retire effective April 2, 2019 (the “Retirement Date”);

WHEREAS, the parties desire that Consultant provide certain consulting services to Company following the Retirement Date on the terms and conditions set forth herein;

NOW, THEREFORE, the parties agree as follows:  

1.    Consultant's Services.

1.1    During the Consulting Period (as defined below), Consultant will provide consulting services (“Services”) to Company and its Affiliates as may be reasonably requested from time to time by Company’s Chief Executive Officer. Such Services are expected to include, without limitation, advising on: (a) key deliverables impacting the long-term success of the Operations and IT divisions, (b) the Operations and IT organizational structures, (c) the IT development function, (d) the Bangalore-based Global Delivery Center, (e) project management execution and (f) risk and regulatory relationship management in the Operations and IT divisions. Consultant will provide such Services as necessary, up to a maximum of 20 hours per week. 

1.2    Consultant may perform the Services in any location; however, Consultant will, upon reasonable notice, be available to attend meetings and conferences as may be reasonably requested from time to time by Company’s Chief Executive Officer.

1.3    As used herein, "Affiliate(s)" shall mean any entity, whether incorporated or not, that is controlled by or under common control with SVB Financial Group and its successors, and "control" (or variants of it) shall mean the ability, whether directly or indirectly, to direct the affairs of another by means of ownership, contract or otherwise. From this point forward in this Agreement, a reference to "Company" shall mean Company and/or Affiliates except where Affiliate is expressly added or excluded for the avoidance of doubt.

2.    Compensation and Expenses. 

2.1    Company will pay Consultant a quarterly rate of $250,000 (the equivalent of an annualized rate of $1,000,000) (“Consulting Fees”). Company will also reimburse Consultant for reasonable expenses incurred in the performance of the Services. Company will provide Consultant with equipment and administrative assistance that is reasonably necessary for the performance of the Services.

2.2    Consultant will submit invoices for the Consulting Fees and expenses specified in Section 2.1 above on a quarterly basis unless otherwise agreed upon by the parties.  Consultant shall maintain records relating to expenses incurred in connection with any invoiced amounts and shall (a) provide a copy of such expenses along with the quarterly invoice and (b) provide Company with access to original records, upon request, during normal business hours. Company shall have thirty (30) days to cure late payments.  However, invoice sums questioned or disputed in good faith, may be paid within thirty (30) days of resolution of the question or dispute. Invoices shall be issued by Consultant in accordance with Company’s process requirements as stated herein and as may be communicated to Consultant from time to time. All undisputed sums due hereunder shall be payable within (i) five (5) business days if paid by SVB Virtual MasterCard payments or (ii) sixty (60) days if paid by any other legal tender of Company’s receipt of an accurate invoice. With respect to any expenses which have been specifically pre-authorized in writing, Company shall reimburse Consultant 

1 of 1    

for any such expenses incurred in connection with the Services within said sixty (60) day period provided expense receipt copies accompany the invoices.

3.     Consultant's Covenants.  Consultant covenants to Company as follows: (a) Consultant will comply at all times with all reasonable security requirements in effect from time to time of which Consultant is made aware at Company’s or Affiliates' premises, with respect to access to premises and all materials belonging to Company or an Affiliate; (b) Consultant is legally authorized to engage in business in the United States; and (c) when performing the Services, Consultant will utilize only equipment and system and network resources provided or approved by Company, in order to ensure that Consultant is in compliance with (i) Company’s Security Policy, (ii) applicable industry standards, including, without limitation, ISO 27001:2013 and (iii) all applicable data privacy laws, including, without limitation, Title V of the Gramm-Leach-Bliley Act and the FTC Safeguard Rule, 16 C.F.R. § 314, UK Data Protection Act 1998, the EU General Data Protection Regulation 2016/679 and the California Consumer Privacy Act.

4.    Non-Competition.  During the Consulting Period, Consultant will not directly or indirectly act as a proprietor, director, officer, employee, shareholder (other than a shareholder of less than 5% of the equity securities of a publicly-traded company), consultant or partner in any Competitive Enterprise. “Competitive Enterprise” means any business that engages in (i) activities constituting or relating to the establishment, ownership, management or operations of a bank or financial services business or other related business; or (ii) any other activity in which Company or its Affiliates engaged during Consultant’s prior employment or engages during the Consulting Period and in which Consultant participated or participates. This Section 4 shall not apply to any of Consultant’s activities that were approved by Company during the Consultant’s prior employment, or that are approved by Company’s Chief Executive Officer during the Consulting Period. 

5.    Non-Solicitation.  During the Consulting Period, Consultant will not directly or indirectly (i) solicit customers or clients of Company or any of its Affiliates to terminate their relationship with Company or its Affiliates, or otherwise solicit such customers or clients to compete with any business of Company or its Affiliates; or (ii) solicit or offer employment to any person who has been employed by Company or its Affiliates at any time during the twelve (12) months immediately preceding such solicitation or offer of employment. Notwithstanding the foregoing, this Section 5 will not preclude Consultant from soliciting or offering employment to any individual who responds to any public advertisement or general solicitation not directed specifically at such individual so long as such individual has not been solicited individually in addition to any public advertisement or general solicitation.

6.    Confidentiality.  For purposes of this Agreement, “Confidential Information” shall be defined as all information of Company and its respective Affiliates which is disclosed to Consultant in oral and/or written form that (a) relates to past, present and future research, development, business activities, products, and services, and (b) has been either identified, orally or in writing, as confidential by Company or would be understood to be confidential by a reasonable person under the circumstances. Any and all Personal Data (as defined below), including but not limited to that of Company’s or  Affiliates’ employees, contractors or agents, is Confidential Information covered by this section. Except as otherwise set forth in this Agreement, (i) all Confidential Information of Company acquired by Consultant in connection with this Agreement or in contemplation thereof shall be and remain Company’s exclusive property, and (ii) Consultant shall keep any and all such Confidential Information confidential, and shall not copy or publish or disclose it to others without Company’s prior approval. Consultant agrees to use at least the same care and precaution in protecting Confidential Information of Company as Consultant uses to protect his own proprietary information and trade secrets, but in no event using a less than reasonable standard of care. Nothing herein shall limit Consultant’s use or dissemination of Confidential Information which: (i) was known without obligation of confidentiality by Consultant prior to his receipt from Company; (ii) is or becomes public knowledge through no breach of this Agreement by Consultant; (iii) is available or independently developed by Consultant without any use by Consultant of any such Confidential Information; or (iv) was acquired by it from a third party which without obligation of confidentiality and who was, to the best of Consultant’s knowledge, authorized to disclose such information. “Personal Data” shall include, without limitation, (i) name, address, email address, passwords, account numbers, personal financial information, personal preferences, demographic data, marketing data, 

2 of 2    

data about securities transactions, credit data, or any other identification data; (ii) any information that reflects use of or interactions with Company’s web sites, search paths, profiles, registration information, or general usage data; (iii) any data or information related to compensation, benefits, employment history, performance, or other personally identifiable employee information. For the avoidance of doubt, Personal Data shall include all “nonpublic personal information,” as defined under the Gramm-Leach-Bliley Act (15 U.S.C. § 6801 et seq.).

7.     Ownership.  “Deliverables” means the work product, reports, data, milestones, customizations or other items developed, generated, created or otherwise delivered by Consultant, either alone or in collaboration with others, to Company in connection with this Agreement and/or the Services. (a) All right, title and interest in and to all Deliverables and the conceptual content thereof, including without limitation all patent rights, copyrights, trade secrets and other intellectual property rights therein, shall be owned exclusively by Company, and, upon creation, and without any other charge, Consultant irrevocably assigns all such right, title and interest in and to such Deliverables to Company. To the fullest extent permissible by applicable law, any and all copyrightable aspects of the Deliverables shall be considered “works made for hire” for Company. Upon Company request anytime during the term of this Agreement, and upon termination or expiration of this Agreement, Consultant shall provide immediately to Company the then-current version of any Deliverables in Consultant's possession or control. Consultant will execute such documents, and provide such assistance as Company may reasonably request to give full effect to the provisions of this paragraph. (b) Consultant warrants and states as a condition of this Agreement that he holds the rights, titles and ownership necessary to convey the rights, titles and ownership conveyed in this paragraph, and acknowledges and agrees that the Deliverables are Company’s Confidential Information.

8.    Term and Termination.

8.1    The “Consulting Period” shall commence on the Retirement Date, and shall continue in effect until April 1, 2020.

8.2    Company may terminate the Consulting Period at any time for convenience. If Company terminates the Consulting Period for convenience pursuant to this Section 8.2 prior to April 1, 2020, Company will pay to Consultant a lump sum cash payment equal to fifty (50) percent of the amount of Consulting Fees that would have been paid to Consultant during the period beginning on the date of such termination and ending on April 1, 2020 (the “Termination Payment”).

8.3    Company may terminate the Consulting Period at any time for Cause (as defined below). If Company terminates the Consulting Period for Cause pursuant to this Section 8.3, Consultant will not be entitled to receive the Termination Payment. “Cause” means Consultant’s (i) failure to perform substantially his duties hereunder; (ii) gross negligence or willful misconduct; (iii) material breach of any provision of this Agreement.

8.4    This Agreement shall commence on the Effective Date and terminate automatically upon the expiration or termination of the Consulting Period. 

9.    Obligations upon Expiration and Termination of Consulting Period.  Upon the expiration or termination of the Consulting Period, Consultant shall be entitled to payment of all unpaid and undisputed charges and reimbursement of all unpaid authorized expenses, if any, that are incurred prior to the effective date of such expiration or termination. Upon the expiration or termination of the Consulting Period, Consultant shall promptly return, without cost to Company, any Confidential Information and non-confidential documents, materials and equipment that were received from Company pursuant to this Agreement, as applicable, in tangible, electronic, or other form, and any copies made thereof.

10.     General.

10.1    Independent Contractor Status, Requirements.  Consultant is an independent contractor.  Consultant shall not be deemed to be an employee of Company or any Affiliate.  Company and Affiliates 

3 of 3    

acknowledge that the Services to be provided by Consultant employees hereunder are contemplated to be temporary and nonpermanent in nature.  Nothing herein shall be deemed or construed to create an agency, joint venture, partnership, or employer-employee relationship between the parties for any purpose, including but not limited to taxes or employee benefits. Consultant voluntarily waives any interest, claim or entitlement to, or right to participate in, and affirmatively elect not to enroll or participate in, any retirement, pension, 401(k), health care, or other benefit plan maintained by Company or any Affiliate for its respective employees, partners, members, or shareholders of its affiliates.  This waiver and election not to enroll or participate applies to the entire term of this Agreement and this waiver will remain in full force and effect even if a governmental agency or court subsequently determines that any such consultant employee was a "leased employee" (as defined in section 414(n) of the Internal Revenue Code) or a "common-law employee" of Company or any Affiliate during any portion of the term of this Agreement.

10.2    Force Majeure.  Neither party shall be liable to the other for non-performance or delay in performance caused by any events or matters beyond its reasonable control, including without limitation, acts of God, acts or omissions of the other, acts of government, riots, war, strikes, lockouts or embargoes.

10.3    No Power to Act on Behalf of Company or Any Affiliate.  Consultant will have no right, power or authority to create any obligation or contract, express or implied, or make any representation on behalf of Company or any Affiliate, or to hold themselves out to the public or to a Company or Affiliate customer as having such right power, or authority, or to make such representations except as Consultant may be expressly authorized in advance in writing from time to time by Company or an Affiliate, if ever, and then only to the extent of such authorization.

10.4    Assignment.  Company may assign or transfer this Agreement without Consultant’s consent to any successor entity, Affiliate or joint venture that agrees in writing to be bound by the terms and conditions of this Agreement. Consultant may not assign or transfer this Agreement without Company’s prior written consent.

10.5    Waiver.  No waiver or modification of any right or remedy under this Agreement or of any provision hereof shall be effective unless it is stated in writing and signed by the parties.  Failure, neglect, or delay by a party to enforce the provisions of this Agreement or its rights or remedies at any time will not be construed or deemed to be a waiver or release and will not in any way affect the validity of the whole or any part of this Agreement or prejudice such party’s right to take subsequent action.  No effective waiver of any right, remedy or provision of this Agreement shall be deemed a waiver of any other.

10.6    Severability.  If any term, condition, or provision in this Agreement is found by a court of competent jurisdiction to be invalid, unlawful or otherwise unenforceable to any extent, said finding and such term, condition, or provision shall not affect the other terms, conditions or provisions hereof or the whole of this Agreement, and the parties shall endeavor in good faith to agree to such amendments that will preserve, as far as possible, the intentions expressed in this Agreement.  If the parties fail to agree on such an amendment, such invalid term, condition or provision will be severed from the remaining terms, conditions and provisions, and such remaining terms, conditions and provisions will continue to be valid and enforceable to the full extent permitted by applicable law.

10.7    Governing Law.  This Agreement shall be governed by the laws of the State of California, without regard to the principles of conflict of laws. The U.S. federal and state courts of the State of California located in Santa Clara County shall have sole and exclusive jurisdiction and venue to adjudicate over any actions relating to the subject matter of this Agreement.  The parties consent to the exclusive jurisdiction of the courts specified above, and expressly waive any objection to the jurisdiction or convenience of such courts. 

10.8    Construction and Interpretation. This Agreement may be executed in any number of counterparts and executed electronically using electronic signature or by other electronic communication as agreed to or used by the parties, such execution to be considered an original for all purposes, and all of which together 

4 of 4    

shall constitute one and the same instrument, notwithstanding that the parties may not both be signatories to the original or the same counterpart.  The section and paragraph headings contained herein are for convenience of reference only and shall not be considered as substantive parts of this Agreement.  The parties agree that this Agreement shall be fairly interpreted in accordance with its terms without any strict construction in favor of or against either party and that ambiguities shall not be interpreted against the drafting party.  When necessary for proper construction, the masculine of any word used in this Agreement shall include the feminine and neuter gender, the singular, the plural, and vice versa. This Agreement is not an offer or a basis for reliance that pre-signing costs or expenses will be paid.  Notwithstanding the statements or actions of the parties, no provisions of this Agreement shall be binding upon either party until this Agreement is signed by both parties.  

10.9    Complete Agreement, Modifications.  This Agreement sets forth the entire intent and understanding between the parties hereto and supersedes all (i) prior negotiations, proposals, agreements, understandings, arrangements or communications, whether oral or written, and (ii) any subsequent additional or conflicting terms in any purchase order, invoice, acknowledgment or other similar document regarding the subject matter hereof that is not signed by both parties, with respect to the subject matter hereof.  This Agreement may only be amended or modified in a writing signed by each of the parties.  

11.    Compliance with Laws. 

11.1    Consultant warrants that he will conduct the Services in compliance with all applicable federal, state and local laws, regulations and standards relating to the provision of the Services. In no event shall either party be obligated under this Agreement to take any action that it believes, in good faith, would cause it to be in violation of any laws, rules, ordinances or regulations applicable to it. 

11.2    Consultant represents and warrants that he is aware of, understands and has complied and will comply with, all applicable U.S. and foreign anti-corruption laws, including without limitation, the U.S. Foreign Corrupt Practices Act (“FCPA”) and the U.K. Bribery Act (all the foregoing referred to as the “Anti-Corruption Laws”).

12.    Survival. The provisions of Sections 6, 7, 9 and 10 shall survive termination of this Agreement for any reason. 

13.    Electronic Signatures. Either Company or Consultant may execute this Agreement by electronic means and each party hereto recognizes and accepts the use of electronic signatures and records by any other party hereto in connection with the execution and storage hereof.

IN WITNESS WHEREOF, the parties have executed this Agreement on the dates set forth below intending it to become effective on the Effective Date.    

	
						
	SVB FINANCIAL GROUP
	 
	 
	CONSULTANT

	 
	 
	 
	 
	 
	 

	By:
	/S/ GREG W. BECKER
	 
	 
	By:
	/S/ MICHAEL DREYER

	Name:
	Greg W. Becker
	 
	 
	Name:
	Michael Dreyer

	Title:
	President & Chief Executive Officer
	 
	 
	Date: 
	March 26, 2019

	Date: 
	March 26, 2019
	 
	 
	 
	 

5 of 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]