Document:

Exhibit 10.4

BPZ
Energy, Inc.

Restricted Stock Award Agreement

This
Restricted Stock Award Agreement (the “Agreement”) is entered into and made as
of                
(the “Date of Grant”), between BPZ Energy, Inc. a Colorado corporation,
including, without limitation, any of its affiliated entities (the “Company”),
and                
(the “Grantee”). The Grantee currently serves as                
of the Company, and the Company desires, pursuant to its 2005 Long-Term
Incentive Compensation Plan (the “Plan”), to afford an incentive award to the
Grantee of its common stock, no par value (the “Common Stock”), with certain
restrictions as described herein.

1)             Restricted
Stock Award. The Company hereby irrevocably awards to the Grantee      
shares of Common Stock (the “Restricted Stock”) on the terms and conditions set
forth herein.

2)             Escrow
of Restricted Stock Certificates. Share certificates for the Restricted
Stock shall be issued by the Company in the Grantee’s name and shall be
delivered promptly to Robert C. Beasley of Weycer, Kaplan, Pulaski &
Zuber. P.C., (the “Escrow Agent”), or such substitute Escrow Agent as the
Grantee and the Company may mutually agree upon. Such certificates shall be
held by the Escrow Agent until such time as the shares of Restricted Stock
evidenced by each of such certificates have vested according to this Agreement,
at which time the Company shall instruct the Escrow Agent to deliver such
certificates representing vested Restricted Stock to the Grantee.

3)             Delivery
of Shares; Registration; Risks. The Company shall instruct the Escrow Agent
to deliver the shares of Restricted Stock that are vested to the Grantee as
soon as practicable, but in any event within ten (10) days after the date
of vesting. The Company intends that the shares issued pursuant to this
Agreement will be registered under a Form S-8 Registration Statement
(“Form S-8”) which covers the Plan. If such Form S-8 is
effective, the Grantee has been or will be given and hereby acknowledges, prior
to the vesting of the Restricted Stock, the receipt of a Prospectus, which
describes the Plan and incorporates disclosures about the Company’s business
and financial information, including risk factors related to an investment in
its Common Stock. The Grantee is urged to seek financial, tax and/or legal
advice to assess the financial considerations, taxation and potential risk
related to the award of Restricted Stock. The Grantee shall have the right at
any time to refuse the receipt of vested shares of Restricted Stock or delay
receipt until such Form S-8 is effective by providing written notice
of such decision to the Company.

4)             Rights as a Shareholder; Dividends. Except as otherwise provided herein, during the time the Restricted Stock is held by the Escrow Agent prior to vesting, the Grantee shall have all rights and privileges of a shareholder of the Company with respect to any of the shares subject to the Restricted Stock including, without limitation, the right to vote such shares. Notwithstanding the foregoing, however, no right or interest of any Participant in the Restricted Stock prior to vesting of such Restricted Stock will be assignable or transferable, or subjected to any lien, either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise. Except as may be specifically provided in the Plan or this Agreement, including, without limitation, the provisions of Section 9

 

hereof, the Grantee shall have the right to receive dividends on shares which have not been vested and an adjustment shall be made for stock dividends or similar rights granted prior to the date of vesting of the Restricted Stock. Any such dividends or rights shall be payable only upon vesting of the Restricted Stock.

5)             Vesting
of Stock Award. The restrictions on transfer set forth in the Plan and in
this Agreement on such Restricted Stock shall lapse at such time as the shares
are vested. The Restricted Stock shall vest in        
equal installments of       shares on each of the        
succeeding anniversaries of the Date of Grant, provided that the Grantee shall
have been continuously employed by, or providing services to, the Company since
the Date of Grant, except as may be provided under the provisions of Section 6,
below. If the Grantee is serving as a consultant to the Company, vesting shall
occur under this section if the Grantee is available to perform consulting
services on such anniversary date, whether or not such services are actually
being performed on that date. The determination as to whether the Grantee is
available to perform services to the Company will be made by the Compensation
Committee of the Board of Directors of the Company (the “Committee”), in its
sole discretion, and shall be binding.

6)             Termination
of Service. In the event of termination of the Grantee’s service
relationship (whether as an officer, employee, director, or consultant) with
the Company before the Restricted Stock has vested in full, the following
provisions shall apply. The terms, provisions and definitions of this Section 6
shall have application only for purposes of this Agreement and shall not have
general application to the Grantee’s termination of service with the Company.

a)                                      Termination
by Death or Disability. If the Grantee’s service relationship is terminated
as a result of the Grantee’s death or disability (as defined in the Plan), then
the Grantee shall, solely for the purpose of determining vesting under this
Agreement, be credited with service through the next vesting date and the
Grantee or the Grantee’s representative shall be entitled to receive such
portion of the Restricted Stock that is vested.

b)                                     Retirement
from the Company. If the Grantee retires as an employee or director of the
Company upon the attainment of at least 60 years of age with at least five
continuous years of service to the Company, the Restricted Stock shall become
fully vested upon such retirement.

c)                                      Termination
for Cause. In the event that the Grantee’s service to the Company is
terminated for Cause (as herein defined), all of the Grantee’s rights to
receive the Restricted Stock, whether vested or unvested, shall immediately be
terminated. To the extent the delivery of the Restricted Stock has not been
completed or has been suspended pending the outcome of a review of the Grantee’s
status with the Company by the Committee, such pending delivery may be
cancelled. Solely for the purposes of this Agreement, “Cause” is defined as (i) willful
misconduct by the Grantee which results or is expected to result in material
harm to the Company, (ii) conviction of a felony, or (iii) breach of
fiduciary duty by the Grantee which results or is expected to result in
material harm to the Company. The Committee is solely responsible for the
decision to terminate the Grantee for Cause and the Grantee must be notified in
writing of such termination.

 2
 

 

d)                                     Termination
Related to Unsatisfactory Performance. If the Grantee’s service relation­ship
is terminated by the Company for Unsatisfactory Performance (as herein
defined), and the Grantee has completed at least one year of service to the
Company, the Grantee shall, solely for purpose of determining vesting under
this Agreement, be credited with an additional four months of service. If the
Grantee has not completed one year of service to the Company, the Grantee’s
rights to receive any unvested Restricted Stock shall immediately be terminated.
Solely for the purposes of this Agreement, “Unsatisfactory Performance” is
defined as (i) failure to meet the minimum requirements of the position, (ii) excessive
absenteeism, (iii) insubordinate behavior, (iv) behavior which is
disruptive to the work environment or detrimental to the performance of other
employees, (v) negative comments about the Company to investors, customers
or others outside the Company, (vi) breach of any corporate policy or code
of conduct established by the Company, or (vii) failure to perform the
duties and responsibilities required of the Grantee at substantially the same
level of performance previously established by the Grantee. The Grantee may be
terminated for Unsatisfactory Performance by his or her direct supervisor. In
the event that the Grantee does not agree with the reasons for such
termination, the Grantee may appeal to the Committee, whose decision in the
matter shall be final. To the extent that the actions giving rise to
termination of service may qualify as both for “Cause” and “Unsatisfactory
Performance,” the Committee shall have the sole discretion to determine which
category shall apply to such termination.

e)                                      Termination
by the Company. If the Grantee’s service relationship with the Company is
terminated by the Company for any reason other than Cause after the Grantee has
completed one year of service, the Restricted Stock shall become fully vested
upon the date of termination. If the Grantee has not completed one year of
service at the time of such termination by the Company, the Grantee shall be
entitled to receive that number of shares which is calculated as (i) the
number of months of service completed, rounded up or down to the nearest complete
month, divided by (ii) the number of months between the Date of Grant and
the last vesting date, multiplied by (iii) the number of shares in Section 1,
above. This provision shall be used solely for the purpose of determining
vesting under this Agreement and shall not have general application to the
Grantee’s termination of service with the Company or to any other agreement
relating to Grantee’s employment by or service to the Company.

f)                                        Voluntary
Resignation. If the Grantee voluntarily resigns or otherwise voluntarily
terminates his service relationship with the Company, the Grantee’s rights in
the unvested portion of the Restricted Stock shall immediately expire, and the
Grantee shall be entitled only to any vested portion of the Restricted Stock.

g)                                     Conduct
by the Grantee. Notwithstanding the voluntary resignation or other
termination of the Grantee, if the Company determines, prior to the delivery of
shares upon any vesting of the Restricted Stock, that the Grantee has engaged
in conduct which would justify termination for Cause, the vesting terms of any
portion of the Restricted Stock for which delivery has not been completed may
be retroactively adjusted to the date of termination pursuant to the relevant
provisions of this Agreement.

 3
 

 

h)                                     Employment
Agreements. If the Grantee is a party to any employment or consulting
agreement with the Company which provides for treatment of the Restricted Stock
that is inconsistent with the provisions of this Section 6 or any other
provision of this Agreement, whichever agreement provides the more favorable
treatment to the Grantee shall prevail.

7)             Tax
Status and Withholding. The provisions of the Code pertaining to Restricted
Stock can have significant tax implications for the Grantee. For instance, it
may be possible for the Grantee to make an election under Section 83(b) of
the Internal Revenue Code of 1986, as amended, to accelerate the taxation of
restricted stock awards, if certain conditions are met. The Grantee is strongly
urged to con­sult with the Grantee’s own tax advisors regarding the tax effects
of the Restricted Stock. The Company specifically disclaims any undertaking or
obligation to advise the Grantee of these tax consequences and will not under
any circumstances provide tax advice to the Grantee.

Upon
vesting of any portion of the Restricted Stock, the Company shall advise the
Grantee of the amount of any required income or other tax withholding due upon
vesting. The Grantee must make arrangements to pay this amount in order to
receive such vested shares. The amount of the withholding shall be computed by
the Company based on the guidance of its tax advisors and shall be presumed to
be correct. If the Grantee is not in agreement with such guidance, he or she
may submit an opinion from a qualified tax advisor for the consideration of the
Company. The Committee shall review such opinion and make a final decision,
which decision shall be binding on the Grantee.

The
Company may, solely at its option, elect to pay any required tax withholding
and reduce the number of shares distributed to the Grantee by the percentage
that such tax withholding amount bears to the total taxable income attributable
to the vested stock.

8)             Non-Transferability
of Restricted Stock. The unvested portion of the Restricted Stock is not
transferable by the Grantee other than as may be permitted under policies that
may be adopted by the Committee in its sole discretion. Except as permitted
hereunder, the unvested portion of the Restricted Stock, or any right granted
under this Agreement, shall not be transferred, assigned, pledged, hypothecated
or disposed of in any other way (whether by operation of law or otherwise), or
be subject to execution, attachment or similar process. Any attempt to
transfer, assign, pledge, hypothecate or otherwise dispose of the unvested
portion of the Restricted Stock or of such other rights contrary to the
provisions hereof, or to subject the unvested portion of the Restricted Stock
and such other rights to execution, attachment or similar process, shall be
null and void.

9)             Adjustment
Provisions. In accordance with the provisions of the Plan, in the event of
changes in the Common Stock by reason of any stock split, combination of
shares, stock dividend, reclassification, merger, consolidation, reorganization,
recapitalization or similar adjustment prior to the delivery by the Company of
all shares of Restricted Stock to the Grantee, the Company shall make
appropriate adjustments to the number and class of the shares which remain
subject to this Agreement at that time. The Company shall notify the Grantee in
writing of any such adjustments.

 4
 

 

10)           Change
in Status of the Company. In accordance with the provisions of the Plan,
any Acquisition or Change of Control Event (as such terms are defined in the
Plan) shall result in the modification of certain provisions of this Restricted
Stock, as specified in the Plan.

11)           No
Obligation to Maintain Relationship or Grant Restricted Stock. Nothing
contained in this Agreement or this Restricted Stock shall obligate the Company
in any way to continue the employment or other relationship of the Grantee to
the Company, nor shall it interfere in any way with the right of the Company to
terminate the employment or services of the Grantee at any time. The Grantee
also agrees and acknowledges that the grant of stock Restricted Stock is
completely discretionary and that the Company is under no obligation to make
any future awards of Restricted Stock to the Grantee.

12)           Incorporation
of Plan Provisions. This Agreement is being entered into pursuant to, and
is subject to, the terms and provisions of the Plan, a copy of which has been
provided to the Grantee. All of the terms and provisions of the Plan are
incorporated herein by reference. Any amendments to the Plan which are made
subsequent to the Date of Grant shall only be binding if they are to the
benefit of the Grantee. If the terms of this Agreement and the Plan are in
conflict, such conflict shall generally be resolved in favor of the Grantee,
subject to the final decision of the Committee, which decision shall be binding
on the Grantee. All matters of administration or interpretation of this
Agreement or the Plan shall be determined by the Committee or by management of
the Company to the extent such duties have been delegated by the Committee.

13)           Notices.
Notices and other communications provided for herein shall be in writing and
shall be hand delivered or sent by certified mail, return receipt requested, to
the appropriate address set forth below, subject to written notice of change of
address given by any party to the other party, and such notices and
communications shall be deemed to be given upon dispatch:

If to the Company, to:

BPZ Energy, Inc.

Attn:  Chief Executive Officer

580 Westlake Park Blvd, Suite 525

Houston, Texas 77079

(281) 556-6200 (Phone)

(281) 556-6377 (Fax)

If to the Grantee, at the address
stated below his or her signature on this Agreement.

14)           Governing
Law; Severability. This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas, without regard to conflicts of
laws. If any provision of this Agreement or the Plan shall hereafter be held to
be invalid, unenforceable or illegal, in whole or in part, in any jurisdiction
under any circumstances for any reason, such provision shall be reformed to the
minimum extent necessary to cause such provision to be valid and enforceable,
while preserving the intent of the parties. If such provision cannot be so
reformed, such provision shall be severed from the Agreement or the Plan and
the remaining terms and provisions of the Agreement and the Plan shall remain
valid and enforceable to the maximum extent possible.

 5
 

 

15)           Successors.
The provisions of this Agreement shall be binding upon, and inure to the
benefit of, all successors and assigns of the Company, and all successors and
assigns of the Grantee, including, without limitation, his or her estate and
the executors, administrators or trustees thereof, his or her heirs and
legatees, and any receiver, trustee in bankruptcy or representative of
creditors of the Grantee.

16)           Modification.
This Agreement, together with the Plan, constitutes the entire agreement and
understanding between the parties hereto and when executed supercedes any prior
oral or written agreements and understandings related to the Restricted Stock. This
Agreement may be modified or amended only by a written instrument executed by
the Company and the Grantee, except as specifically provided to the contrary by
the Plan or this Agreement.

 6
 

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written.

	
     

  	
  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
     

  	
  By:

  	
   

  
	
     

  	
   

  	
  Manuel Pablo Zúñiga-Pflücker

  
	
     

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
     

  	
  GRANTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
     

  	
  By:

  	
   

  
	
     

  	
   

  	
  Grantee Name

  
	
     

  	
   

  	
  Grantee Address

  
	
     

  	
   

  	
  Grantee City, State, Zip

  

 

 7Exhibit 10.1

This
Amendment to Employment Agreement

made and entered into this 29th day of June, 2006, by and between CARDINAL
FINANCIAL CORPORATION, a Virginia corporation (“Cardinal”) and JOHN W. FISHER (“Fisher”).

WHEREAS, Cardinal
and Fisher entered into an Employment Agreement dated June 8, 2005 (“Employment
Agreement”); and,

WHEREAS, the
parties hereto desire to amend the Employment Agreement as more particularly
set forth herein.

NOW, THEREFORE,
this Amendment to Employment Agreement

W I T N E S S E T
H

that for and in consideration of the premises and the
mutual covenants contained herein and for other good and valuable
consideration, the receipt and adequacy of which is each party hereby
acknowledges, the parties hereto agree as follows:

1.                                       The
Term of the Employment Agreement shall end on September 30, 2006, unless
sooner terminated under the terms of the Employment Agreement. There shall be
no further extension of the Term of the Employment Agreement except upon the
mutual agreement of the parties hereto.

2.                                       The
period of Fisher’s exclusive service to Cardinal, as set forth in section 3 of
the Employment Agreement, shall continue until September 30, 2006.  During the period of exclusive service, in
addition to his usual and customary duties, Fisher shall contact existing and
potential Customers of Cardinal, including the Customers of Wilson/Bennett
Capital Management, Inc., Cardinal Bank and Cardinal Trust &
Investments, and arrange meetings with such Customers to assist Cardinal in the
retention, reacquisition or transfer of such customers upon the termination of
Fisher’s exclusive service. If any Customer declines to meet with Fisher and
other Cardinal personnel, Fisher shall use his best efforts to otherwise assist
Cardinal in the retention, reacquisition or transfer of such Customer,
notwithstanding the refusal of such Customer to meet. Any Customer meeting
shall take place where and when the Customer may reasonably require. It is
anticipated that during the remaining period of Fisher’s exclusive service at
least twelve meetings will require Fisher’s presence in person with the
customer and with other Cardinal personnel, provided the Customer agrees. Fisher
shall also assist in the training of Cardinal personnel in preparation for the
termination of Fisher’s exclusive service, and shall provide advice and
direction to such personnel in connection with the services which
Wilson/Bennett Capital Management, Inc. shall provide. Fisher shall
contact wrap account sponsors which contract with Wilson/Bennett Capital
Management, Inc. for sub-advisory services and 

 1
 

 

provide introductions to such sponsors of Cardinal
personnel who will be responsible for such accounts. In addition, Fisher shall
use his best efforts to provide introductions of Cardinal personnel to
companies which are potential wrap-account sponsors. Fisher shall contact other
existing and potential Customers of Cardinal, including the Customers of
Wilson/Bennett Capital Management, Inc., Cardinal Bank and Cardinal Trust &
Investments to advise them of his termination of exclusive service and the
transition to other Cardinal personnel and to assist Cardinal in the retention,
reacquisition or transfer of such customers. Such contacts may be made by
telephone, mail or electronic communications, as may be most appropriate for
the particular customer. During the remaining period of exclusive service,
subject to the requirements of customers as stated above, Fisher may operate
from whatever location he chooses, provided that from such location he can reasonably
perform the services required under this Agreement.

3.                                       Upon
the termination of the period of Fisher’s exclusive service to Cardinal,
Cardinal shall pay to Fisher each month for 12 months one-twelfth of Fisher’s
annual salary, and Fisher’s accrued salary through September 30, 2006, to
the extent not theretofore paid. The parties agree (i) that Cardinal shall
not be required to make any other or further payments to Fisher; (ii) that
during such 12 month period ending September 30, 2007, Fisher shall be
expressly subject to all the covenants and agreements contained in section 11
of the Employment Agreement notwithstanding any requirement of other or further
payments to Fisher pursuant thereto; and (iii) that such payments shall
fully compensate Fisher for both the covenants and agreements contained in
section 11 of the Employment Agreement and the aid, assistance and consultation
which Cardinal may require pursuant to section 4 of this Amendment to
Employment Agreement.

4.                                       Upon
the termination of the period of Fisher’s exclusive service to Cardinal, and
continuing until April 30, 2007, Cardinal may, at its option, require
Fisher to provide such reasonable aid, assistance and consultation as Cardinal
may request to assist Cardinal in the retention, reacquisition or transfer of
the Customers of Cardinal, including the Customers of Wilson/Bennett Capital
Management, Inc., Cardinal Bank and Cardinal Trust & Investments.
Cardinal may exercise such option by written notice to Fisher on or before September 15,
2006. Fisher’s aid, assistance and consultation shall include, but not be
limited to, direct personal contact with the Customers, by telephone and in
person as reasonably required. During such period, Fisher shall also provide
reasonable assistance to Cardinal in the transition of his responsibilities and
the selection and training of employees. Such aid, assistance and consultation
will not require the full-time services of Fisher and may be provided by
telephone, mail or electronic communications. Fisher will devote sufficient
time, skill, labor, and attention to such aid, assistance and consultation to
meet the reasonable requirements of Cardinal; provided, that it is understood
that the aid, assistance and consultation hereunder are 

 2
 

 

reasonably anticipated to require no more than two
days per week of Fisher’s time and attention, on average over the period of
such consultation. During such period of aid, assistance and consultation,
Fisher may operate from whatever location he chooses, provided that from such
location he can reasonably perform the aid, assistance and consultation
contemplated under this section. It is anticipated that the majority of such
aid, assistance and consultation will be provided via telephone and electronic
communication. Any customer contacts may be made by telephone, mail or
electronic communications, as may be most appropriate for the particular
customer.

5.                                       Upon
the termination of the period of Fisher’s exclusive service to Cardinal, Fisher
shall resign as the President and Chief Executive Officer of Wilson/Bennett
Capital Management, Inc. During the period of consultation, if any, under
section 4 of this Amendment to Employment Agreement, Fisher shall furnish
services as a consultant and an independent contractor to Cardinal and not as
an employee, officer or director of Cardinal or any of its subsidiaries or
affiliates. Fisher shall have no power or authority to act for, represent or
bind Cardinal in any matter.

6.                                       Effective
September 30, 2006, Fisher hereby resigns as a director of Cardinal
Financial Corporation, Cardinal Bank, Cardinal Wealth Services, Inc., and
Wilson/Bennett Capital Management, Inc. Fisher shall retain any vested
right which he may have to compensation due to him as a part of any deferred
compensation or retirement plan which Cardinal has offered to Fisher prior to
the date of termination of the period of Fisher’s exclusive service to
Cardinal, whether relating to Fisher’s compensation under the Employment
Agreement or as a director of Cardinal or any of its subsidiaries or affiliates.
Fisher shall also be entitled to indemnification on the same basis as any other
current or former officer or director pursuant to any indemnification plan in
effect for the directors and officers of Cardinal or its affiliates; provided,
that Fisher shall not be entitled to indemnification for claims by Cardinal
under the Employment Agreement, as amended, which arise after the date hereof.

7.                                       Fisher
shall continue to receive the Cash Compensation provided in the Employment
Agreement through the remaining Term of the Employment Agreement. Fisher shall
not receive any bonus payment pursuant to section 4(b) of the Employment
Agreement after May 31, 2006. Any bonus payment that may become due to
Fisher for the period from January 1, 2006 to May 31, 2006, in
calendar year 2006 shall be annualized as provided in section 4(b) of the
Employment Agreement. Fisher understands and acknowledges that Cardinal may
elect, in its sole discretion, to transfer the assets, accounts or Customers of
Wilson/Bennett Capital Management, Inc. during the Term of the Employment
Agreement and that Fisher shall have not claim or right to compensation for
income or receipts derived from such assets, accounts and Customers after the
transfer thereof, nor shall Employee have any claim or 

 3
 

 

right to any proceeds arising from such transfer which
may become due to Cardinal.

8.                                       For
a period until April 30, 2007, in the event that Fisher desires to sell
any shares of Cardinal common stock in excess of the number of shares permitted
to be sold in the marketplace pursuant to Rule 144 of the Securities and
Exchange Commission, Fisher shall promptly send written notice thereof to the
Chief Executive Officer specifying the number of shares he desires to sell. Such
written notice shall constitute an offer to sell that number of shares at a
price equal to the higher closing market price of Cardinal common stock for the
date upon which such notice is given and the following trading day. For a
period of two (2) business days from its receipt of such written notice,
Cardinal shall have the right to elect to purchase all or any part of the
offered shares. Settlement shall be immediately in cash. The parties
acknowledge and agree that terms of this section 8 shall not constitute a restriction
upon securities imposed thereon by the issuer thereof; rather the provisions of
this section 8 shall be a contract between the parties, subject to normal
contract remedies in the event of default. Nothing in this Amendment to
Employment Agreement shall release or diminish Cardinal’s obligations under the
Registration Rights Agreement between Cardinal, Fisher and James B. Moloney
dated May 31, 2005.

9.                                       Fisher
agrees that he will not make any derogatory statement with regard to the
performance, character, or reputation of Cardinal or its personnel, or assert
that any employee has acted unlawfully or improperly with respect to him
regarding his employment. Fisher further agrees that he will neither offer nor
provide voluntary assistance to any individual or entity having a claim against
Cardinal or its former or current employees, either through the furnishing of
information, documentation or testimony, except as may be required by law.

10.                                 Cardinal
agrees that it will not make derogatory statements with regard to the
performance, character, or reputation of Fisher. It further agrees that it will
not put any derogatory statements in his personnel file.

11.                                 The
parties hereto acknowledge that Fisher’s employment with the Company will end
upon the conclusion of the Term of the Employment Agreement, as amended, and
will not be resumed again except upon the mutual agreement of the parties. Such
termination shall be deemed to be a resignation of Fisher without Good Reason. Upon
the termination of Fisher’s employment with the Company, the obligations of
Cardinal and of Fisher upon such termination, as more particularly set forth in
sections 10 and 11 of the Employment Agreement, shall remain in full force and
effect, provided that the duration of the non-competition obligations contained
in section 11(c) and the compensation paid therefor not be greater than
twelve (12) months from the conclusion of the Term.

 4
 

 

 

12.                                 In
consideration of the payments described above and the mutual releases contained
herein, Fisher knowingly, willingly, and voluntarily releases and waives all
liabilities, claims, demands, rights of action or causes of action (hereinafter
“rights and claims”) Fisher had, has or may have against Cardinal, each and all
of its subsidiaries and affiliates, and each and all of the present or former
employees, officers, agents, directors, shareholders, investors, attorneys,
affiliates, and assigns of Cardinal or any of its subsidiaries and affiliates (“Released
Parties”), including but not limited to any claims or demands based upon or
relating to Fisher’s employment with Cardinal, and any other events occurring
prior to, and including, the date of this Amendment to Employment Agreement. This
release covers both claims that Fisher knows about and those Fisher may not
know about; however, it does not apply to actions to enforce the terms of the
Employment Agreement, as hereby amended, that arise after the date hereof, or
to enforce the terms of the Registration Rights Agreement.

Fisher agrees that he is not entitled to receive, and will not claim,
any right, benefit or compensation other than what is set forth in the
Employment Agreement, as hereby amended, and expressly waives any claim to
compensation, benefit or payment which is not expressly referenced in this Amendment
to Employment Agreement.

13.                                 In
consideration of Fisher’s promises herein and the mutual releases contained
herein, Cardinal knowingly, willingly, and voluntarily releases and waives all
liabilities, claims, demands, rights of action or causes of action (hereinafter
“rights and claims”) Cardinal had, has or may have against Fisher, including
but not limited to any claims or demands based upon or relating to Fisher’s
employment with Cardinal, and any other events occurring prior to, and
including, the date of this Amendment to Employment Agreement. This release
covers both claims that Cardinal knows about and those Cardinal may not know
about; however, it does not apply to actions to enforce the terms of the
Employment Agreement, as hereby amended, that arise after the date hereof.

Cardinal agrees that it is not entitled to receive, and will not claim,
any right, benefit or payment other than what is set forth in the Employment
Agreement, as hereby amended, and expressly waives any claim to benefit or
payment which is not expressly referenced in this Amendment to Employment
Agreement.

14.                                 Fisher
promises never to file a lawsuit asserting any claims that Fisher has released
herein and Cardinal promises never to file a lawsuit asserting any claims that Cardinal
has released herein. The mutual releases contained herein are independent
covenants which are not otherwise dependent upon the performance of the other
promises and obligations contained herein.

 5
 

 

 

15.                                 All
capitalized terms herein shall have the same meaning and effect as in the
Employment Agreement.

16.                                 Except
as expressly amended and modified herein, all other provisions of the
Employment Agreement shall remain in full force and effect.

17.                                 This
Amendment to Employment Agreement shall be construed in accordance with the
laws of the Commonwealth of Virginia.

18.                                 This
Amendment to Employment Agreement shall be binding upon Cardinal, its
subsidiaries and affiliates, Fisher and the heirs, successors and assigns of
the parties hereto. Cardinal agrees that it shall direct the officers,
directors and employees of its subsidiaries and affiliates to comply with this
Amendment to Employment Agreement.

IN WITNESS
WHEREOF, the parties hereto have executed This Amendment to Employment
Agreement on the date and year first above written.

	
  

  	
   

  	
  Cardinal:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CARDINAL FINANCIAL

  CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Kim C. Liddell

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Its Authorized
  Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fisher:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  /s/ John W. Fisher

  	
   

  	
  (Seal)

  
	
   

  	
   

  	
   

  	
   

  	
  John W. Fisher

  	
   

  	
   

  
									

 

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]