Document:

Separation and Consulting Agreement, effective December 24, 2004

 Exhibit 10.47 
  
 SEPARATION AND CONSULTING AGREEMENT 
  
 This Separation and Consulting Agreement (the “Agreement”), dated as of December 20, 2004, is made and entered
into by MICRO THERAPEUTICS, INC., a Delaware corporation (“Company”) and HAROLD HURWITZ (“Hurwitz”). 
  
 WHEREAS, Hurwitz has been employed by the Company since December 1997 and has served as its Chief Financial Officer since that date, the first eighteen
months of which were pursuant to the terms of an employment agreement dated December 1, 1997 (“Employment Agreement”); 
  
 WHEREAS, the parties now wish to terminate Hurwitz’s regular full-time employment. In order to assure an orderly transition, the Company is willing
to provide Hurwitz with additional severance pay and benefits beyond what he is entitled to under his employment in consideration for his being reasonably available for a fifteen month period to provide consulting services as the Company may
request; 
  
 WHEREAS, the parties also wish to assure continued
protection for the Company’s highly valuable trade secrets and proprietary data, as well as its advantageous relationships with customers, prospects, vendors, and partners, all of which were entrusted to Hurwitz during his service to the
Company and would be jeopardized if Hurwitz rendered services to certain competitors during the consulting period; and 
  
 WHEREAS, the parties also desire to mutually release all claims, known or unknown, that they may have against each other. 
  
 NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 
  
 1. Voluntary Resignation. Hurwitz hereby relinquishes his current
title of Chief Financial Officer as well as any other positions, titles, or directorships he may hold with the Company or any of its affiliated companies effective immediately and resigns voluntarily from his employment with the Company effective
December 31, 2004. 
  
 2. Bonus Compensation. Hurwitz shall
be eligible to receive cash compensation pursuant to the Company’s Senior Management Bonus Program for 2004, but not for any period thereafter. Hurwitz acknowledges that he has not earned and is not entitled to any other agreement or
understanding for incentive cash or stock compensation. 
  
 3.
Accrued Salary, Vacation, and Expenses. On or before December 31, 2004, the Company shall pay Hurwitz all unpaid salary and unused accrued vacation due through December 31, 2004. The Company shall reimburse Hurwitz for all reasonable and
necessary business expenses he has incurred through December 31, 2004 in accordance with Company policy provided Hurwitz promptly submits acceptable documentation. 
  
 4. Return of Company Property. Hurwitz shall return all property of the Company in his possession or control by
December 31, 2004, including but not limited to any keys, computer or other office equipment, and the originals and copies of all paper or electronic files, records, or other documents. 

 5. Consulting Agreement. Effective January 1, 2005 and continuing until March 31, 2006, or until
terminated earlier in accordance with this Agreement (“Consulting Period”), Hurwitz shall make himself reasonably available to provide advice and consultation within his areas of expertise as requested from time to time by the Board of
Directors of the Company or other designated members of management, subject to the following conditions: 
  
 (a) Other Commitments. The Company acknowledges that Hurwitz may seek and accept employment and other opportunities elsewhere during the Consulting
Period subject to the limitations set forth in this Agreement, and the Company will make every reasonable effort to accommodate Hurwitz’s other commitments in requesting consulting services under this Agreement. 
  
 (b) No Authority. During the Consulting Period, Hurwitz shall have no
authority to act on behalf of the Company or to enter into any agreement or obligation without the express prior authorization of the Board of Directors. 
  
 (c) No Offset for Other Income. The compensation provided under this Agreement during the Consulting Period shall not be offset by any income
Hurwitz earns from any other source; provided, however, the Company shall cease paying the COBRA premiums provided for under Section 6(b) at such time as Hurwitz has health coverage from his new employer. 
  
 (d) Trade Secrets and Unfair Competition. Hurwitz acknowledges that he
has been entrusted with access to the Company’s most valuable trade secrets and proprietary data, including but not limited to detailed knowledge concerning the Company’s current and planned products and services, clinical trials,
know-how, design and manufacturing techniques, research and development, business plans, marketing and sales programs, financial records, prices and costs, personnel files, potential mergers and acquisitions, and the identities, needs, and
preferences of the Company’s customers, prospects, vendors, and partners. 
  
 (e) Termination of Consulting Period. The Company may terminate the Consulting Period at any time and discontinue all pay and benefits in the event that Hurwitz commits a material breach of his obligations
under this Agreement or engages in gross misconduct. 
  
 6.
Consulting Compensation. In consideration for Hurwitz being available to consult during the Consulting Period, the Company shall provide Hurwitz the following pay and benefits: 
  
 (a) Salary. The Company shall continue to pay Hurwitz an amount equal to $15,934.17 per month until September 30,
2005 and thereafter for the next six months shall pay him $1,000 per month, payable in the manner the Company pays all consultants. 
  
 (b) Health Coverage. The Company shall pay the premiums to continue Hurwitz’s current coverage under the Company’s group health plans
during the Consulting Period, provided Hurwitz makes a timely election to continue such coverage beyond December 31, 2004, pursuant to COBRA. 
  
 (c) Stock Options. Pursuant to the terms of the stock option agreement(s) between Hurwitz and the Company, the Company shall permit the continued
vesting of the 198,125 incentive and nonqualified stock options granted to Hurwitz over the seven year period since he commenced employment with the Company, such that they and all other options granted to Hurwitz 
  

 2 

 shall become exercisable in accordance with the terms of the Company’s stock option plan(s) and the applicable stock
option agreement(s) during the Consulting Period; provided, however that notwithstanding the foregoing, the 30,208 unvested stock options, which are part of the 50,000 stock options originally granted to Hurwitz on May 5, 2003, shall vest in fifteen
equal monthly installments commencing January 1, 2005 until such options are fully vested on the last day of the Consulting Period. The Company hereby acknowledges that Hurwitz’s services to the Company under this Agreement during the
Consulting Period, shall constitute “continuous service” for purposes of the Company’s stock option plans and Hurwitz’s stock option agreements. 
  
 7. Mutual Release of All Claims. Hurwitz and the Company agree that this Agreement constitutes a full and final
settlement of any and all claims they may have against each other. Concurrently with the execution of this Agreement, the parties shall also execute the Mutual Release attached as Exhibit A in accordance with its terms, and this Agreement
shall not take effect and be enforceable against either party until the period in which the Mutual Release may be revoked by Hurwtiz has expired in accordance with terms of the Mutual Release. 
  
 8. Confidentiality. Hurwitz acknowledges and agrees that he remains
subject to all obligations imposed by the Employee Confidential Information Agreement he signed in connection with his employment and all other policies and agreements concerning the confidentiality of the Company’s trade secrets and
proprietary data, and ownership of patents, copyrights, trademarks, inventions, and discoveries. Hurwitz acknowledges that these obligations shall survive the Consulting Period and are not impaired or limited by the terms of this Agreement.

  
 9. No Solicitation. For the longer of the Consulting
Period or December 31, 2005, Hurwitz shall not directly or indirectly solicit or induce, or attempt to solicit or induce, any employee or consultant of the Company to terminate their employment or cease rendering services to the Company. 

 
 10. Non-Disparagement. Hurwitz shall refrain from making any false
or disparaging remarks about the Company and its personnel, products, and services. The Company will direct management of the Company to refrain from making any false or disparaging remarks about Hurwitz or his character, abilities, and work
performance. 
  
 11. Non-Admission. Neither Hurwitz nor the
Company admits any wrongdoing or liability. If this Agreement is not executed or does not become effective for any reason, it shall be null and void. 
  
 12. Amendment. This Agreement can be modified or amended only in a subsequent written document signed by both Hurwitz and the Company. A waiver of
any breach of this Agreement shall not constitute a waiver of any future breach. 
  
 13. Withholding. All payments to Hurwitz under this Agreement shall be subject to appropriate withholding and payroll deductions as required by applicable law or Company policy; provided, however, all payments
hereunder are for consulting as an independent contractor and Hurwitz is responsible to withhold, deposit and pay all income and payroll taxes applicable to him. 
  
 14. Severability. If any provision of this Agreement is found to be invalid, all other provisions shall remain in
effect. 
  

 3 

 15. Arbitration and Equitable Relief. Any dispute arising out of or relating to this Agreement
shall be settled by final and binding arbitration to be held in Orange County, California, in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association. The arbitrator may
grant injunctions and all other forms of relief available in a court of law. Payment of the fees and expenses of the Arbitrator(s) shall be allocated as provided by applicable law. The parties shall be entitled to reasonable discovery. The decision
of the arbitrator shall be final and binding on the parties, except to the extent that review in court is allowed by law. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. Hurwitz and the Company understand
that they are voluntarily waiving the right to trial by jury. 
  
 16. Successors. The Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Company, to assume the
Company’s obligations under this Agreement. 
  
 17. Entire
Agreement. This Agreement and the documents it preserves or incorporates shall constitute the entire agreement between the parties, and supersede all other agreements, whether oral, written, or implied, regarding the subject matter hereof,
including without limitations the Employment Agreement. 
  
 18.
Counterparts. This Agreement may be executed in one or more counterparts, and the signature pages may be transmitted by facsimile, each of which shall be deemed an original and all of which together shall be considered one and the same
agreement. 
  
 19. Voluntary Agreement. Hurwitz has entered
into this Agreement freely and voluntarily, after having been advised to seek advice of legal counsel and having had adequate opportunity to do so. 
  
 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement as of the date first written above. 
  

			
	 /s/ Harold Hurwitz

	 Harold Hurwitz

	
	 MICRO THERAPEUTICS, INC.,
 a Delaware corporation

		
	 By:
	 	 Thomas Wilder

	 Name:
	 	 Thomas Wilder

	 Title:
	 	 Chief Executive Officer

  

 4 

 EXHIBIT A 
  

MUTUAL RELEASE 
  
 This Mutual Release (“Release”) is made and entered into by HAROLD HURWITZ (“Hurwitz”) and MICRO THERAPEUTICS, INC., a Delaware
corporation (“Company”). 
  
 In consideration of the
promises set forth in the Separation and Consulting Agreement, dated December 20, 2004, between Hurwitz and the Company (“Separation and Consulting Agreement”) and for other valuable consideration, Hurwitz and the Company agree as follows:

  
 1. Mutual Release and Waiver of Claims. 
  
 (a) Except as provided in Section 1(b), Hurwitz, for himself and on behalf
of his spouse, dependents, heirs, executors, administrators, legal representatives, successors, and assigns (collectively referred to in this Release as “Hurwitz”), hereby unconditionally and forever releases, discharges, and waives any
and all claims of any nature whatsoever, whether legal, equitable or otherwise, known or unknown, that Hurwitz may have against the Company, its subsidiaries and affiliates, and their employees, officers, directors, shareholders, insurers,
representatives, agents, successors, and assigns, including but not limited to claims relating to his hiring, compensation, benefits, assignments, or termination, or arising under any state or federal equal employment law such as Title VII of the
Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (as further described in Section 2 below); the Older Workers Benefit Protection Act, the Americans with Disabilities
Act; claims under the Employee Retirement Income Security Act of 1974, as amended; the California Fair Employment and Housing Act; or any other federal, state or local laws or regulations regarding employment discrimination or termination of
employment. This Release also includes claims for wrongful discharge; fraud or fraudulent inducement; breach of contract, both express and implied; breach of the covenant of good faith and fair dealing, both express and implied; negligent or
intentional infliction of emotional distress; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; and defamation under any statute, rule, regulation or under the common
law. 
  
 (b) Notwithstanding the foregoing, Hurwitz does not
release, discharge or waive: (i) any rights to receive any benefits provided under the provisions of any Company-maintained qualified retirement plan in which Hurwitz participates, (ii) any conversion or COBRA rights under a Company-sponsored group
term life insurance plan in which Hurwitz participates, (iii) Hurwitz’s right to indemnification from the Company to the fullest extent permitted under Delaware General Corporation Law, (iv) Hurwitz’s right to enforce the terms of the
Separation and Consulting Agreement and this Release; and (v) any future rights Hurwitz may have as a stockholder. 
  
 (c) The Company, for itself and its subsidiaries and affiliates, and their respective officers, directors, employees, agents, successors, and assigns
(collectively referred to in this Release as “Company”) hereby unconditionally and forever releases, discharges, and waives any and all claims of any nature whatsoever, whether legal, equitable or otherwise, known or unknown, that the
Company may have against Hurwitz or his spouse, dependents, heirs, executors, administrators, legal representatives, successors, and assigns, including but not limited to claims relating to Hurwitz’s employment with the Company or arising under
state or federal law. 
  

 Exhibit A-1 

 2. Release and Waiver of Claims Under ADEA. 
  
 Hurwitz acknowledges that before signing this Release, the Company advised
him to consult with an attorney of his choosing with respect to possible claims under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), as well as under all other federal, state and local laws within the scope of
Section 1 above. Hurwitz understands that ADEA is a federal statute that prohibits discrimination on the basis of age in employment, benefits, and benefit plans. Hurwitz wishes to waive any and all claims under the ADEA, as well as under all other
federal, state and local laws within the scope of Section 1 above, that he may have against the Company as of the effective date of this Release and hereby waives such claims. Without detracting in any respect from any other provision of this
Release: 
  
 (a) Hurwitz agrees and acknowledges that this
Release constitutes a knowing and voluntary waiver of all rights or claims he has or may have against the Company, including but not limited to, all rights or claims arising under ADEA, that he has no physical or mental impairment of any kind that
has interfered with his ability to read and understand the meaning of this Release or its terms, and that he is not acting under the influence or impairment of any medication, drug or chemical of any type in entering into this Release. 

 
 (b) Hurwitz understands that, by entering into this Release, he does not
waive any rights or claims under the ADEA that may arise after the date of the execution of this Release. 
  
 (c) Hurwitz acknowledges that he was allowed a period of at least twenty-one (21) calendar days in which to review and decide whether to sign the
Separation and Consulting Agreement and this Release. 
  
 (d)
Hurwitz shall have a period of seven (7) calendar days after he has signed this Release in which to revoke his acceptance by notifying the Company in writing and returning any consideration he may have received under this Release. This Release and
the Separation and Consulting Agreement will not become effective until that seven day period has lapsed without such revocation by Hurwitz. 
  
 (e) In the event of Hurwitz’s revocation of this Release and the Separation and Consulting Agreement pursuant to subparagraph (d) above, this Release
and the Separation and Consulting Agreement will be null and void and of no effect, and the Company will have no obligations under this Release or the Separation and Consulting Agreement. 
  
 3. Civil Code Section 1542. 
  
 The parties understand that they are waiving all claims encompassed by this Release, known or unknown. Hurwitz and the
Company hereby waive the protection of any law that would otherwise limit their ability to waive unknown claims, such as California Civil Code section 1542 which reads as follows: 
  
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 
  

 Exhibit A-2 

 4. Proceedings. 
  
 Hurwitz and the Company represents that he or it, respectively, has not filed any charges, claims, or proceedings of any
kind against the other any court or state or local, state or federal agency. To the fullest extent allowed by law, Hurwitz and the Company agree not to participate in any such proceeding and waives any right to recover against the other in any such
proceeding instituted by any other person. 
  
 5. Severability
Clause. 
  
 In the event any provision or part of this
Release is found to be invalid or unenforceable, all other provisions shall remain in effect. 
  
 6. Non-Admissions. 
  
 The parties expressly deny any and all liability or wrongdoing and agree that nothing in this Release shall be deemed to represent any concession or admission of such liability or wrongdoing or any waiver of any defense. 
  
 7. Amendment. 
  
 This Release can be amended or modified only in a subsequent written
document signed by Hurwitz and the Company. A waiver of any breach shall not constitute a waiver of any future breach. 
  
 8. Controlling Law. 
  
 This Release shall be governed by the laws of the State of California, without regard to conflicts of law principles. 
  
 9. Counterparts. 
  
 This Release may be executed in one or more counterparts, each of which
shall be deemed an original and all of which together shall be considered one and the same agreement. 
  
 10. Entire Agreement. 
  
 This Release, the Separation and Consulting Agreement, and the agreements it incorporates shall constitute the complete agreement of the parties
concerning the subject matter, and shall supersede all other agreements or understandings whether oral, written, or implied. 
  

 Exhibit A-3 

 IN WITNESS WHEREOF, Hurwitz and the Company have executed this Release this 20th day of December, 2004.

  
  

			
	HURWITZ ACKNOWLEDGES THAT HE HAS READ THIS RELEASE AND THAT HE FULLY KNOWS, UNDERSTANDS, AND APPRECIATES ITS CONTENTS, THAT HE HAS HAD AT LEAST 21 CALENDAR DAYS TO CONSIDER THIS
RELEASE, THAT THIS RELEASE MAY BE REVOKED WITHIN 7 CALENDAR DAYS AFTER ITS EXECUTION, AND THAT HE HEREBY EXECUTES THE SAME AND MAKES THIS RELEASE AND THE RELEASES PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS OWN FREE WILL.
	
	 /s/ Harold Hurwitz

	Harold Hurwitz
	
	 MICRO THERAPEUTICS, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Thomas Wilder

	Name:	 	Thomas Wilder
	Title:	 	Chief Executive Officer

  

 Exhibit A-4Form of C&F Financial Corporation Incentive Stock Option Agreement

 EXHIBIT 10.2 
  
 C&F FINANCIAL CORPORATION 
  
 FORM OF 
  
 INCENTIVE STOCK OPTION AGREEMENT 
  
 In accordance with the 2004 Incentive Stock Plan (the “Plan”) of C&F FINANCIAL CORPORATION, a Virginia corporation (the “Company”), the Company hereby grants to 
  
 _________________________ 
  
 (the “Employee”) the right and option to purchase, upon the terms and conditions
hereinafter set forth, all or any part of a total of              shares of the Company’s Common Stock at the purchase price of
             per share. This option is granted as of             . 
  
 1. Time and Volume Limitations on Exercise of Option. 
  
 (a) This option shall terminate and shall not be exercisable in any event
after             ; provided, however, that this option may be terminated earlier as provided below. In addition and except as provided in this Agreement, this option shall be
immediately exercisable with respect to              shares six months after the date of grant and exercisable as to the remaining
             shares on             . 
  
 (b) This option shall terminate early upon any of the following events: 
  
 (i) Death - This option shall terminate three years after the
Employee’s death if the Employee dies while employed by the Company or one of its Subsidiaries. 
  
 (ii) Disability - This option shall terminate twelve (12) months after the Employee’s employment with the Company or one of its Subsidiaries
terminates on account of the Employee’s disability (within the meaning of Section 37(e)(3) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”)). 
  
 (iii) Retirement - This option shall terminate three (3) years after the Employee’s retirement under a retirement plan
of the Company or one of its Subsidiaries. 
  
 (iv) Termination
of Employment - (A) This option shall terminate on the date the Employee’s employment with the Company or one of its Subsidiaries (1) is terminated by the Company or one of its Subsidiaries for Cause (as defined below), or (2) is terminated by
the Employee for any reason other than death, disability or retirement. (B) This option shall terminate three months after the Employee’s employment with the Company or one of its Subsidiaries is terminated by the Company or Subsidiary for
reasons other than for Cause. 
  
 (c) For purposes hereof,
“Cause” means continued neglect of duties and obligations, willful or material misconduct in connection with the performance of the Employee’s duties and obligations, repeated failure substantially to perform assigned duties
appropriate for the Employee’s position, and any other conduct of the Employee involving moral turpitude, commission of a crime, engaging in Competition (as defined below) or Unauthorized Disclosure of Confidential Information (as defined
below), habitual drunkenness or drug abuse, or any illegal act or intentional act evidencing bad faith by the Employee toward the Company or one of its Subsidiaries that would make retention of the Employee in his position with the Company or
Subsidiary prejudicial to its best interests. 

 2. Conditions of Exercise of Option During Employee’s Lifetime. During the Employee’s
lifetime, this option may be exercised only by him; provided, however, that if this option remains exercisable after the Employee’s termination of employment with the Company or any of its Subsidiaries (whether voluntary or involuntary), the
Employee shall be entitled to exercise this option only to the extent it was exercisable by him at the date of such termination of employment. Notwithstanding the foregoing, the Company reserves the right to terminate and declare forfeited any
unexercised options held by the Employee in the event that during the period this option remains exercisable following termination of his employment for any reason, whether such termination was voluntary or involuntary, the Employee engages in
Competition (as defined below) or the Unauthorized Disclosure of Confidential Information (as defined below). In no event may this option be exercised after the expiration date specified in paragraph 1 of this Agreement. 
  
 3. Option Nontransferable during Employee’s Lifetime; Conditions of
Exercise After Employee’s Death. This option shall not be transferable by the Employee other than by his will or by the laws of descent and distribution. If the employment of the Employee terminates by death while in the employ of the
Company or a Subsidiary, then this option may be exercised at any time following the Employee’s date of death and prior to its termination, to the extent that the Employee was entitled to exercise this option on the date of his termination from
employment by reason of death, by the person or persons to whom the Employee’s rights under this option shall pass by will or by the laws of descent and distribution. In no event may this option be exercised after the expiration date specified
in paragraph 1 of this Agreement. 
  
 4. Method of and
Effective Date of Exercising Option. This option may be exercised from time to time on any business day upon delivery to the Company of a Notice of Exercise in the form attached to this agreement and payment in full of the option purchase price
as described below. No person shall acquire any rights or privileges of a stockholder of the Company with respect to any shares issuable upon such exercise until the effective date of such exercise. 
  
 (a) Immediate Payment - The option purchase price may be paid (i) in cash or
(2) if permitted in the sole discretion of the Board of Directors or a committee thereof and if payment of the option purchase price, in whole or in part, in shares of Common Stock of the Company is permitted under applicable state and federal law,
in shares of Common Stock of the Company which either have been held for more than six months or were not acquired in a compensatory transaction with a date of grant after June 30, 2000, or (3) in a combination of cash and, if so permitted, such
Common Stock. 
  
 (b) Deferred Payment - If permitted in the sole
discretion of the Board of Directors or a committee thereof, the Employee may elect to pay the option purchase price in installments as follows in which case the shares issued upon exercise shall be pledged to the Company in negotiable form as
collateral security for the payment of the unpaid purchase price and interest: 
  
 (i) Payment on the date of exercise of 5% of the exercise price; and 
  
 (ii) Delivery to the Company of a promissory note for the remaining 95% of the exercise price, which promissory note will bear interest at the rate of 9%
per annum (or at such higher rate as may be necessary to avoid imputed interest under Section 483 of the Internal Revenue Code) and which will be payable in 60 equal monthly, or 260 equal weekly, installments of principal and accrued interest,
provided, however, that the Company shall have the right to call any and all remaining installments at any time at or after six (6) months from the date of exercise. 
  

 - 2 - 

 5. Forfeiture of Common Stock Acquired on Exercise in the Event of Competition or Unauthorized
Disclosure of Confidential Information during Restricted Period after Exercise. 
  
 (a) Notwithstanding any other provision hereof, in the event that during the six (6) month period (the “Restricted Period”) after the date of the Employee’s acquisition of any Common Stock pursuant to
or attributable to the exercise of this option, such Common Stock shall be forfeited to the Company in the event (i) the Employee’s employment with the Company or any of its Subsidiaries is terminated for Cause (as defined in paragraph 1(c) of
this Agreement) or (ii) the Employee engages in Competition (as defined below) or the Unauthorized Disclosure of Confidential Information (as defined below). 
  
 (b) During the Restricted Period, the Company may retain custody of each certificate representing shares of Common Stock acquired through exercise of
this option which may be subject to forfeiture. 
  
 (c) In
addition to any legends placed on certificates pursuant to provisions of the Plan, each certificate representing shares of Common Stock acquired through exercise of this option which may be subject to forfeiture shall bear the following legend
(subject to such modification as the Board of Directors of the Company, or a committee thereof, deems appropriate): 
  
 The shares of stock represented by this certificate are subject to forfeiture as set forth in an Incentive Stock Option Agreement granted
on                      to
                             under the 2004 Incentive Stock Plan of C&F Financial Corporation. A
copy of the Incentive Stock Option Agreement may be obtained from the Secretary of C&F Financial Corporation. 
  
 Once shares cease to be subject to this forfeiture provision, the Employee or other holder thereof shall be entitled to have the legend required hereby removed from his
stock certificate. 
  
 6. Definitions of Competition and
Unauthorized Disclosure of Confidential Information. For purposes hereof: 
  
 (a) “Competition” means engaging by the Employee, without the written consent of the Board of Directors of the Company, or a committee thereof, or a person authorized thereby, in an activity as an officer, a
director, an employee, a partner, a more than one percent shareholder or other owner, an agent, a consultant, an independent contractor, or any other individual or representative capacity (unless the Employee’s duties, responsibilities and
activities, including supervisory activities, for or on behalf of such activity, are not related in any way to such “competitive activity”) if it involves: 
  
 (i) engaging in, or entering into services or providing advice pertaining to, any banking, lending, other financial
activity or other business activity that the Company or any of its Subsidiaries actively engages in within fifty (50) miles of any branch or office of, or in any service area in which such activity is conducted by, the Company or any of its
Subsidiaries, or 
  
 (ii) soliciting or contacting, either
directly or indirectly, any of the customers of the Company or any of its Subsidiaries for the purpose of competing with the products or services provided by the Company or any of its Subsidiaries, or 
  
 (iii) employing or soliciting for employment any employees of the Company or
any of its Subsidiaries. 
  

 - 3 - 

 (b) “Unauthorized Disclosure of Confidential Information” means the disclosure by the
Employee, without the written consent of the Board of Directors of the Company, or a committee thereof, or a person authorized thereby, to any person other than as required by law or court order, or other than to an authorized employee of the
Company or any Subsidiary, or to a person to whom disclosure is necessary or appropriate in connection with the performance by the Employee of his duties as an employee of, or in any other capacity for, the Company or any Subsidiary (including, but
not limited to, disclosure to the Company’s or any Subsidiary’s outside counsel, accountants or bankers of financial data properly requested by such persons and approved by an authorized officer of the Company), any confidential
information of the Company or any of its Subsidiaries with respect to any of the marketing or advertising, customers, services, solicitation techniques or methods, business plans and financial statements, reports and projections, or any other
confidential information relating to or dealing with the business operations or activities of the Company or any of its Subsidiaries; provided, however, that: 
  

(i) confidential information shall not include any information known generally to the public (other than as a result of unauthorized disclosure by the
Employee) or any information of a type not otherwise considered confidential by persons engaged in the same activity or an activity similar to that conducted by the Company or any of its Subsidiaries; and 
  
 (ii) the Employee shall be allowed to disclose confidential information to
the Employee’s attorney solely for the purpose of ascertaining whether such information is confidential within the intent of this Agreement, but only so long as the Employee both discloses to the Employee’s attorney the provisions of this
paragraph and agrees not to waive the attorney-client privilege with respect thereto. 
  
 (c) All determinations regarding Competition or Unauthorized Disclosure of Confidential Information under this Agreement shall be made by the Board of Directors of the Company, or a committee thereof, in its
discretion. 
  
 7. Reasonable of Restrictions. 

 
 (a) The Employee has carefully read and considered the provisions of
paragraphs 1, 2, and 5 of this Agreement and, having done so, agrees that the restrictions set forth in such paragraphs are fair and reasonable and are reasonably required for the protection of the Company’s and its Subsidiaries’
legitimate business interests. The Employee further agrees that such restrictions are not unduly or unreasonably burdensome upon him and upon his ability to earn a livelihood and he acknowledges that such restrictions do not violate and are not in
contradiction of any public policy. 
  
 (b) Notwithstanding the
foregoing, in the event that any of the restrictions of paragraphs 1, 2, or 5 of this Agreement shall be held to be invalid or unenforceable, the remaining provisions thereof shall nevertheless continue to be valid and enforceable as though the
invalid or unenforceable parts had not been included therein. In addition, in the event that any such restrictions that are held to be invalid or unenforceable, then the court so holding shall reduce such restriction, or effect any other change, to
the extent necessary to render such restriction enforceable so as to provide Company and its Subsidiaries the maximum protection allowed by law, and the Employee hereby agrees to such reduction or other change. 
  

 - 4 - 

 8. Capital Adjustments. The number of shares of Common Stock covered by this option, and the
option price thereof, will be subject to an appropriate and equitable adjustment, as determined by the Board of Directors or a committee thereof, to reflect any stock dividend, stock split or share combination, and will be subject to such adjustment
as the Board of Directors or a committee thereof may deem appropriate to reflect any exchange of shares, recapitalization, merger, consolidation, separation, reorganization, liquidation or the like, of or by the Company. 
  
 9. Change in Control. Notwithstanding any provision of this Agreement
to the contrary, in the event of a “Change in Control” of the Company as defined in the Plan, all shares subject to the Option which are not then exercisable shall become fully exercisable. In addition, the provisions regarding forfeiture
due to Competition contained in paragraphs 1, 2 and 5 of this Agreement shall automatically lapse if the Employee is an employee of the Company or any of its Subsidiaries on the date the Change in Control occurs. 
  
 10. Prohibition Against Pledge, Attachment, etc. Except as otherwise
herein provided, this option and the rights and privileges conferred hereby shall not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or
similar process. 
  
 11. Provisions of the Plan Control.
This option is subject to the terms and conditions of the Plan under which it is granted, a copy of which may be examined by the Employee at the office of the Company. The Plan empowers the Board of Directors of the Company, or a committee thereof,
to make interpretations, rules and regulations thereunder, and in general provides that determinations of the Board or such committee with respect to the Plan shall be binding upon all optionees. 
  
 12. Withholding Taxes. The Company, or one of its subsidiaries, shall
have the right to withhold any federal, state or local taxes required to be withheld by law with respect to the exercise of the option. The Employee will be required to pay the Company, as appropriate, the amount of any such taxes which the Company,
or one of its subsidiaries, is required to withhold. The Employee is authorized to deliver shares of the Company’s Common Stock in satisfaction of minimum statutorily required tax withholding obligations (whether or not such shares have been
held for more than six months and including shares to be acquired as a result of the exercise of the option). 
  
 13. Incentive Stock Option. The option granted hereby is intended to qualify as an incentive stock option within the meaning of Section 422(b) of
the Internal Revenue Code, and the provisions hereof shall be construed consistent with that intent. 
  
 14. Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and the legal
representative of the Employee. 
  
 15. Severability. If
any provision of this Agreement should for any reason be declared invalid or unenforceable by a court of competent jurisdiction, the remaining provisions shall nevertheless remain in full force and effect. 
  

 - 5 - 

 IN WITNESS WHEREOF, the Company has caused this option to be executed on its behalf by its duly
authorized officer whose name appears below. 
  

			
	 C&F FINANCIAL CORPORATION

		
	 By
	 	  

	 	 	 President and Chief

	 	 	 Executive Officer

  
 The undersigned
Employee hereby accepts the foregoing option and agrees to the terms and conditions thereof this              day of
                , 20    . 
  

			
	 	 	  

	 	 	Employee

  

 - 6 - 

 C&F FINANCIAL CORPORATION 
  
 NOTICE OF EXERCISE 
  
 I
                                        
(Name) hereby exercise the option granted to me on                      (Date of Option) and elect to purchase
                     (Number) shares of the Common Stock of C&F Financial Corporation (the “Company”) at the option price of
$             per share. 
  
 This Notice of Exercise is accompanied by [    ] (1) a check in the amount of $             and/or [    ] (2)
if permitted by the Board of Directors or a committee thereof,              shares of the Company’s Common Stock which either have been held for more than six months or were not
acquired in a compensatory transaction with an award date after June 30, 2000 and/or [    ] (3) if permitted by the Board of Directors or a committee thereof, (a) payment on the date of exercise of 5% of the total exercise price
in the above indicated manner and (b) delivery to the Company of a promissory note for the remaining 95% of the total exercise price, which promissory note will bear interest at the rate of 9% per annum (or at such higher rate as may be necessary to
avoid imputed interest under Section 483 of the Internal Revenue Code) and which will be payable in 60 equal monthly, or 260 equal weekly, installments of principal and accrued interest, with a call at any time after six (6) months, having an
aggregate value of the amount of the above total exercise price, in payment of the total exercise price for the shares. 
  
 I agree to provide the Company with such other documents and representations as it deems appropriate in order for me to exercise this option. 

 
 My Social Security Number (SSN) and my current address are as follows:

  
 SSN: 
  
 Address: 
  

			
	Date:
                                       
 	 	  

	 	 	                «name»

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