Document:

Form of Change In Control Agreement

 Exhibit 10.1 
 CHANGE IN CONTROL AGREEMENT 
 This Change in Control Agreement
(“Agreement”) is by and among The Babcock & Wilcox Company (the “Company”) and Anthony S. Colatrella (“Executive”). 
 The Company considers it essential to the interests of the Company’s stockholders to secure the continued employment of key management personnel. The Board of Directors of the Company recognizes that
the possibility of a Change in Control (as defined below) exists and that the uncertainty this raises may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders. In order to encourage the
continued attention and dedication of key management personnel, this Agreement is being entered into by the Company and Executive. 
 The Company and Executive agree as follows: 
  

	1.	DEFINITIONS: Capitalized terms are defined in Exhibit A. 

 

	2.	SEVERANCE BENEFITS: If Executive experiences a Covered Termination he will be entitled to the
following benefits; provided that the benefits described in Sections 2(b), (c), (d), (e) and (f) shall only be payable if the Executive executes a waiver and release prepared by the Company that is no longer subject to rescission within 60
days of the Covered Termination Date which releases the Company and its affiliates, directors, officers and other customary persons from any claim or liability arising out of or related to Executive’s employment with or termination of
employment from the Company or any of its affiliates (except for amounts to which Executive is legally entitled pursuant to employee benefit plans, Executive’s right to enforce this Agreement and rights to insurance coverage or
indemnification). 

  

	 	(a)	Accrued Benefits. The Accrued Benefits, payable within sixty (60) days after the Covered Termination Date, or such earlier time as may be required by
applicable law. 

  

	 	(b)	SERP. As of the Covered Termination Date, a fully vested and non-forfeitable interest in Executive’s account balance in SERP, payable in accordance
with the terms of SERP. 

  

	 	(c)	 Unvested Equity Awards. As of the Covered Termination Date, unless otherwise settled in accordance with the provisions of Section 4
of this Agreement and the plans and agreements referred to therein, a fully vested and non-forfeitable interest in any outstanding unvested equity awards, and to the extent applicable, payable within the 60th day after the Covered Termination Date; provided that no such award
that is subject to Code Section 409A will be paid on a date earlier than is provided in the applicable equity award agreement; provided further that that any performance shares shall be paid out at the target rate, prorated on the basis of the
number of days of the Executive’s participation during the applicable performance period to which the performance shares related divided by the aggregate number of days in such performance period, taking into account service rendered through
the payment date. 

  
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	 	(d)	Severance Payment Based on Salary. An amount equal to 2.0 times the sum of (i) Salary and (ii) Executive’s target award under the EICP for
the year in which the Covered Termination Date occurs, in a lump sum in cash within sixty (60) days after the Covered Termination Date. 

  

	 	(e)	Severance Payment Based on Bonus. 

  

	 	(1)	Current Performance Year. An amount equal to the product of (A) the Salary and (B) the Target Bonus Percentage, with the product of
(A) and (B) prorated based on the number of days Executive was employed during the bonus year in which Executive’s Covered Termination Date occurs, in a lump sum in cash within sixty (60) days after the Covered Termination Date.

  

	 	(2)	Prior Performance Year. If a bonus for the prior calendar year has not been paid under EICP as of the Executive’s Covered Termination Date, then
Executive will be entitled to the actual amount of the bonus determined under the EICP for such prior calendar year (such amount to be determined without the exercise of any downward discretion), in a lump sum in cash at the same time such bonus is
paid to other EICP participants. 

  

	 	(f)	Health Care Benefits. An amount equal to three (3) times the full annual cost of coverage for medical, dental and vision benefits under the
Company’s Health Care Plan and Vision Insurance Plan provided to Executive and his covered dependents for the year in which Executive’s Covered Termination Date occurs, in a lump sum in cash within sixty (60) days after the Covered
Termination Date. 

 In no event shall the benefits provided for in Sections 2(a), (d), (e) and (f) above
or any payment provided for in (c) above that is not subject to Code Section 409A be paid later than March 15th of the calendar year immediately following the calendar year in which the Executive’s Covered Termination Date
occurs. 
  

	3.	 LIMITATION ON PAYMENTS AND BENEFITS:
Notwithstanding any provision of this Agreement to the contrary, if any amount or benefit to be paid or provided under this Agreement would be an “Excess Parachute Payment,” within the meaning of Section 280G of the Code, or any
successor provision thereto, but for the application of this sentence, then the payments and benefits identified in the last sentence of this Section 3 to be paid or provided under this Agreement will be reduced to the minimum extent necessary
(but in no event to less than zero) so that no portion of any such payment or benefit, as so reduced, constitutes an Excess Parachute Payment; provided, however, that no such reduction shall be made if it is not thereby possible to eliminate all
Excess Parachute Payments under this Agreement; provided, however, that the foregoing reduction will be made only if and to the extent that such reduction would result in an 

  
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increase in the aggregate payment and benefits to be provided, determined on an after-tax basis (taking into account the excise tax imposed pursuant to Section 4999 of the Code, or any
successor provision thereto, any tax imposed by any comparable provision of state law, and any applicable federal, state and local income and employment taxes). Whether requested by Executive or the Company, the determination of whether any
reduction in such payments or benefits to be provided under this Agreement or otherwise is required pursuant to the preceding sentence will be made at the expense of the Company by the Company’s independent accountants. The fact that
Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this Section 3 will not of itself limit or otherwise affect any other rights of the Executive other than pursuant to this Agreement. In the
event that any payment or benefit intended to be provided under this Agreement or otherwise is required to be reduced pursuant to this Section 3, the Company will reduce the Executive’s payment and/or benefits, to the extent required, in
the following order: (i) the lump sum payment provided under Section 2(d); (ii) the lump sum payment provided under Section 2(e)(1); (iii) the lump sum payment related to Health Care Benefits provided under
Section 2(f); and (iv) the accelerated vesting of equity-based awards described in Section 2(c). 

  

	4.	CHANGE IN CONTROL EQUITY-BASED BENEFITS: If a
Change in Control occurs, any benefits Executive may be entitled to with respect to any equity-based compensation shall be determined in accordance with the applicable plans and award agreements. In the event of any conflict between the terms of any
such plans or award agreement and Section 2(c) of this Agreement, the terms of such plan or award agreement shall control. 

  

	5.	INTERNAL REVENUE CODE 409A: 

 

	 	(a)	Compliance. It is the intent of the parties that the provisions of this Agreement either comply with Code Section 409A and the Treasury
regulations and guidance issued thereunder or that one or more elements of compensation or benefits be exempt from Code Section 409A. Accordingly, the parties intend that this Agreement be interpreted and operated in a manner consistent with
such requirements in order to avoid the application of penalty taxes under Code Section 409A to the extent reasonably practicable. The Company shall neither cause nor permit: (i) any payment, benefit or consideration to be substituted for
a benefit that is payable under this Agreement if such action would result in the failure of any amount that is subject to Code Section 409A to comply with the applicable requirements of Code Section 409A; or (ii) any adjustments to
any equity interest to be made in a manner that would result in the equity interest’s becoming subject to Code Section 409A unless, after such adjustment, the equity interest is in compliance with the requirements of Code Section 409A
to the extent applicable. A Covered Termination is an “involuntary separation from service” for purposes of Code Section 409A. 

  

	 	(b)	 Waiting Period for Specified Employees. Notwithstanding any provision of this Agreement to the contrary, if Executive is a
“Specified Employee” (as that term is defined in Code Section 409A) as of Executive’s Covered Termination Date, then any amounts or benefits which are payable under this Agreement upon

  
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Executive’s “Separation from Service” (within the meaning of Code Section 409A), which are subject to the provisions of Code Section 409A and not otherwise excluded under
Code Section 409A, and would otherwise be payable during the first six-month period following such Separation from Service, shall be paid on the first business day that (i) is at least six months after the date after Executive’s
Covered Termination Date or (ii) follows Executive’s date of death, if earlier (the “Waiting Period”). The benefits in Sections 2(a), (d), (e) and (f) and certain of the benefits in Section 2(c) are excluded from
Code Section 409A under the “short-term deferral exclusion” and thus the Waiting Period does not apply such benefits. 

  

	6.	CONFIDENTIALITY AND NON-DISCLOSURE: Executive acknowledges that pursuant
to this Agreement, the Company agrees to provide to him Confidential Information and has previously provided him other such Confidential Information. In return for this and other consideration, provided under this Agreement, Executive agrees that he
will not, while employed by the Company or any Affiliate and thereafter, disclose or make available to any other person or entity, or use for his own personal gain, any Confidential Information, except for such disclosures as required in the
performance of his duties hereunder as may otherwise be required by law or legal process (in which case Executive shall notify the Company of such legal or judicial proceeding as soon as practicable following his receipt of notice of such a
proceeding, and permit the Company to seek to protect its interests and information). 

  

	7.	RETURN OF PROPERTY: Executive agrees that at the time of leaving his or her employ with
the Company or an Affiliate, he will deliver to the Company (and will not keep in his possession, recreate or deliver to anyone else) all Confidential Information as well as all other devices, records, data, notes, reports, proposals, lists,
correspondence, specifications, drawings, blueprints, sketches, materials, equipment, customer or client lists or information, or any other documents or property (including all reproductions of the aforementioned items) belonging to the Company or
any of its Affiliates, regardless of whether such items were prepared by Executive. 

  

	8.	NON-SOLICITATION AND NON-COMPETITION: 

 

	 	(a)	For consideration provided under this Agreement, including, but not limited to the Company’s agreement to provide Executive with Confidential Information regarding
the Company and its businesses, Executive agrees that while employed by the Company or an Affiliate and for twenty-four (24) months following a Covered Termination he shall not, without the prior written consent of the Company, directly or
indirectly, (i) hire or induce, entice or solicit (or attempt to induce, entice or solicit) any employee of the Company or any of its Affiliates or ventures to leave the employment of the Company or any of its Affiliates or ventures or
(ii) solicit or attempt to solicit the business of any customer or acquisition prospect of the Company or any of its Affiliates or ventures with whom Executive had any actual contact while employed by the Company or an Affiliate.

  
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	 	(b)	Additionally, for consideration provided under this Agreement, including, but not limited to the Company’s agreement to provide Executive with Confidential
Information regarding the Company and its businesses, Executive agrees that while employed by the Company or an Affiliate and for twenty-four (24) following a Covered Termination he will not, without the prior written consent of the Company,
acting alone or in conjunction with others, either directly or indirectly, engage in any business that is in competition with the Company or an Affiliate or accept employment with or render services at a comparable level of responsibility to such a
business as an officer, agent, employee, independent contractor or consultant, or otherwise engage in activities that are in competition with the Company or an Affiliate. 

 

	 	(c)	The restrictions contained in this Section 8 are limited to a 50-mile radius around any geographical area in which the Company or an Affiliate engages (or has
definite plans to engage) in operations or the marketing of its products or services at the time of a Covered Termination. 

  

	 	(d)	Executive acknowledges that these restrictive covenants under this Agreement, for which Executive received valuable consideration from the Company as provided in this
Agreement, including, but not limited to the Company’s agreement to provide Executive with Confidential Information regarding the Company and its businesses, are ancillary to otherwise enforceable provisions of this Agreement, that the
consideration provided by the Company gives rise to the interest of each of the Company in restraining Executive from competing and that the restrictive covenants are designed to enforce Executive’s consideration or return promises under this
Agreement. Additionally, Executive acknowledges that these restrictive covenants contain limitations as to time, geographical area, and scope of activity to be restrained that are reasonable and do not impose a greater restraint than is necessary to
protect the goodwill or other legitimate business interests of the Company, including, but not limited to, the Company’s need to protect its Confidential Information. 

 

	9.	NOTICES: For purposes of this Agreement, notices and all other communications must be in writing and will be deemed
to have been given when personally delivered or when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

 

					
		 	If to Company:	  	The Babcock & Wilcox Company
		 		  	13024 Ballantyne Corporate Place
		 		  	Suite 700
		 		  	Charlotte, NC 28277
		 		  	ATTENTION: Vice President, HR
			
		 	If to Executive:	  	Anthony S. Colatrella
		 		  	Railroad Place, Unit 310
		 		  	Saratoga Springs, NY 12866

  

  
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 or to such other address as either party may furnish to the other in writing in accordance
with this Section. 
  

	10.	APPLICABLE LAW: The validity, interpretation, construction and performance of this Agreement will be
governed by and construed in accordance with the substantive laws of the State of Delaware, but without giving effect to the principles of conflict of laws of such State. 

 

	11.	SEVERABILITY: If any provision of this Agreement is determined to be invalid or unenforceable, then the invalidity or
unenforceability of that provision will not affect the validity or enforceability of any other provision of this Agreement and all other provisions will remain in full force and effect. 

 

	12.	WITHHOLDING OF TAXES: The Company may withhold from any payments under this Agreement
all federal, state, local or other taxes as may be required pursuant to any law or governmental regulation or ruling. 

  

	13.	NO ASSIGNMENT; SUCCESSORS: Executive’s right to receive payments or benefits under
this Agreement will not be assignable or transferable, whether by pledge, creation of a security interest or otherwise, whether voluntary, involuntary, by operation of law or otherwise, other than a transfer by will or by the laws of descent or
distribution, and in the event of any attempted assignment or transfer contrary to this Section 13 the Company will have no liability to pay any amount so attempted to be assigned or transferred. This Agreement inures to the benefit of and is
enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

 This Agreement is binding upon and inures to the benefit of the Company and its successors and assigns (including, without limitation, any company into or with which the Company may merge or consolidate).

  

	14.	NUMBER AND GENDER: Wherever appropriate herein, words used in the singular will include
the plural, the plural will include the singular, and the masculine gender will include the feminine gender. 

  

	15.	CONFLICTS: This Agreement constitutes the entire understanding of the parties with respect to its subject matter and
supersedes any other agreement or other understanding, whether oral or written, express or implied, between them concerning, related to or otherwise in connection with, the subject matter hereof. 

 

	16.	AMENDMENT AND WAIVER: No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer as may be specifically designated by the Board. No waiver by any party hereto at any time of any breach by the other party
hereto of, or of any lack of compliance with, any condition or provision of this Agreement to be performed by any other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

  
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	17.	COUNTERPARTS: This Agreement may be executed in several counterparts, each of which will be deemed to be an original
but all of which together will constitute one and the same instrument. 

  

	18.	TERM: The effective date of this Agreement shall commence on
                , 2011 (“Effective Date”) and shall end on the earlier of (a) the date one year after a Change in Control occurs, or (b) the date on
which Executive’s employment is terminated under circumstances that do not constitute a Covered Termination; provided that terms of this Agreement which must survive the termination this Agreement in order to be effectuated (including the
provisions of Sections 6, 7 and 8) will survive. 

  
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	THE BABCOCK & WILCOX COMPANY
		
	By:	 	  

			
	Name:	 	Brandon C. Bethards
	Title:	 	President & Chief Executive Officer
	
	EXECUTIVE

			
		
	By:	 	  

			
	Name:	 	Anthony S. Colatrella

  
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 EXHIBIT A 
 DEFINITIONS 
 The following terms have the meanings set forth below.

 “Accrued Benefits” shall mean: 
  

	 	i	Any portion of Executive’s Salary earned through the Covered Termination Date and not yet paid; 

 

	 	ii	Reimbursement for any and all amounts advanced in connection with Executive’s employment for reasonable and necessary expenses incurred by Executive through the
Covered Termination Date in accordance with the Company’s policies and procedures on reimbursement of expenses; 

  

	 	iii	Any earned vacation pay not theretofore used or paid in accordance with the Company’s policy for payment of earned and unused vacation time; and

  

	 	iv	All other payments and benefits to which Executive may be entitled under the terms of any applicable compensation arrangement or benefit plan or program of the Company
that do not specify the time of distribution; provided that Accrued Benefits shall not include any entitlement to severance under any severance policy of the Company generally applicable to the salaried employees of the Company.

 “Affiliate” means an Affiliate of the Company within the meaning of Rule 12b-2 promulgated under
Section 12 of the Exchange Act. 
 “Board” means the Board of Directors of the Company. 

“Cause” means 
  

	 	(i)	the willful and continued failure of Executive to perform substantially Executive’s duties with the Company or an Affiliate (occasioned by reason other than
physical or mental illness or disability of Executive) after a written demand for substantial performance is delivered to Executive by the Compensation Committee of the Board or the Chief Executive Officer of the Company which specifically
identifies the manner in which the Compensation Committee of the Board or the Chief Executive Officer believes that Executive has not substantially performed his duties, after which Executive shall have thirty days to defend or remedy such failure
to substantially perform his duties; 

  

	 	(ii)	the willful engaging by Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company; or 

 

	 	(iii)	the conviction of Executive with no further possibility of appeal for, or plea of guilty or nolo contendere by Executive to, any felony. 

  
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 The cessation of employment of Executive under subparagraph (i) and (ii) above
shall not be deemed to be for “Cause” unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire membership of the
Compensation Committee of the Board of Directors of the Company at a meeting of such Committee called and held for such purpose (after reasonable notice is provided to Executive and he is given an opportunity, together with his counsel, to be heard
before such Committee), finding that, in the good faith opinion of such Committee, Executive is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail. 

A “Change in Control” will be deemed to have occurred upon the occurrence of any of the following: 

 

	 	(a)	30% Ownership Change: Any Person, other than an ERISA-regulated pension plan established by the Company or an Affiliate, makes an acquisition of
Outstanding Voting Stock and is, immediately thereafter, the beneficial owner of 30% or more of the then Outstanding Voting Stock, unless such acquisition is made directly from the Company in a transaction approved by a majority of the Incumbent
Directors; or any group is formed that is the beneficial owner of 30% or more of the Outstanding Voting Stock (other than a group formation for the purpose of making an acquisition directly from the Company and approved (prior to such group
formation) by a majority of the Incumbent Directors); or 

  

	 	(b)	Board Majority Change: Individuals who are Incumbent Directors cease for any reason to constitute a majority of the members of the Board; or

  

	 	(c)	 Major Mergers and Acquisitions: Consummation of a Business Combination unless, immediately following such Business Combination,
(i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Voting Stock immediately before such Business Combination beneficially own, directly or indirectly, more than 51% of the then
outstanding shares of voting stock of the parent corporation resulting from such Business Combination in substantially the same relative proportions as their ownership, immediately before such Business Combination, of the Outstanding Voting Stock,
(ii) if the Business Combination involves the issuance or payment by the Company of consideration to another entity or its shareholders, the total fair market value of such consideration plus the principal amount of the consolidated long-term
debt of the entity or business being acquired (in each case, determined as of the date of consummation of such Business Combination by a majority of the Incumbent Directors) does not exceed 50% of the sum of the fair market value of the Outstanding
Voting Stock plus the principal amount of the Company’s consolidated long-term debt (in each case, determined immediately before such consummation by a majority of the Incumbent Directors), (iii) no Person (other than any corporation
resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of the then outstanding shares of voting stock of the parent corporation resulting from such Business Combination and

  
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(iv) a majority of the members of the board of directors of the parent corporation resulting from such Business Combination were Incumbent Directors of the Company immediately before consummation
of such Business Combination; or 

  

	 	(d)	Major Asset Dispositions: Consummation of a Major Asset Disposition unless, immediately following such Major Asset Disposition, (i) individuals and
entities that were beneficial owners of the Outstanding Voting Stock immediately before such Major Asset Disposition beneficially own, directly or indirectly, more than 70% of the then outstanding shares of voting stock of the Company (if it
continues to exist) and of the entity that acquires the largest portion of such assets (or the entity, if any, that owns a majority of the outstanding voting stock of such acquiring entity) and (ii) a majority of the members of the Board (if it
continues to exist) and of the entity that acquires the largest portion of such assets (or the entity, if any, that owns a majority of the outstanding voting stock of such acquiring entity) were Incumbent Directors of the Company immediately before
consummation of such Major Asset Disposition. 

 For purposes of the definition of a “Change in Control”, 

 

	 	(1)	“Person” means an individual, entity or group; 

  

	 	(2)	“group” is used as it is defined for purposes of Section 13(d)(3) of the Exchange Act; 

 

	 	(3)	“beneficial owner” is used as it is defined for purposes of Rule 13d-3 under the Exchange Act; 

 

	 	(4)	“Outstanding Voting Stock” means outstanding voting securities of the Company entitled to vote generally in the election of directors; and any
specified percentage or portion of the Outstanding Voting Stock (or of other voting stock) is determined based on the combined voting power of such securities; 

 

	 	(5)	“Incumbent Director” means a director of the Company (x) who was a director of the Company on the effective date of this Agreement or (y) who
becomes a director after such date and whose election, or nomination for election by the Company’s shareholders, was approved by a vote of a majority of the Incumbent Directors at the time of such election or nomination, except that any such
director will not be deemed an Incumbent Director if his or her initial assumption of office occurs as a result of an actual or threatened election contest or other actual or threatened solicitation of proxies by or on behalf of a Person other than
the Board; 

  

	 	(6)	“election contest” is used as it is defined for purposes of Rule 14a-11 under the Exchange Act; 

 

	 	(7)	“Business Combination” means 

  
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	 	(x)	a merger or consolidation involving the Company or its stock or 

  

	 	(y)	an acquisition by the Company, directly or through one or more subsidiaries, of another entity or its stock or assets; 

 

	 	(8)	“parent corporation resulting from a Business Combination” means the Company if its stock is not acquired or converted in the Business Combination and
otherwise means the entity which as a result of such Business Combination owns the Company or all or substantially all the Company’s assets either directly or through one or more subsidiaries; and 

 

	 	(9)	“Major Asset Disposition” means the sale or other disposition in one transaction or a series of related transactions of 70% or more of the assets of
the Company and its subsidiaries on a consolidated basis; and any specified percentage or portion of the assets of the Company will be based on fair market value, as determined by a majority of the Incumbent Directors. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Company” means The Babcock & Wilcox Company, and, except for purposes of determining whether a Change in
Control has occurred, any successor thereto. 
 “Confidential Information” means any and all
information, data and knowledge that has been created, discovered, developed or otherwise become known to the Company or any of its Affiliates or in which property rights have been assigned or otherwise conveyed to the Company or any of its
Affiliates, which information, data or knowledge has commercial value in the business in which the Company or any of its Affiliates or ventures is engaged, except such information, data or knowledge as is or becomes known to the public without
violation of the terms of this Agreement. By way of illustration, but not limitation, Confidential Information includes business trade secrets, secrets concerning the Company’s or any of its Affiliate’s plans and strategies, nonpublic
information concerning material market opportunities, technical trade secrets, processes, formulas, know-how, improvements, discoveries, developments, designs, inventions, techniques, marketing plans, manuals, records of research, reports,
memoranda, computer software, strategies, forecasts, new products, unpublished financial information, projections, licenses, prices, costs, and employee, customer and supplier lists. 

“Covered Termination” means a termination of Executive’s employment (such that Executive ceases to be employed by
the Company or an Affiliate) that is a “Separation from Service” (as defined in Code Section 409A and the Treasury regulations and guidance issued thereunder) within the 1-year period following a Change in Control during the term of
this Agreement due to: 
  

	 	(a)	an involuntary termination that does not result from any of the following: 

 

	 	(1)	death; 

  

	 	(2)	Disability; or 

  
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	 	(3)	termination for Cause; or 

  

	 	(b)	a termination by Executive for Good Reason. 

 “Covered Termination Date” means (i) if Executive’s employment is terminated for Cause, the date on which the Company delivers to Executive the requisite resolution, or, with
respect to a termination under subparagraph (iii) of the definition of Cause, the date on which the Company notifies Executive of such termination, (ii) if Executive’s employment is terminated by the Company for a reason other than
Cause or Executive’s death, the date on which the Company notifies Executive of such termination, (iii) if executive’s employment is terminated by Executive for Good Reason, the date on which Executive notifies the Company of such
termination (after having given the Company notice and a thirty-day cure period), or (iv) if Executive’s employment is terminated by reason of death, the date of death of Executive. 

“Disability” means circumstances which would qualify Executive for long term disability benefits under the
Company’s Long Term Disability Plan, whether or not Executive is covered under such plan. 
 “EICP” means
The Babcock & Wilcox Company Executive Incentive Compensation Plan, or any successor plan thereto. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Good Reason” means any one or more of the following events which occurs following a Change in Control: 

 

	 	(a)	a material diminution in the duties or responsibilities of Executive from those applicable immediately before the date on which a Change in Control occurs;

  

	 	(b)	a material reduction in Executive’s annual Salary as in effect on the Effective Date of this Agreement or as the same may be increased from time to time;

  

	 	(c)	the failure by the Company to continue in effect any compensation plan in which Executive participates immediately before the Change in Control which is material to
Executive’s total compensation, unless a comparable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by the Company to continue Executive’s participation therein
(or in such substitute or alternative plan) on a basis not materially less favorable than existed immediately before the Change in Control, unless the action by the Company applies to all similarly situated employees; 

 

	 	(d)	 the failure by the Company to continue to provide Executive with material benefits in the aggregate that are substantially similar to those enjoyed by
Executive under any of the Company’s (or its Affiliates’) pension, savings, life insurance, medical, health and accident, or disability plans in which Executive was participating immediately before the Change in Control if such benefits
are 

  
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material to Executive’s total compensation, the taking of any other action by the Company which would directly or indirectly materially reduce any of such benefits or deprive Executive of
any fringe benefit enjoyed by Executive at the time of the Change in Control if such fringe benefit is material to Executive’s total compensation, unless the action by the Company applies to all similarly situated employees; or

  

	 	(e)	a change in the location of Executive’s principal place of employment with the Company by more than 50 miles from the location where Executive was principally
employed immediately before the Change in Control without the Executive’s consent. 

 If a Change in Control occurs and any
of the events described above occurs prior to the first anniversary of such Change in Control (an “Event”), Executive shall give the Company written notice (the “Executive Notice”) within 60 days following Executive’s
knowledge of an Event that Executive intends to terminate employment as a result. The Company shall have thirty days following receipt of the Executive Notice in which to cure the Event. If the Company does not take such action within that time, the
Event shall constitute Good Reason. If Executive does not provide the Executive Notice within 60 days as required above then the Event shall not constitute Good Reason, and thereafter, for purposes of determining whether Executive has Good Reason,
Executive’s terms and conditions of employment after the occurrence of the Event shall be substituted for those terms and conditions of Executive’s employment in effect immediately prior to the date of this Agreement. 

“Salary” means Executive’s annual base salary as in effect immediately before the termination of Executive’s
employment or, if higher, the base salary in effect immediately before the first event or circumstance constituting Good Reason. 
 “SERP” means The Babcock & Wilcox Company Supplemental Executive Retirement Plan, as in effect on the Covered Termination Date. 

“Target Bonus Percentage” means Executive’s target incentive award opportunity under the EICP in effect immediately
before the termination of Executive’s employment or, if higher, immediately before the first event or circumstance constituting Good Reason. 

  
 - 14 -Agreement, dated August 23, 2011

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT
is made and entered into as of the 23rd day of August,
2011 by and between Eagle Financial Services, Inc., a Virginia corporation, hereinafter called the “Corporation”, and Robert C. Boyd hereinafter called “Employee”, and provides as follows: 

RECITALS 
 WHEREAS, the Corporation is a bank holding company engaged in the operation of a bank; and 
 WHEREAS, Employee has been involved in the management of the business and affairs of the Corporation and, therefore, possesses managerial experience, knowledge, skills and expertise in such type of
business; and 
 WHEREAS, the employment of Employee by the Corporation is in the best interests of the Corporation and
Employee; 
 WHEREAS, the parties have mutually agreed upon the terms and conditions of Employee’s continued employment by
the Corporation as hereinafter set forth; and 
 WHEREAS, the parties intend that this Agreement comply with Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”) and Treasury Regulations thereunder. 
 TERMS OF
AGREEMENT 
 NOW, THEREFORE, for and in consideration of the premises and of the mutual promises and undertakings of the
parties as hereinafter set forth, the parties covenant and agree as follows: 
 Section 1. Employment.
(a) Employee shall be employed as an executive officer of the Corporation. He shall perform such services for the Corporation and/or one or more Affiliates as may be assigned to Employee by the Corporation from time to time and that are
commensurate with his training and experience upon the terms and conditions hereinafter set forth. 
 (b) References in this
Agreement to services rendered for the Corporation and compensation and benefits payable or provided by the Corporation shall include services rendered for and compensation and benefits payable or provided by any Affiliate. References in this
Agreement to the “Corporation” also shall mean and refer to each Affiliate for which Employee performs services. References in this Agreement to “Affiliate” shall mean any business entity that, directly or indirectly, through one
or more intermediaries, is controlled by the Corporation. 
 Section 2. Term and Renewal. The initial term of this
Agreement shall end December 31, 2011. However, on each December 31, beginning with December 31, 2011, the term of this Agreement shall be renewed and extended by one year unless Employee or the Corporation gives prior notice to the
other in writing that the term shall not be renewed and extended. This Agreement shall terminate at the end of its term. 

Section 3. Exclusive Service. Employee shall devote his best efforts and full time to rendering services on behalf of the
Corporation in furtherance of its best interests. Employee shall comply with all policies, standards and regulations of the Corporation now or hereafter promulgated, and shall perform his duties under this Agreement to the best of his abilities and
in accordance with standards of conduct applicable to officers of banks. 
 Section 4. Salary. (a) As
compensation while employed hereunder, Employee, during his faithful performance of this Agreement, in whatever capacity rendered, shall receive an annual base salary of $132,000 payable on such terms and in such installments as the parties may from
time to time mutually agree upon. The Board of Directors, in its discretion, may increase Employee’s base salary during the term of this Agreement. 
 (b) The Corporation shall withhold state and federal income taxes, social security taxes and such other payroll deductions as may from time to time be required by law or agreed upon in writing by Employee
and the Corporation. The Corporation shall also withhold and remit to the proper party any amounts agreed to in writing by the Corporation and Employee for participation in any corporate sponsored benefit plans for which a contribution is required.

 (c) Except as otherwise expressly set forth hereunder, no compensation shall be paid pursuant to this Agreement in respect of
any month or portion thereof subsequent to any termination of Employee’s employment by the Corporation. 
 Section 5.
Corporate Benefit Plans. Employee shall be entitled to participate in or become a participant in all cash and non-cash employee benefit plans maintained by the Corporation for its executive officers. 

Section 6. Bonuses. Employee shall receive only such bonuses as the Board of Directors, in its discretion, decides to pay to
Employee. 
 Section 7. Expense Account. The Corporation shall reimburse Employee for reasonable and customary
business expenses incurred in the conduct of the Corporation’s business. Such expenses will include business meals, out-of-town lodging and travel expenses and other items identified in written rules and policies

 
of the Corporation. Employee agrees to timely submit records and receipts of reimbursable items and agrees that the Corporation can adopt reasonable rules and policies regarding such
reimbursement. The Corporation agrees to make prompt payment to Employee following receipt and verification of such reports. No reimbursement provided under this Section during one calendar year shall affect the expenses eligible for reimbursement
during another calendar year. 
 Section 8. Paid Time Off. Employee shall be entitled to the same paid time off
policies as the Board of Directors may from time to time designate for all full-time employees of the Corporation. 

Section 9. Termination. (a) Notwithstanding the termination of Employee’s employment pursuant to any provision of
this Agreement, the parties shall be required to carry out any provisions of this Agreement which contemplate performance by them subsequent to such termination. In addition, no termination shall affect any liability or other obligation of either
party which shall have accrued prior to such termination, including, but not limited to, any liability, loss or damage on account of breach. No termination of employment shall terminate the obligation of the Corporation to make payments of any
vested benefits provided hereunder or the obligations of Employee under Sections 10, 11 and 12. 
 (b) Employee’s
employment hereunder may be terminated by Employee upon thirty (30) days written notice to the Corporation or at any time by mutual agreement in writing. 
 (c) This Agreement shall terminate upon death of Employee; provided, however, that in such event the Corporation shall pay to the estate of Employee the compensation including salary and accrued bonus, if
any, which otherwise would be payable to Employee through the end of the month in which his death occurs. 
 (d) (1) The
Corporation may terminate Employee’s employment other than for “Cause”, as defined in Section 9(e), at any time upon written notice to Employee, which termination shall be effective immediately. Employee may resign thirty
(30) days after notice to the Corporation for “Good Reason”, as hereafter defined. In the event the Employee’s employment terminates pursuant to this Section 9(d); 

(i) Employee shall receive a monthly amount equal to one-twelfth (1/12) his rate of annual base salary in effect immediately
preceding such termination in each month for the remainder of the term of this Agreement at the times such payments would have been made in accordance with Section 4(a); 
 (ii) Employee shall receive a payment in cash on the date his employment terminates equal to the greater of (a) the amount of the highest cash bonus paid or payable to him in respect of any of the
three (3) fiscal years of the Corporation prior to the fiscal year in which his employment terminates, and (b) the amount of cash bonus Employee was designated to receive under the Corporation’s annual incentive plan; 

(iii) To the to the extent required because Employee is a “specified employee” for purposes of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), on the date of his termination, the payments described in Section (d)(1)(i) and (ii), above, shall be made or commence, as the case may be, on the first day of the month following the
six-month anniversary of Employee’s date of termination. The first payment shall include the payments, if any, required to be delayed under this sentence; and 
 (iv) The Corporation shall maintain in full force and effect for the continued benefit of the Employee for the remainder of the then current term of this Agreement all employee welfare benefit plans and
programs or arrangements in which the Employee was entitled to participate immediately prior to such termination, provided that continued participation is possible under the general terms and provisions of such plans and programs. In the event that
Employee’s participation in any such or program is barred, the Corporation shall arrange to provide the Employee with benefits substantially similar to those which the Employee was entitled to receive under such plans and programs. To the
extent required by Code Section 409A and Treasury Regulations thereunder, (i) no reimbursement or in-kind benefit provided under this Section 9(d)(2)(iv) in one calendar year shall affect the expenses eligible for reimbursement or
in-kind benefits provided during another calendar year; and (ii) any such reimbursement shall be paid by December 31 of the calendar year following the calendar year in which the reimbursed expense was incurred. It is intended and
anticipated that benefits under this Section will qualify as medical reimbursements exempt from Code Section 409A or as payments made on a specified date or fixed schedule. Nonetheless, to the extent required by Code Section 409A and
Treasury Regulations thereunder, benefits (whether through plan participation, reimbursement, in-kind benefits or otherwise) shall commence on the first day of the month following the six-month anniversary of the Employee’s termination or
resignation, with any reimbursements or other payments delayed under this sentence payable in a single sum on such delayed commencement date; and 
 (2) Notwithstanding anything in this Agreement to the contrary: 
 (i) If Employee
breaches Section 10 or 11, Employee will not thereafter be entitled to receive any further compensation or benefits pursuant to this Section 9(d); and 
 (ii) If, while he is receiving payments under this Section 9(d), Employee engages in a Competitive Business within the area described in Section 11(i), such payments will cease and he will not
thereafter be entitled to receive any compensation or benefits pursuant to this Section 9(d) even though such conduct occurs after the covenants contained in Section 11 have expired. 

(3) The Corporation shall not be required to make payment of the Termination Compensation or any portion thereof to the extent such
payment is prohibited by the terms of the regulations presently found at 12 C.F.R. part 359 or to the extent that any other governmental approval of the payment required by law is not received. 

 (4) Except as set forth in Sections 9(d)(2) and 9(d)(3), the Corporation’s obligation
to pay the Employee the compensation provided in Section 9(d)(1) shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right
which the Corporation may have against him or anyone else. All amounts payable by the Corporation hereunder shall be paid without notice or demand. Each and every payment made hereunder by the Corporation shall be final and the Corporation will not
seek to recover all or any part of such payment from the Employee or from whosoever may be entitled thereto, for any reason whatsoever. The Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by
seeking other employment or otherwise. 
 (5) For purposes of this Agreement, “Good Reason” shall mean: 

(i) The assignment of duties to the Employee by the Corporation which result in the Employee having significantly less authority or
responsibility than he has on the date hereof, without his express written consent; 
 (ii) Requiring the Employee to maintain
his principal office outside a 25 mile radius of Clarke County, Virginia unless the Corporation moves its principal executive offices to a place to which the Employee is required to move; 

(iii) A reduction by the Corporation of the Employee’s base salary, as the same may have been increased from time to time;

 (iv) The failure of the Corporation to provide the Employee with substantially the same fringe benefits that are provided to
him at the inception of this agreement; 
 (v) The Corporation’s failure to comply with any material term of this
Agreement; or 
 (vi) The failure of the Corporation to obtain the assumption of and agreement to perform this Agreement by any
successor as contemplated in Section 13 hereof. 
 (e) The Corporation shall have the right to terminate Employee’s
employment under this Agreement at any time for Cause, within 30 days of the occurrence, which termination shall be effective immediately. Termination for “Cause” shall include termination for Employee’s personal dishonesty,
incompetence, willful misconduct, breach of a fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final
cease-and-desist order, conviction of a felony or of a misdemeanor involving moral turpitude, misappropriation of the Corporation’s assets (determined on a reasonable basis) or those of its Affiliates, or material breach of any other provision
of this Agreement. In the event Employee’s employment under this Agreement is terminated for Cause, Employee shall thereafter have no right to receive compensation or other benefits under this Agreement. 

(f) The Corporation may terminate Employee’s employment under this Agreement, after having established the Employee’s
disability by giving to Employee written notice of its intention to terminate his employment for disability and his employment with the Corporation shall terminate effective on the 90th day after receipt of such notice if within 90 days after such
receipt Employee shall fail to return to the full-time performance of the essential functions of his position (and if Employee’s disability has been established pursuant to the definition of “disability” set forth below). For purposes
of this Agreement, “disability” means either (i) disability which after the expiration of more than 13 consecutive weeks after its commencement is determined to be total and permanent by a physician selected and paid for by the
Corporation or its insurers, and acceptable to Employee or his legal representative, which consent shall not be unreasonably withheld or (ii) disability as defined in the policy of disability insurance maintained by the Corporation or its
Affiliates for the benefit of Employee, whichever shall be more favorable to Employee. Notwithstanding any other provision of this Agreement, the Corporation shall comply with all requirements of the Americans with Disabilities Act, 42 U.S.C. §
12101 et. seq. 
 (g) If Employee is suspended and/or temporarily prohibited from participating in the conduct of
the Corporation’s affairs by a notice served pursuant to the Federal Deposit Insurance Act, the Corporation’s obligations under this Employment Agreement shall be suspended as of the date of service unless stayed by appropriate
proceedings. If the charges in the notice are dismissed, the Corporation may in its discretion (i) pay Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in
part) any of its obligations which were suspended with any such payment made by March 15 following the calendar year in which such charges are dismissed. 
 (h) If Employee is removed and/or permanently prohibited from participating in the conduct of the Corporation’s affairs by an order issued under the Federal Deposit Insurance Act or the Code of
Virginia, all obligations of the Corporation under this Employment Agreement shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected. 

(i) (1) If Employee’s employment is terminated without Cause or if he resigns for Good Reason within one year after a Change of
Control shall have occurred, then on or within thirty (30) days before Employee’s last day of employment with the Corporation, the Corporation shall pay to Employee as compensation for services rendered to the Corporation and its
Affiliates a lump sum cash amount (subject to any applicable payroll or other taxes required to be withheld) equal to the excess, if any, of 299% of Employee’s “annualized includable compensation for the base period”, as defined in
Section 280G of the Internal Revenue Code of 1986 (the “Code”), over the total amount payable to Employee under Section 9(d). Notwithstanding the foregoing, to the to the extent required because Employee is a “specified
employee” for purposes of Code Section 409A, on the date of his termination, the payment described in this Section (i)(1), above, shall be made on the first day of the month following the six-month anniversary of Employee’s date of
termination. 
 (2) For purposes of this Agreement, a Change of Control occurs if, after the date of this Agreement,
(i) any person, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, becomes the owner or beneficial owner of Corporation securities having 50% or more of the combined voting power of the
then outstanding Corporation securities that may be cast for the election of the Corporation’s directors other than a result of 

 
an issuance of securities initiated by the Corporation, or open market purchases approved by the Board of Directors, as long as the majority of the Board of Directors approving the purchases is a
majority at the time the purchases are made; or (ii) as the direct or indirect result of, or in connection with, a tender or exchange offer, a merger or other business combination, a sale of assets, a contested election of directors, or any
combination of these events, the persons who were directors of the Corporation before such events cease to constitute a majority of the Corporation’s Board, or any successor’s board, within one year of the last of such transactions. For
purposes of this Agreement, a Change of Control occurs on the date on which an event described in (i) or (ii) occurs. If a Change of Control occurs on account of a series of transactions or events, the Change of Control occurs on the date
of the last of such transactions or events. 
 (3) It is the intention of the parties that no payment be made or benefit
provided to Employee pursuant to this Agreement that would constitute an “excess parachute payment” within the meaning of Section 280G of the Code and any regulations thereunder, thereby resulting in a loss of an income tax deduction
by the Corporation or the imposition of an excise tax on Employee under Section 4999 of the Code. If the independent accountants serving as auditors for the Corporation on the date of a Change of Control (or any other accounting firm designated
by the Corporation) determine that some or all of the payments or benefits scheduled under this Agreement, as well as any other payments or benefits on a Change of Control, would be nondeductible by the Company under Section 280G of the Code,
then the payments scheduled under this Agreement will be reduced to one dollar less than the maximum amount which may be paid without causing any such payment or benefit to be nondeductible. The determination made as to the reduction of benefits or
payments required hereunder by the independent accountants shall be binding on the parties. 
 Section 10.
Confidentiality/Nondisclosure. Employee covenants and agrees that any and all information concerning the customers, businesses and services of the Corporation of which he has knowledge or access as a result of his association with the
Corporation in any capacity, shall be deemed confidential in nature and shall not, without the proper written consent of the Corporation, be directly or indirectly used, disseminated, disclosed or published by Employee to third parties other than in
connection with the usual conduct of the business of the Corporation. Such information shall expressly include, but shall not be limited to, information concerning the Corporation’s trade secrets, business operations, business records, customer
lists or other customer information. Upon termination of employment Employee shall deliver to the Corporation all originals and copies of documents, forms, records or other information, in whatever form it may exist, concerning the Corporation or
its business, customers, products or services. In construing this provision it is agreed that it shall be interpreted broadly so as to provide the Corporation with the maximum protection. This Section 10 shall not be applicable to any
information which, through no misconduct or negligence of Employee, has previously been disclosed to the public by anyone other than Employee. 
 Section 11. Covenant Not to Compete. During the term of this Agreement and throughout any further period that he is an officer or employee of the Corporation, and for a period of twelve
(12) months from and after the date that Employee is (for any reason) no longer employed by the Corporation or for a period of twelve (12) months from the date of entry by a court of competent jurisdiction of a final judgment enforcing
this covenant in the event of a breach by Employee, whichever is later, Employee covenants and agrees that he will not, directly or indirectly, either as a principal, agent, employee, employer, stockholder, co-partner or in any other individual or
representative capacity whatsoever: (i) engage in a Competitive Business anywhere within a fifty (50) mile radius of the location of the Corporation’s principal executive offices on the date Employee’s employment
terminates; or (ii) solicit, or assist any other person or business entity in soliciting, any depositors or other customers of the Corporation to make deposits in or to become customers of any other financial institution conducting a
Competitive Business; or (iii) induce any individuals to terminate their employment with the Corporation or its Affiliates. As used in this Agreement, the term “Competitive Business” means all banking and financial products and
services that are substantially similar to those offered by the Corporation on the date that Employee’s employment terminates. Employee’s obligations under this Section 11 shall terminate on the date a Change of Control occurs.

 Section 12. Injunctive Relief, Damages, Etc. Employee agrees that given the nature of the positions held by
Employee with the Corporation, that each and every one of the covenants and restrictions set forth in Sections 10 and 11 above are reasonable in scope, length of time and geographic area and are necessary for the protection of the significant
investment of the Corporation in developing, maintaining and expanding its business. Accordingly, the parties hereto agree that in the event of any breach by Employee of any of the provisions of Sections 10 or 11 that monetary damages alone will not
adequately compensate the Corporation for its losses and, therefore, that it may seek any and all legal or equitable relief available to it, specifically including, but not limited to, injunctive relief and Employee shall be liable for all damages,
including actual and consequential damages, costs and expenses, including legal costs and actual attorneys’ fees, incurred by the Corporation as a result of taking action to enforce, or recover for any breach of, Section 10 or
Section 11. The covenants contained in Sections 10 and 11 shall be construed and interpreted in any judicial proceeding to permit their enforcement to the maximum extent permitted by law. Should a court of competent jurisdiction determine that
any provision of the covenants and restrictions set forth in Section 11 above is unenforceable as being overbroad as to time, area or scope, the court may strike the offending provision or reform such provision to substitute such other terms as
are reasonable to protect the Corporation’s legitimate business interests. 
 Section 13. Binding
Effect/Assignability. This Employment Agreement shall be binding upon and inure to the benefit of the Corporation and Employee and their respective heirs, legal representatives, executors, administrators, successors and assigns, but neither this
Agreement, nor any of the rights hereunder, shall be assignable by Employee or any beneficiary or beneficiaries designated by Employee. The Corporation will require any successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business, stock or assets of the Corporation, by agreement in form and substance reasonably satisfactory to the Employee, to expressly assume and agree to perform this Agreement in its entirety. Failure
of the Corporation to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement. As used in this Agreement, “Corporation” shall include any successor to its business, stock or assets as
aforesaid which executes and delivers the agreement provided for in this Section 13 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 

Section 14. Governing Law. This Employment Agreement shall be subject to and construed in accordance with the laws of
Virginia. 
 Section 15. Invalid Provisions. The invalidity or unenforceability of any particular provision of this
Employment Agreement shall not affect the validity or enforceability of any other provisions hereof, and this Employment Agreement shall be construed in all respects as if such invalid or unenforceable provisions were omitted. 

 Section 16. Notices. Any and all notices, designations, consents, offers,
acceptance or any other communications provided for herein shall be given in writing and shall be deemed properly delivered if delivered in person or by registered or certified mail, return receipt requested, addressed in the case of the Corporation
to its registered office or in the case of Employee to his last known address. 
 Section 17. Entire Agreement. 

 (a) This Employment Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof
and supersedes any and all other agreements, either oral or in writing, among the parties hereto with respect to the subject matter hereof. 
 (b) This Employment Agreement may be executed in one or more counterparts, each of which shall be considered an original copy of this Agreement, but all of which together shall evidence only one
agreement. 
 Section 18. Amendment and Waiver. This Employment Agreement may not be amended except by an instrument
in writing signed by or on behalf of each of the parties hereto. No waiver of any provision of this Employment Agreement shall be valid unless in writing and signed by the person or party to be charged. 

Section 19. Case and Gender. Wherever required by the context of this Employment Agreement, the singular or plural case and
the masculine, feminine and neuter genders shall be interchangeable. 
 Section 20. Captions. The captions used in
this Employment Agreement are intended for descriptive and reference purposes only and are not intended to affect the meaning of any Section hereunder. 
 Section 21. Code Section 409A. Any benefit, payment or other right provided by this Agreement shall be provided and made in a manner, and at such time, and in such form, as complies with
the applicable requirements of Code Section 409A to avoid a plan failure described in Code Section 409A(a)(1), including without limitation, deferring payment until the occurrence of a specified payment event described in Code
Section 409A(a)(2). Notwithstanding any other provision hereof or document pertaining hereto, this Agreement shall be so construed and interpreted. 
 IN WITNESS WHEREOF, the Corporation has caused this Employment Agreement to be signed by its duly authorized officer and Employee has hereunto set his hand and seal on the day and year first above
written. 
  

			
	EAGLE FINANCIAL SERVICES, INC.
		
	By:	 	 /s/ JOHN R. MILLESON

	Title: President

  

	
	ATTEST:
	
	 /s/ KALEY P. CROSEN

  

	
	EMPLOYEE
	
	 /s/ ROBERT C. BOYD (SEAL)

	Robert C. Boyd

  

	
	ATTEST:
	
	 /s/ KALEY P. CROSEN

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