Document:

Exhibit 4.39

 

 

EXECUTION COPY 

 

 

Form of Employment Agreement

 

This employment agreement (the "Agreement")
is entered into by and between ("you" or "your") and Acorn International, Inc., an exempted company incorporated
in the Cayman Islands with limited liability or one of its subsidiaries (the "Company"). This Agreement has an effective
date as of (the "Effective Date").

 

In consideration of the mutual covenants
and promises made in this Agreement, you and the Company agree as follows:

 

1. Position and Responsibilities.
As of the Effective Date, you will serve as a full-time employee of the Company as the [Title]. As [Title], you shall have overall
authority and responsibility for the Company and all Company (or affiliate) personnel and business functions shall report to you
and you shall have the duties, responsibilities and authority that are customarily associated with such position of being the most
senior executive officer of the Company. You shall devote sufficient time and efforts to the Company's business in order to satisfy
your duties provided that you may continue your involvement with other existing and future business endeavors in addition to the
Company, devoting as much time and attention to the same as you wish so long as such activities do not prohibit fulfillment of
your duties to the Company. For the avoidance of doubt, it is understood and agreed that you are active as an investor in many
other ventures, that you serve as director, officer, and chairman for various other entities, and that your business and personal
activities outside the Company currently require, and are likely to continue to require, significant time and attention including
significant time outside of China. You shall report solely and directly to the Board. You shall have an office at the Company's
headquarters in the area of Shanghai, the People’s Republic of China, but you shall be permitted to work anywhere in the
world, so long as consistent with fulfillment of your duties. You may be required to travel on behalf of the Company in accordance
with the Company's travel policies.

 

2. Term. Your employment with
the Company is for no specified duration and either you or the Company may terminate your employment subject to the terms and provisions
of this Agreement.

 

3. Salary, Bonus and Equity Incentives.

 

(a) Base Salary. During your employment
as [Title], you will be paid an annual base salary of RMB   (the "Base Salary") for your services to the Company
as [Title], payable in the time and manner that the Company customarily pays its employees provided that you will receive pro-rata
payments of Base Salary on at least a monthly basis. Your Base Salary shall also be reviewed periodically for adjustment so that
your Base Salary is competitive and such review shall be done in conformity with the Company's administrative practices and such
review shall take into account your individual performance and the Company's performance. Your Base Salary may not be reduced without
your advance written consent and any such reduction without your consent shall be a material breach of this Agreement by the Company.

 

     

     

    

 

(b) Bonuses. During your employment
as [Title], you will be eligible to participate in any bonus programs as set forth by the Board. In addition, you will be eligible
to earn an annual cash bonus each fiscal year based on reasonable objective performance goals which are in writing and which are
mutually established by the Board and yourself within no later than 30 days into the applicable fiscal year. Your annual target
cash bonus amount will be equal to  of your annual rate of Base Salary at the end of the applicable fiscal year. In any
year, you will be eligible to earn up to  of your annual target bonus amount for superior performance. The actual amount
of the annual bonus paid to you, if any, shall be determined based on the degree of achievement of such performance goals and shall
be paid to you as soon as reasonably practicable after the end of the performance fiscal year and the publication of the Company's
annual financial statements but in no event later than seventy (70) days after the end of such fiscal year. You must be employed
with the Company through the last day of the applicable fiscal year in order to receive such payment. Your annual target bonus
opportunity may not be reduced without your advance written consent and any such reduction without your consent shall be a material
breach of this Agreement by the Company.

 

4. Expense Reimbursement. While
you are an employee of the Company, you will be promptly reimbursed for all reasonable and necessary business expenses (including,
but without limitation, travel expenses) upon the properly completed submission of requisite forms and receipts to the Company.

 

5. Change of Control.

 

(a) Definition. For purposes of this
Agreement, a "Change of Control" shall mean any of the following:

 

(i) The consummation of a merger
or consolidation of the Company with or into another entity or any other corporate reorganization, if more than 50% of the combined
voting power of the continuing or surviving entity's securities outstanding immediately after such merger, consolidation or other
reorganization is owned by persons who in the aggregate owned less than 20% of the Company's combined voting power represented
by the Company's outstanding securities immediately prior to such merger, consolidation or other reorganization;

 

(ii) The complete liquidation of
the Company;

 

(iii) The sale, liquidation or disposition
by the Company of all or substantially all of the Company's assets; or

 

(iv) Any transaction as a result
of which any person is the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly
or indirectly, of securities of the Company representing at least 30% of the total voting power represented by the Company's then
outstanding voting securities. For purposes of this Paragraph (iii), the term "person" shall have the same meaning as
when used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934 but shall exclude:

 

(A) A trustee or other fiduciary
holding securities under an employee benefit plan of the Company or a subsidiary of the Company;

 

(B) A corporation owned directly
or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of the common stock of
the Company; and

 

(C) The Company.

 

A transaction shall not constitute a Change
of Control if its sole purpose is to change the jurisdiction of the Company's incorporation or to create a holding company that
will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transactions.

 

     

     

    

 

(b) Limitation on Payments. In the
event that it is determined that any payment or distribution of any type to or for the benefit of you (whether under this Agreement
or otherwise) made by the Company, by any of its affiliates, by any person who acquires ownership or effective control of the Company
or ownership of a substantial portion of the Company's assets (within the meaning of section 280G of the U.S. Internal Revenue
Code of 1986 as amended ("Code"), and the regulations thereunder) or by any affiliate of such person, whether paid or
payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the "Total Payments"),
would either be subject to the excise tax imposed by section 4999 of the Code (or nondeductible by the Company under Code Section
280G) or any interest or penalties with respect to such excise tax (such excise tax or nondeductibility, together with any such
interest or penalties, are collectively referred to as the "Excise Tax"), then in the manner which maximizes your after-tax
retained amounts. ,

 

you in your discretion may request the Company
to solicit a vote of such shareholders (described in Code Section 280G(b)(5)(B) and in which case the Company shall conduct a shareholder
vote to comply with the requirements specified under Code Section 280G and the regulations promulgated thereunder. Any reduction
in Total Payments required in connection with the shareholder vote shall be effected in the manner which maximizes your after-tax
retainment of the Total Payments.

 

All mathematical determinations and all determinations
of whether any of the Total Payments are "parachute payments" (within the meaning of section 280G of the Code) that are
required to be made under this section, shall be made by a nationally recognized independent audit firm mutually selected by you
and the Company (the "Accountants"), who shall provide their determination, together with detailed supporting calculations
regarding the amount of any relevant matters, both to the Company and to you. Such determination shall be made by the Accountants
using reasonable good faith interpretations of the Code. As expressly permitted by Q/A #32 of the Code Section 280G regulations,
with respect to performing any present value calculations that are required in connection with this section, you and Company each
affirmatively elect to utilize the U.S. Applicable Federal Rates ("AFR") that are in effect as of the Effective Date
and the Accountants shall therefore use such AFRs in their determinations and calculations. The Company shall pay the fees and
costs of the Accountants which are incurred in connection with this section.

 

6. Employee Benefit Programs.
During your employment with the Company, you will be entitled to participate in all Company employee benefit plans and programs
at the time or thereafter made available to Company senior executives and/or all of the Company's salaried employees generally,
including, without limitation, any savings or profit sharing plans, deferred compensation plans, stock option incentive plans,
group life insurance, accidental death and dismemberment insurance, hospitalization, surgical, major medical and dental coverage,
vacation, sick leave (including salary continuation arrangements), long-term disability, holidays and other employee benefit programs
sponsored by the Company. Commencing with the Effective Date, you shall begin to accrue five weeks of vacation annually on a pro-rata
basis with no limit on the amount of total vacation that can be accrued. You will also be indemnified to the maximum extent permitted
by law pursuant to the Company's Memorandum and Articles of Incorporation and an indemnification agreement reasonably acceptable
to you and the remainder of the Board, and you will also be covered by a customary director and officer insurance policy.

 

     

     

    

 

7. Consequences of Termination of Employment.
Your last day of employment is the Termination Date. Upon termination of your employment for any reason, you shall receive payment
from the Company covering the following: (i) all unpaid salary and unpaid vacation accrued through the Termination Date, (ii) any
payments/benefits to which you are entitled under the express terms of any applicable Company employee benefit plan or this Agreement
(including without limitation payment of bonuses for prior completed years) and (iii) any unreimbursed valid business expenses
for which you have submitted properly documented reimbursement requests (collectively, (i) through (iii) are the "Accrued
Pay"). You may also be eligible for other post-employment payments and benefits as provided in this Agreement.

 

(a) For Cause. For purposes of this
Agreement, your employment may be terminated by the Company for "Cause" as a result of the occurrence of one or more
of the following:

 

(i) any gross misconduct or violation
of law which is materially injurious to the operations, financial condition or business reputation of the Company or any affiliate;

 

(ii) your conviction (or entering
into a plea bargain admitting criminal guilt) of a felony crime;

 

(iii) your material breach of this
Agreement or other written agreement with the Company; or

 

(iv) your material violation of
any Company written policy that has been previously provided to you.

 

The Company shall provide you with 30 days’
advance written notice detailing the basis for the termination of employment for Cause. During the 30 day period after you have
received such notice, you shall have an opportunity to cure or remedy the above and, for any of the above, to present your case
to the full Board before any termination for Cause is finalized by the Company. You shall continue to receive the compensation
and benefits provided by this Agreement during the 30 day period after you receive the written notice of the Company's intention
to terminate your employment for Cause.

 

In the event your employment is terminated
by the Company for Cause you will be entitled only to your Accrued Pay.

 

(b) Without Cause or for Good Reason.
The Company may terminate your employment without Cause at any time and for any reason without notice or you may resign your employment
for Good Reason (as defined below) upon thirty days advance written notice. If your employment is terminated by the Company without
Cause or by you for Good Reason, then subject to your timely compliance with the release of claims requirements specified in the
next paragraph, you will be entitled to continue to receive the sum of your annual Base Salary plus annual target bonus amount,
payable on a pro-rata monthly basis following your Termination Date, for 24 months after your Termination Date with the first such
installment occurring on the 60th day after your Termination Date. However, if such Termination Date occurs during the twenty-four
(24) month period after a Change of Control, then you shall instead receive a single cash lump sum payment equal to the product
of 2.5 multiplied by the sum of your annual Base Salary plus annual target bonus with such payment occurring on the 60th day after
your Termination Date. Subject to cessation if you receive comparable coverage through another employer, the Company shall continue
to pay the Company portion of the premium for your Company group medical insurance coverage for 24 months after the Termination
Date provided you timely pay your portion of the necessary premium. In addition, your unvested stock options or other unvested
Company compensatory equity, if any, shall become immediately fully vested as of your Termination Date. And you shall also be entitled
to receive a full bonus under Section 3(b) for the fiscal year of termination depending upon the degree of attainment of the performance
goals for such year and with payment to occur at the time specified in Section 3(b). As a condition to receiving (and continuing
to receive) the severance payments and benefits provided in this Section 7(b), you must within forty-five (45) days of your Termination
Date, execute (and then not revoke) a release agreement (which will include only a general release of claims and no other covenants
or obligations for you) which releases all of your known and unknown claims that you may then have against the Company or affiliates
of the Company.

 

     

     

    

 

Subject to the express language in this Section
7(b) and Section 14, you shall not be required to mitigate the amount of any payment or benefit contemplated by this Section 7(b),
nor shall any such payment or benefit be reduced by any earnings or benefits that you may receive from any other source.

 

For purposes of this Agreement, you may resign
your employment from the Company for "Good Reason" within one hundred (100) days after the date that any one of the events
shown below in (v) through (y) (any one of which shall constitute "Good Reason") has first occurred without your written
consent. Your resignation for Good Reason can only be effective if the Company has not cured the Good Reason event within 30 days
after its receipt of written notice from you stating your belief that Good Reason exists. Such written notice must be provided
to the Company within 60 days of the initial existence of the purported Good Reason event and shall generally describe the basis
and underlying facts supporting your belief that a Good Reason event has occurred. If the Company does timely and fully cure the
Good Reason event, then you may either resign your employment without Good Reason or you may continue to remain employed subject
to the terms of this Agreement.

 

(v) You have experienced a reduction in your
Base Salary;

 

(w) You have experienced a diminution in
your authority, duties, responsibilities, or reporting structure as specified in Section 1;

 

(x) You are required at the direction of
the Board of Directors to regularly work in a particular geographic location;

 

(y) The Company has materially breached this
Agreement or a written Company policy applicable to you; or

 

(z) Your death or termination of your employment
due to your disability.

 

(c) Voluntary Termination. In the
event you voluntarily terminate your employment with the Company without Good Reason, you will be entitled to receive only your
Accrued Pay. You will be entitled to no other compensation from the Company. You agree to provide the Company with at least 30
days advance written notice of your intent to resign without Good Reason. If the Company waives such notice period, you will still
be entitled to receive all compensation and benefits that would otherwise be paid to you for the full duration of the notice period.

 

(d) Disability. For purposes of this
Agreement, "disability" is defined to occur when you are unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can
be expected to last for a continuous period of not less than twelve (12) months.

 

8. Proprietary Information and Inventions
Agreement; Confidentiality. You will be required, as a condition of your ongoing employment with the Company, to timely
execute the Company's form of proprietary information and inventions agreement as may be amended from time to time by the Company.
You must continue to abide by this agreement, post-employment, and if you violate this agreement then any post-employment benefits
which you would otherwise be entitled to receive shall be terminated without consideration. Notwithstanding any requirement that
the Company may have to disclose the terms and provisions of this Agreement, you agree to keep confidential the existence of this
Agreement and its terms and provisions except as otherwise required by law.

 

     

     

    

 

9. Assignability; Binding Nature.
Commencing on the Effective Date, this Agreement will be binding upon you and the Company and your respective successors, heirs,
and assigns. This Agreement may not be assigned by you except that your rights to compensation and benefits hereunder, subject
to the limitations of this Agreement, may be transferred by will or operation of law. No rights or obligations of the Company under
this Agreement may be assigned or transferred except by operation of law in the event of a merger or consolidation in which the
Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company provided
that the assignee or transferee is the successor to all or substantially all of the assets of the Company and assumes the Company's
obligations under this Agreement contractually or as a matter of law.

 

10. Governing Law; Arbitration.
This Agreement will be deemed a contract made under, and for all purposes shall be construed in accordance with, the laws of the
State of Nevada. Any dispute, controversy or claim arising out of or relating to this Agreement, including the existence, validity,
interpretation, performance, breach or termination thereof or any dispute regarding contractual or non-contractual obligations
arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International
Arbitration Centre under the Hong Kong International Arbitration Centre Administered Arbitration rules in force when the notice
of arbitration is submitted. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be three. The arbitration
proceedings shall be conducted in English. Any reasonable legal fees incurred by you in connection with the implementation of this
Agreement or in connection with any dispute involving this Agreement shall be paid by the Company. The Company’s payment
of such fees shall be made to you or your counsel within 30 days of the Company’s receipt of applicable invoices and such
invoices shall be provided to the Company within 45 days after the end of the calendar month in which such fees were incurred.

 

     

     

    

 

11. Taxes. Anything to the
contrary notwithstanding, all payments made by the Company to you or your estate or beneficiaries will be subject to tax withholding
pursuant to any applicable laws or regulations. This Agreement is intended to not violate Code Section 409A and accordingly it
shall be interpreted and administered by the Company to comply with the requirements of section 409A of the Code. In the event
this Agreement or any benefit paid to you is deemed to be subject to section 409A of the Code, the Company shall, after consultation
with you, affirmatively adopt whatever amendments are needed to comply with section 409A of the Code and avoid the imposition of
taxes under Code Section 409A and with such amendment preserving the compensation and benefits to which you are entitled. Each
payment made pursuant to any provision of this Agreement shall be considered a separate payment and not one of a series of payments
for purposes of Code Section 409A. If upon your "separation from service" within the meaning of Code Section 409A, you
are then a "specified employee" (as defined in Code Section 409A), then solely to the extent necessary to comply with
Code Section 409A and avoid the imposition of taxes under Code Section 409A, the Company shall defer payment of "nonqualified
deferred compensation" subject to Code Section 409A payable as a result of and within six (6) months following such "separation
from service" under this Agreement until the earlier of (i) the first business day of the seventh month following your "separation
from service," or (ii) ten (10) days after the Company receives written notification of your death. Any such delayed payments
shall be made with interest accruing at the rate of the then U.S. short-term applicable federal rate. To the extent any nonqualified
deferred compensation payment to you could be paid in one or more of your taxable years depending upon you completing certain employment-related
actions, then any such payments will commence or occur in the later taxable year to the extent required by Code Section 409A. Any
reimbursement payable to you under this Agreement or pursuant to any plan or arrangement of the Company shall be paid in accordance
with the Company's established procedures provided, however, that to the extent necessary to comply with Code Section 409A, the
following requirements will be adhered to: (1) such reimbursement arrangements will provide an objectively determinable nondiscretionary
definition of the expenses eligible for reimbursement or of the in-kind benefits to be provided, (2) such reimbursement arrangements
will provide for the reimbursement of expenses incurred or for the provision of the in-kind benefits during an objectively and
specifically prescribed period (including your lifetime), (3) such reimbursement arrangements will provide that the amount of expenses
eligible for reimbursement, or in-kind benefits provided, during your taxable year may not affect the expenses eligible for reimbursement,
or in-kind benefits to be provided, in any other taxable year, (4) the reimbursement of an eligible expense will be made on or
before the last day of your taxable year following the taxable year in which the expense was incurred, and (5) the right to reimbursement
or in-kind benefits will not be subject to liquidation or exchange for another benefit. Additionally, to the extent required by
Code Section 409A, an eligible reimbursement expense must be incurred by you no later than the end of the second year following
the year in which your separation from service occurs and any reimbursement payments to you must be made not later than the end
of the third year following your separation from service (or, in the case of in-kind benefits, by the end of the second year following
your separation from service). In the event you are subject to additional taxes, interest and/or penalties imposed by any of Code
Sections 280G, 4999 and/or 409A with respect to any payments or benefits due to you under this Agreement or otherwise, the Company
shall pay you a cash amount equal to the sum of: (i) any taxes interest and/or penalties that may be imposed on you under such
Code Sections (the “Tax Restoration”) and (ii) for any taxes (including excise taxes) imposed on the Tax Restoration
payment, with all such computations performed applying the then highest aggregate marginal tax rates. Such payment shall be made
to you within thirty days of the determination that such taxes are owed and will be in an amount so that you will be in the same
position on an after-tax basis that you would have been if no Code Section 280G, 4999 and/or 409A taxes, excise taxes, interest
and/or penalties had been imposed. Additionally, the Company shall ensure that you do not pay more federal, state, and foreign
income taxes for any calendar year than you would have paid had employment been entirely in your home country (any such excess
taxes are the “Expat Taxes”). The Company shall pay you a cash amount equal to the sum of: (i) any Expat Taxes (“Expat
Tax Restoration”) and (ii) for any taxes (including excise taxes) imposed on the Expat Tax Restoration payment, with all
such computations performed applying the then highest aggregate marginal tax rates. Such payment shall be made to you within thirty
days of the determination that such taxes are owed and will be in an amount so that you will be in the same position on an after-tax
basis that you would have been if no Expat Taxes had been imposed. The Company shall also, within 45 days of being incurred, pay
(on a tax-effected basis applying the highest aggregate marginal tax rates) for the costs of timely preparing and filing your tax
returns that need to be filed with countries other than your home country.

 

     

     

    

 

12. Entire Agreement. Except
as otherwise specifically provided in this Agreement, this Agreement contains all the legally binding understandings and agreements
between you and the Company pertaining to the subject matter of this Agreement and supersedes all such agreements, whether oral
or in writing, previously entered into between the parties.

 

13. Covenants. As a condition
of this Agreement and to your receipt of any post-employment benefits, you agree that you will comply with all of the covenants
set forth in this Section 13.

 

(a) Within ten days after the Termination
Date, you shall execute the Company's Proprietary Information Agreement Termination Certification (or its successor agreement);

 

(b) Within ten days after the Termination
Date, you shall return to the Company all Company property including, but not limited to, computers, cell phones, pagers, keys,
laboratory notebooks, business cards, intellectual property, etc. and you shall not retain any copies, facsimiles or summaries
of any Company proprietary information;

 

(c) You will fully pay off any outstanding
advances, loans or debts owed to the Company no later than their applicable due date or your Termination Date (if no other due
date has been previously established); and

 

(d) You will submit any outstanding expense
reports to the Company within 30 days after the Termination Date.

 

14. Notice. Any notice that
the Company is required to or may desire to give you shall be given by personal delivery, recognized overnight courier service,
email, telecopy or registered or certified mail, return receipt requested, addressed to you at your address of record with the
Company, or at such other place as you may from time to time designate in writing. Any notice that you are required or may desire
to give to the Company hereunder shall be given by personal delivery, recognized overnight courier service, email, telecopy or
by registered or certified mail, return receipt requested, addressed to the Company at its principal office, or at such other office
as the Company may from time to time designate in writing. The date of actual delivery of any notice under this Section 14 shall
be deemed to be the date of delivery thereof.

 

15. Waiver; Severability. No
provision of this Agreement may be amended or waived unless such amendment or waiver is agreed to by you and the Company in writing.
No waiver by you or the Company of the breach of any condition or provision of this Agreement will be deemed a waiver of a similar
or dissimilar provision or condition at the same or any prior or subsequent time. Failure or delay on the part of either party
hereto to enforce any right, power, or privilege hereunder will not be deemed to constitute a waiver thereof. In the event any
portion of this Agreement is determined to be invalid or unenforceable for any reason, the remaining portions shall be unaffected
thereby and will remain in full force and effect to the fullest extent permitted by law.

 

16. Voluntary Agreement. You
acknowledge that you have been advised to review this Agreement with your own legal counsel and other advisors of your choosing
and that prior to entering into this Agreement, you have had the opportunity to review this Agreement with your attorney and other
advisors and have not asked (or relied upon) the Company or its counsel to represent you or your counsel in this matter. You further
represent that you have carefully read and understand the scope and effect of the provisions of this Agreement and that you are
fully aware of the legal and binding effect of this Agreement. This Agreement is executed voluntarily by you and without any duress
or undue influence on the part or behalf of the Company.

 

Please acknowledge your acceptance and understanding
of this Agreement by signing and returning it to the undersigned. A copy of this signed Agreement will be sent to you for your
records.

 

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	ACORN INTERNATIONAL, INC.	 
	 	 
	 	 
	 	 
	 	 
	Date:	 
	 	 
	 	 
	 	 
	Acknowledged and Agreed	 
	 	 
	 	 
	Name:	 
	Date:EXHIBIT 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
made and entered into as of the 9th day of November, 2015, by and between CORDIA BANCORP INC., a Virginia corporation,
(hereinafter together with its Affiliates called “Corporation"), BANK OF VIRGINIA (hereinafter called “Bank”)
and ROY I. BARZEL (hereinafter called "Employee") (collectively “the Parties”), and provides as follows:

 

RECITALS

 

WHEREAS, the Corporation
is a bank holding company engaged in the operation of a bank; and

 

WHEREAS, the Bank hired
Employee pursuant to the offer letter attached hereto as Exhibit A because of his banking and managerial experience, knowledge,
skills and expertise in its business;

 

WHEREAS, the employment
of Employee by the Bank is and was in the best interests of the Corporation and Employee;

 

WHEREAS, at the time
the Bank hired Employee, due to regulatory restrictions the Bank had placed a hold on entering into an employment agreement with
an employee providing severance pay;

 

WHEREAS, the Corporation
desires to protect its confidential information and guard against unfair competition; and

 

WHEREAS, the Parties
have mutually agreed upon the terms and conditions of Employee's continued employment by the Bank as hereinafter set forth;

 

TERMS OF AGREEMENT

 

NOW, THEREFORE, for
and in consideration of the 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 Executive Vice President and Chief Credit Officer of the Bank. He shall perform such services
for the Corporation as may be assigned to Employee by the Corporation from time to time upon the terms and conditions hereinafter
set forth. Employee's services shall be rendered in a senior management or executive capacity and shall be of the type for which
he is suited by background and training.

 

(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, including but not limited
to the Bank. 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.
The term of this Agreement shall begin on the date of execution of this Agreement and, unless sooner terminated pursuant to Section
10 of this Agreement, shall terminate on June 30, 2017; provided that on June 30, 2016 the term
of this Agreement shall be extended for two years; and on June 30, 2018 and each June 30 thereafter, the term of this Agreement
shall be extended for one year. At any time either party may notify the other that this Agreement shall no longer be extended and
that this Agreement will terminate at the end of its current term.

 

Section 3. Exclusive
Service. Employee shall devote his best efforts and his full business 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 executive 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 $200,000 payable in accordance with established payroll practices of the Bank.
The Bank’s Board of Directors, in its discretion, may increase Employee’s base salary.

 

(b)          The
Bank 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 Bank. The Bank shall also withhold and remit to the proper
party any amounts agreed to in writing by the Bank and Employee for participation in any corporate sponsored benefit plans for
which an employee 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 Bank.

 

Section 5. Corporate
Benefit Plans/Other Benefits. During the term of this Agreement, Employee shall be entitled to participate in any employee
benefit plan of the Bank presently in effect or hereafter adopted by the Bank and generally available to any employees of senior
executive status in accordance with plan terms, as amended from time to time. In addition, Employee shall be entitled to other
benefits that are generally available to Bank employees of senior executive status.

 

Section 6. Bonuses/Equity
Grants. The Bank’s Board of Directors, in its discretion, may award bonuses to Employee from time to time. Employee will
be eligible to participate in any plans for executives that are adopted by the Bank’s Board of Directors to award equity
grants and/or bonuses.

 

    	 	2	 

     

    

 

Section 7. Expense
Account. The Bank shall reimburse Employee for reasonable and customary business expenses incurred in the conduct of the Bank's
business incurred during the term of this Agreement. Such expenses will include business meals, out-of-town lodging and travel
expenses. Employee agrees to timely submit records and receipts of reimbursable items and agrees that the Bank can adopt reasonable
rules and policies regarding such reimbursement. The Bank agrees to make prompt payment to Employee following receipt and verification
of such reports. In addition, the Bank will continue to pay a portion of Employee’s housing and travel expenses at the Employee’s
current rate of reimbursement for so long as the Employee maintains a secondary residence in Richmond during the term of this Agreement.

 

Section 8. 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.

 

(b)          Employee
may resign his employment upon thirty (30) days written notice to the Bank or at any time by mutual agreement in writing. It shall
not constitute a breach of this Agreement for the Bank to suspend Employee’s duties and to place Executive on a paid leave
during the notice period.

 

(c)          Except
as otherwise provided in this Section 8(c), this Agreement shall terminate upon death of Employee. In such event the Bank 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. In addition, Employee’s death is not intended to, and shall
not, prevent amounts to which Employee would have been entitled under Sections 8(d)(2) or 8(g) had he lived from being paid under
this Agreement to Employee’s estate or beneficiaries at the time or times such amounts would have been paid had Employee
lived.

 

(d)(1)     The
Bank may terminate Employee’s employment other than for “Cause,” as defined in Section 8(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 Bank for "Good Reason", as hereafter defined.

 

(2)         If
the Bank terminates the Employee's employment without Cause, then the Employee shall be paid for 12 months, at such times as payment
was theretofore made, his salary according to Section 4.

 

(3)         If
the Employee resigns for Good Reason, then the Employee shall be paid for 12 months, at such times as payment was theretofore made,
his salary according to Section 4.

 

(4)         In
the event of termination or resignation under Section 8(d)(2) or 8(d)(3), if Employee timely elects COBRA coverage, his current
benefits under group health and dental plans will continue through the shorter of one year or the remainder of the term of this
Agreement at the rates paid by active participants and the Bank will continue to pay its portion of the premiums during this period,
but in no event shall such benefits continue beyond the period permitted by COBRA and periods of coverage under this Agreement
shall offset Employee’s period of coverage under COBRA.

 

    	 	3	 

     

    

 

(5)         Notwithstanding
anything in this Agreement to the contrary, if Employee breaches Section 9 or 10, Employee will not thereafter be entitled to receive
any further compensation or benefits pursuant to this Section 8.

 

(6)         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 move his principal office to a location more than 15 miles from Richmond, Virginia, without Employee’s consent.

 

(iii)        The
Corporation’s material breach of this Agreement; or

 

(iv)       The
failure of the Corporation to obtain the assumption of and agreement to perform this Agreement by any successor.

 

(e)          The
Bank shall have the right to terminate Employee’s employment under this Agreement at any time for Cause, which termination
shall be effective immediately. Termination for “Cause” shall include termination for (i) Employee’s failure,
neglect or refusal to perform his duties and responsibilities to the satisfaction of the Bank without the same being corrected
after ten days prior written notice; (ii) his personal dishonesty, willful misconduct, or breach of a fiduciary duty involving
personal profit; (iii) violation of any law, rule or regulation in the course of Employee’s employment with the Bank; (iv)
conviction of a felony or of a misdemeanor involving moral turpitude; (v) misappropriation of the Corporation’s assets (determined
on a reasonable basis), or (vi) the material breach of any other provision of this Agreement. In the event Employee’s employment
under this Agreement is terminated for Cause, Employee shall be paid for all time worked, but thereafter have no right to receive
compensation or other benefits under this Agreement.

 

(f)          The
Bank may terminate Employee's employment under this Agreement if Employee is unable or expected to be unable to perform the essential
functions of his position for more than 90 consecutive days.

 

(g)(1)         If
Employee’s employment is terminated without Cause or if he resigns for Good Reason within one year after a Change of Control
has occurred, then the Bank shall pay to Employee his salary according to Section 4 for the longer of the remaining term of this
Agreement or 15 months, at such times as payment was theretofore made.

 

    	 	4	 

     

    

 

(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 Corporation’s Board of Directors, as long as the majority of the Corporation’s 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 Bank 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 or Bank on the date of a Change
of Control (or any other accounting firm designated by the Corporation or Bank) 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. Employee
shall have the right to designate within a reasonable period, which payments or benefits will be reduced; provided, however, that
if no direction is received from Employee, the Bank shall implement the reductions in its discretion.

 

(4)         In the event of a Change in
Control, any unvested stock options or restricted stock grants under the Company's 2011 Stock Incentive Plan will vest in accordance
with the terms of such plan.

 

Section 9. Confidentiality/Nondisclosure.
Employee covenants and agrees that any and all information maintained as confidential by the Corporation concerning the customers,
vendors, employees, employment applicants, investors, participating banks, 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, employment records, customer lists and contact information, or other confidential 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.
This Section 9 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.

 

    	 	5	 

     

    

 

Section 10. Covenant Not to Compete
and Related Covenants.

 

(a)          
During the Restricted Period, Employee covenants and agrees that he will not (except pursuant to this Agreement) engage in
Competitive Activity anywhere within a five (5) mile radius of any office operated by the Corporation, its subsidiaries
and/or affiliates on any date on which the conduct at issue occurs. Notwithstanding the foregoing, the restrictions imposed
by this Section 10 shall cease to apply in the event of termination without Cause or resignation for Good Reason within 12
months following a Change of Control. For purposes of this Section 10, Competitive Activity means performing services as the
senior credit or lending officer of a bank or financial institution offering banking and financial products and services
substantially similar to those offered by the Corporation on any date on which the conduct at issue occurs.

 

(b)          During
the Restricted Period, the Employee covenants and agrees not to solicit or induce, or attempt to induce, on behalf of himself or
any other individual or entity, any person to terminate their employment with the Corporation, its subsidiaries and/or affiliates
if those individuals provide, or have provided during all or part of the covenant period described in this Section 10(b), accounting,
credit, lending, information technology, account management or personal banking services for the Company, its subsidiaries and/or
affiliates or any other types of services that give those individuals significant contact with or knowledge of the customer base
of the Company. This Section 10(b) only applies to a person employed by the Corporation with whom Employee had contact, about whom
Employee had confidential information, or who Employee supervised, directly or indirectly, during Employee’s employment with
the Bank.

 

(c)          During
the Restricted Period, Employee will not, except to the extent necessary to carry out his duties as an employee of the Bank, solicit,
or assist any other person or business entity in soliciting, (i) any depositors or other customers of the Company, its subsidiaries
and/or affiliates to make deposits in or to become customers of any other financial institution offering banking and financial
products and services substantially similar to those offered by the Company, its subsidiaries and/or affiliates on any date on
which the conduct at issue occurs, (ii) any referral sources of the Company, its subsidiaries and/or affiliates to make a referral
to another financial institution for banking and financial products and services substantially similar to those offered by the
Company, its subsidiaries and/or affiliates on any date on which the conduct at issue occurs. This paragraph 10(c) shall only apply
to depositors, customers, or referral sources with whom Employee had contact or about whom Employee had confidential information.

 

(e)          The
Restricted Period is during the term of this Agreement and throughout any further period that Employee is an employee of the Bank,
and for the longer of (i) twelve (12) months from and after the date that Employee is (for any reason) no longer employed by the
Bank; or (ii) 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.

 

    	 	6	 

     

    

 

(h)          The
Employee agrees that the covenants in this Section 10 are reasonably necessary to protect the legitimate interests of the Corporation,
are reasonable with respect to the time and territory and do not interfere with the interests of the public. The Employee further
agrees that the descriptions of the covenants contained in this Section 10 are sufficiently accurate and definite to inform the
Employee of the scope of the covenants. Finally, the Employee agrees that the consideration set forth in this Agreement is full,
fair and adequate to support the Employee’s obligations hereunder and the Corporation’s rights hereunder. The Employee
acknowledges that in the event the Employee’s employment with the Bank is terminated for any reason, the Employee will be
able to earn a livelihood without violating such covenants.

 

(i)          The
parties have attempted to limit the Employee’s right to compete only to the extent necessary to protect the Corporation from
unfair competition. The parties recognize, however, that reasonable people may differ in making such a determination. Accordingly,
the parties intend that the covenants contained in this Section 10 be completely severable and independent, and any invalidity
or unenforceability of any one or more such covenants will not render invalid or unenforceable any one or more of the other covenants.
The parties further agree that, if the scope or enforceability of a covenant contained in this Section 10 is in any way disputed
at any time, and if permitted by applicable law, a court or other trier of fact may modify and reform such provision to substitute
such other terms as are reasonable to protect the Corporation’s legitimate business interests.

 

(j)          It
is agreed that notwithstanding the above to the contrary, Employee may engage in business ventures as long as they are not competitive
with the Corporation. Anything to the contrary notwithstanding, Employee may own, as a passive investor, securities of any public
competitor corporation, so long as his direct holdings in any one such corporation shall not in the aggregate constitute more than
one percent (1%) of the voting stock of such corporation. The parties intend that the covenants and restrictions in this Section
10 be enforceable against Employee regardless of the reason that his employment by the Bank may terminate. The existence of any
claim or cause of action by the Employee against the Corporation, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement by the Corporation of the restrictive covenants set forth in Sections 9 and 10 of this
Agreement.

 

Section 11. 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 9 and 10 above are reasonable in scope, length of time 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
9 or 10 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 9 or
Section 10. The covenants contained in Sections 9 and 10 shall be construed and interpreted in any judicial proceeding to permit
their enforcement to the maximum extent permitted by law.

 

    	 	7	 

     

    

 

Section 12. 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. Employee
agrees that Corporation can assign its rights and benefits under this Agreement to any successor to its business, stock or assets.

 

Section 13. Governing
Law. This Employment Agreement shall be subject to and construed in accordance with the laws of Virginia.

 

Section 14. Jury
Waiver. The Employee and the Corporation agree that in any litigation action or proceeding arising out of or relating to this
Agreement or the Employee’s employment with the Corporation, trial shall be in a court of competent jurisdiction without
a jury. The Employee and the Corporation irrevocably waive any right each may have to a jury trial and a copy of this Agreement
may be introduced as written evidence of the waiver of the right to trial by jury. The Corporation has not made and the Employee
has not relied on, any oral representation regarding the enforceability of this provision. The Employee and the Corporation have
read and understand the effect of this jury waiver provision.

 

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.

 

    	 	8	 

     

    

 

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. This Employment Agreement is intended to satisfy the requirements of Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”), and Treasury Regulations and other guidance thereunder and shall be administered
and interpreted accordingly. Notwithstanding any other provision of this Agreement, to the extent that Code Section 409A requires
payments to which Employee is entitled on account of a separation from service to be delayed due to Employee’s status as
a “specified employee” under Code Section 409A, (i) such payments shall be made or commence on the first day of the
seventh month following such separation from service or, if earlier the date of Employee’s death, with all amounts that would
have been payable during such period but for the required delay accumulated without interest and included in the first payment;
and (ii) all welfare benefit continuation to which Employee is entitled during such period of delay shall be maintained during
the period at Employee’s cost and, only to the extent such benefits would otherwise have been provided or paid for by the
Corporation, reimbursed by the Corporation as part of the first payment.

 

Section 22.         Regulatory
Requirements. Notwithstanding anything contained in this Agreement to the contrary, it is understood and agreed that the Corporation
(or any of its successors in interest) shall not be required to make any payment or take any action under this Agreement if:

 

(a)       such payment
or action is prohibited by any governmental agency having jurisdiction over the Corporation or any of its subsidiaries (hereinafter
referred to as “Regulatory Authority”) because the Corporation or any of its subsidiaries is declared by such Regulatory
Authority to be troubled, insolvent, in default or operating in an unsafe or unsound matter; or

 

(b)       such
payment or action (i) would be prohibited by or would violate any provision of state or federal law applicable to the Corporation,
including, without limitation, the Federal Deposit Insurance Act, as now in effect or hereafter amended, (ii) would be prohibited
by or would violate any applicable rules, regulations, orders or statements of policy, whether now existing or hereafter promulgated,
of any Regulatory Authority, or (iii) otherwise would be prohibited by any Regulatory Authority.

 

[SIGNATURES APPEAR ON THE NEXT PAGE]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
the Corporation and Bank have caused this Employment Agreement to be signed by its duly authorized officer and Employee has hereunto
set his hand on the 9th day of November, 2015.

 

	 	CORDIA BANCORP INC.
	 	 
	 	By: 	/s/ Jack Zoeller
	 	 	Jack Zoeller
	 	 	President and Chief Executive Officer
	 	 	 
	 	BANK OF VIRGINIA
	 	 	 
	 	By: 	/s/ Jack Zoeller
	 	 	Jack Zoeller
	 	 	Chairman
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	 	/s/ Roy I. Barzel
	 	 	Roy I. Barzel

 

    	 	10

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