Document:

EX-4.6

Exhibit 4.6

WARRANT CLARIFICATION AGREEMENT

This Warrant Clarification Agreement (this “Agreement”), dated as of January 29, 2007, relates
to the Warrant Agreement, dated as of June 8, 2006 (the “Warrant Agreement”), by and between
Community Bankers Acquisition Corp., a Delaware corporation, with offices at 717 King Street,
Alexandria, VA 22314 (the “Company”), and Continental Stock Transfer & Trust Company, a New York
corporation, with offices at 17 Battery Place, New York, New York 10004 (the “Warrant Agent”).

WHEREAS, Section 3.3.2 of the Warrant Agreement provides that the Company shall not be
obligated to deliver any securities pursuant to the exercise of a warrant unless a registration
statement under the Securities Act of 1933, as amended (“Securities Act”), with respect to the
common stock is effective.

WHEREAS, in furtherance of the foregoing, the Company’s final prospectus, dated June 5, 2006,
indicated (i) that no warrant would be exercisable unless at the time of exercise a prospectus
relating to the common stock issuable upon exercise of the warrant is current and the common stock
has been registered under the Securities Act or qualified or deemed to be exempt under the
securities laws of the state of residence of the holder of the warrant and (ii) that the warrant
may be deprived of any value and the market for the warrant may be limited if the prospectus
relating to the common stock issuable upon the exercise of the warrant is not current or if the
common stock is not qualified or exempt from qualification in the jurisdictions in which the holder
of the warrant resides.

WHEREAS, as a result of certain questions that have arisen regarding the accounting treatment
applicable to the warrants, the parties hereto deem it necessary and desirable to amend the Warrant
Agreement to clarify that the registered holders do not have the right to receive a net cash
settlement in the event the Company does not maintain a current prospectus relating to the common
stock issuable upon exercise of the warrants at the time such warrants are exercisable.

NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending
to be legally bound hereby, the parties hereto agree to amend the Warrant Agreement as set forth
herein.

1. Exercise of the Warrants. The undersigned hereby agree that the Warrant Agreement
is hereby clarified and amended, effective as of the date of the Warrant Agreement, by adding the
following two sentences to the end of Section 3.3.2:

“In no event will the registered holder of a Warrant be entitled to receive a net-cash
settlement or other consideration in lieu of physical settlement in shares of Common Stock if the
Common Stock underlying the Warrants is not covered by an effective registration statement.
Accordingly, the Warrants may expire unexercised and worthless if a current registration statement
covering the Common Stock is not effective.”

2. Miscellaneous.

a. Governing Law; Jurisdiction. The validity, interpretation, and performance
of this Agreement shall be governed in all respects by the laws of the State of New York,
without giving effect to conflict of laws. The Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this Agreement shall
be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such
exclusive jurisdiction and that such courts represent an inconvenience forum. Any such
process or summons to be served upon the Company may be served by transmitting a copy
thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it in care of the address set forth above or such other address as the
undersigned shall furnish in writing to the other. Such mailing shall be deemed personal
service and shall be legal and binding upon the Company in any action, proceeding or claim.

b. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and to their respective heirs, legal representatives,
successors and assigns.

c. Entire Agreement. This Agreement sets forth the entire agreement and
understanding between the parties as to the subject matter thereof and merges and supersedes
all prior discussions, agreements and understandings of any and every nature among them.
Except as set forth in this Agreement, provisions of the original Warrant Agreement which
are not inconsistent with this Agreement shall remain in full force and effect. This
Agreement may be executed in counterparts.

d. Severability. This Agreement shall be deemed severable, and the invalidity
or unenforceability of any term or provision hereof shall not affect the validity or
enforceability of this Agreement or of any other term or provision hereof. Furthermore, in
lieu of any such invalid or unenforceable term or provision, the parties hereto intend that
there shall be added as a part of this Agreement a provision as similar in terms to such
invalid or unenforceable provision as may be possible and be valid and enforceable.

[Balance of page intentionally left blank]

1

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

	 	 	 	 	 
	COMMUNITY BANKERS ACQUISITION CORP.

	By:
	 	_/s/ Gary A. Simanson _____________
	Name:
	 	 	—	 
	Title:
	 	Gary A. Simanson

	 
	 	President and CEO

	CONTINENTAL STOCK TRANSFER & TRUST

	By:
	 	_/s/ Steven G. Nelson ______________
	Name:
	 	 	—	 
	Title:
	 	Steven G. Nelson

	 
	 	Chairman

2EX-4.7

Exhibit 4.7

UNIT PURCHASE OPTION

CLARIFICATION AGREEMENT

This Unit Purchase Option Clarification Agreement (this “Agreement”), dated as of January 29,
2007 relates to the Unit Purchase Option, dated as of June 8, 2006 (the “Options”), issued by
Community Bankers Acquisition Corp, a Delaware corporation, with offices at 717 King Street,
Alexandria, VA 22314 (the “Company”), to I-Bankers Securities, Inc., Maxim Group, LLC and Legend
Merchant Group, Inc. (the “Option Holders”).

WHEREAS, as a result of certain questions that have arisen regarding the accounting treatment
applicable to the Options and/or the warrants issuable upon exercise of the Options, the parties
hereto deem it necessary and desirable to amend the Options to clarify that the Option Holders do
not have the right, and did not have the right at the time of issuance of the Options, to receive a
net cash settlement in the event the Company does not maintain a current prospectus relating to the
units, common stock/or and warrants issuable upon exercise of the Options at the time such Options
are exercisable.

NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending
to be legally bound hereby, the parties hereto agree to amend the Options as set forth herein.

1. The undersigned hereby agree that the Options are hereby amended by adding the following as
Section 2.1.1 to each Option:

“2.1.1 No Exercise of Purchase Option if a Registration Statement is not Effective.
Notwithstanding anything herein to the contrary, the Company shall not be obligated to deliver any
securities pursuant to the exercise of this Purchase Option unless (i) a registration statement
under the Act with respect to the Units, Warrants and Common Stock issuable upon such exercise is
effective, or (ii) in the opinion of counsel to the Company or counsel to the Holder reasonably
satisfactory to the Company, the exercise of this Purchase Option is exempt from the registration
requirements of the Act and such securities are qualified for sale or exempt from qualification
under applicable securities laws of the states or other jurisdictions in which the registered
holders reside. This Purchase Option may not be exercised by, or securities issued to, any
registered holder in any state in which such exercise or issuance would be unlawful. The Holders
are not, and at the time of the initial issuance of this Purchase Option were not, entitled to
receive a net-cash settlement or other consideration in lieu of physical settlement in securities
if the securities underlying this Purchase Option are not covered by an effective registration
statement.

2. Miscellaneous.

a. Governing Law; Jurisdiction. The validity, interpretation, and performance of this
Agreement shall be governed in all respects by the laws of the State of New York, without giving
effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against
it arising out of or relating in any way to this Agreement shall be brought and enforced in the
courts of the State of New York or the United States District Court for the Southern District of
New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The
Company hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Any such process or summons to be served upon the Company may be served by
transmitting a copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it in care of the address set forth above or such other address as the
undersigned shall furnish in writing to the other. Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or claim.

b. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and to their respective heirs, legal representatives, successors and assigns.

c. Entire Agreement. This Agreement sets forth the entire agreement and understanding
between the parties as to the subject matter thereof and merges and supersedes all prior
discussions, agreements and understandings of any and every nature among them. Except as set forth
in this Agreement, provisions of the original Options which are not inconsistent with this
Agreement shall remain in full force and effect. This Agreement may be executed in counterparts.

d. Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of
this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may
be possible and be valid and enforceable.

IN WITNESS WHEREOF, the parties hereto have executed this Unit Purchase Option Clarification
Agreement as of the date first written above.

	 	 	 
	COMMUNITY BANKERS ACQUISITION CORP.

	 
	 	 
	By:

	 	/s/ Gary A. Simanson      
	
 
	 	 
	
 
	 	Name: Gary A. Simanson

Title: President and CEO
	 
	 	 
	I-BANKERS SECURITIES, INC.

	 	

	 
	 	 
	By:

	 	_/s/ Shelley Gluck     
	
 
	 	 
	
 
	 	Name: Shelly Gluck

Title: President
	 
	 	 
	MAXIM GROUP, LLC

	 	

	 
	 	 
	By:

	 	/s/ Edward Rose     
	
 
	 	 
	
 
	 	Name: Edward Rose

Title: Vice President
	 
	 	 
	LEGEND MERCHANT GROUP, INC.

	 	

	 
	 	 
	By:

	 	/s/ John Shaw     
	
 
	 	 
	
 
	 	Name: John Shaw

Title: President

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