Document:

Exhibit 10.2

 

 

 

REGISTRATION RIGHTS
AGREEMENT

 

THIS REGISTRATION
RIGHTS AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, this “Agreement”),
dated as of May 23, 2016, is made by and among WL Ross Sponsor LLC (“WLRS”), the undersigned parties on the
signature page hereto and WL Ross Holding Corp., a Delaware corporation (the “Company”).

 

RECITALS

 

WHEREAS, on the date
hereof, the Company has entered into that certain Agreement and Plan of Merger (the “Merger Agreement”), among
the Company, Neon Acquisition Company, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company
(“Blocker Merger Sub”), Neon Holding Company, LLC, a Delaware limited liability company and a wholly-owned
subsidiary of Blocker Merger Sub (“Company Merger Sub”), Nexeo Solutions Holdings, LLC, a Delaware limited
liability company (“NS Holdings”), TPG Accolade Delaware, L.P., a Delaware limited partnership (“Blocker”),
and Nexeo Holdco, LLC, a Delaware limited liability company (“New Holdco”), pursuant to which (x) Blocker Merger
Sub will merge with and into Blocker and (y) Company Merger Sub will merge with and into NS Holdings (the mergers contemplated
by clauses (x) and (y), together, the “Mergers”);

 

WHEREAS, on the date
hereof, the parties hereto desire to enter into this Agreement, pursuant to which the Company shall grant to Holders certain registration
rights with respect to the PIPE Shares, FPA Founder Shares, Newco Founder Shares, and Newco Exchange Shares to be transferred
to the Holders and an LLC entity to be formed by WLRS (“Newco”) pursuant to that certain Subscription Agreement,
dated May 23, 2016, by and among the parties hereto (the “Subscription Agreement”).

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

Article
I

DEFINITIONS

 

Section 1.1Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

“Adverse
Disclosure” means public disclosure of material non-public information which, in the Board of Directors’ good
faith judgment, after consultation with independent outside counsel to the Company, (i) would be required to be made in any Registration
Statement filed with the SEC by the Company so that such Registration Statement would not be materially misleading; (ii) would
not be required to be made at such time but for the filing of such Registration Statement; and (iii) the Company has a bona
fide business purpose for not disclosing publicly.

 

      

     

    

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person. For these purposes, “control” shall mean the possession, direct or indirect, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities,
by contract or otherwise; provided that no party hereto shall be deemed an Affiliate of the Company or any of its subsidiaries
for purposes of this Agreement.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Board of
Directors” means the board of directors of the Company.

 

“Business
Day” means any day other than a Saturday, Sunday or day on which banking institutions in New York, New York are authorized
or obligated by law or executive order to close.

 

“Common Stock”
means the shares of common stock of the Company, including the PIPE Shares, FPA Founder Shares, Newco Founder Shares, Newco Exchange
Shares and any shares of common stock of the Company issuable upon the exercise of any warrant or other right to acquire shares
of common stock of the Company.

 

“Company”
has the meaning set forth in the preamble.

 

“Company
Shares” means the shares of common stock or other equity securities of the Company, including the PIPE Shares, FPA Founder
Shares, Newco Founder Shares, Newco Exchange Shares, and any securities into which such shares of common stock or other equity
securities shall have been changed or any securities resulting from any reclassification or recapitalization of such shares of
common stock or other equity securities.

 

“Demand Registration
Statement” has the meaning set forth in Section 2.1(a).

 

“Excess Shares”
has the meaning given to such term in the Merger Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Holder”
means any holder of Registrable Securities who is an undersigned party on the signature page hereto and Newco (or any party who
succeeds to rights hereunder pursuant to Article III).

 

“Issuer Free
Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating
to an offer of the Registrable Securities.

 

“Issuer Public
Sale” has the meaning set forth in Section 2.3(a).

 

“Loss”
has the meaning set forth in Section 2.8(a).

 

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“Merger”
has the meaning set forth in the recitals.

 

“Merger Agreement”
has the meaning set forth in the recitals.

 

“New Holdco”
has the meaning set forth in the recitals.

 

“Person”
means any individual, partnership, limited liability company, corporation, trust, association, estate, unincorporated organization
or a government or any agency or political subdivision thereof.

 

“Piggyback
Notice” has the meaning set forth in Section 2.3(a).

 

“Piggyback
Registration” has the meaning set forth in Section 2.3(a).

 

“Piggyback
Request” has the meaning set forth in Section 2.3(a).

 

“Prospectus”
means the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective
amendments, and all other material incorporated by reference in such prospectus.

 

“Registrable
Securities” means any PIPE Shares, FPA Founder Shares, Newco Founder Shares, Newco Exchange Shares and any other shares
of common stock of the Company held by any Holder, including any securities held by any Holder that may be issued or distributed
or be issuable in respect of such PIPE Shares, FPA Founder Shares, Newco Founder Shares, Newco Exchange Shares or any other shares
of common stock of the Company held by any Holder by way of dividend, stock split or other distribution, merger, consolidation,
exchange, recapitalization or reclassification or similar transaction; provided, however, that any such Registrable
Securities shall cease to be Registrable Securities to the extent (i) a Registration Statement with respect to the sale of such
Registrable Securities has become effective under the Securities Act and such Registrable Securities have been disposed of in
accordance with the plan of distribution set forth in such Registration Statement, (ii) such Registrable Securities have been
sold to the public pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act or (iii) such Registrable
Securities shall have been otherwise Transferred and new certificates for them not bearing a legend restricting Transfer under
the Securities Act shall have been delivered by the Company and such securities may be publicly resold without Registration under
the Securities Act without volume limitations or any other restrictions.

 

“Registration”
means a registration with the SEC of any Company Shares for offer and sale to the public under a Registration Statement. The terms
“Register” and “Registering” shall have correlative meanings.

 

“Registration
Expenses” has the meaning set forth in Section 2.7.

 

“Registration
Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the rules
and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration
statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration
statement other than a registration statement (and related Prospectus) filed on Form S-8 or any successor form thereto.

 

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“Remaining
Excess Shares” has the meaning set forth in Section 2.1(d).

 

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants,
actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of,
such Person.

 

“SEC”
means the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated
thereunder, all as the same shall be in effect from time to time.

 

“Shelf Registration”
means a Registration effected pursuant to Section 2.1.

 

“Shelf Registration
Statement” means a Registration Statement of the Company filed with the SEC on either (i) Form S-3 (or any successor
form or other appropriate form under the Securities Act) or (ii) if the Company is not permitted to file a Registration Statement
on Form S-3, an evergreen Registration Statement on Form S-1 (or any successor form or other appropriate form under the Securities
Act), in each case for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (or any similar
rule that may be adopted by the SEC) covering the Registrable Securities, as applicable.

 

“Shelf Suspension”
has the meaning set forth in Section 2.2(c).

 

“SHRRA”
means that certain Shareholders’ and Registration Rights Agreement, dated March 21, 2016, by and among TPG (as defined therein),
WLRS and the Company.

 

“Transfer”
means the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, encumber, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act,
and the rules and regulations of the SEC promulgated thereunder with respect to, any security, (b) entry into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether
any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any
intention to effect any transaction specified in clause (a) or (b); and “Transferred,” “Transferee” and
“Transferability” shall each have a correlative meaning.

 

“Underwritten
Offering” means a Registration in which securities of the Company are sold to an underwriter or underwriters on a firm
commitment basis for reoffering to the public, including any block sale to a financial institution conducted as an underwritten
public offering.

 

“WLRS”
has the meaning set forth in the preamble.

 

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Section 1.2Other
Interpretive Provisions.

 

(a) The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)The
words “hereof”, “herein”, “hereunder” and similar words refer to this
Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are to this
Agreement unless otherwise specified.

 

(c)The
term “including” is not limiting and means “including without limitation.”

 

(d)The
captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement.

 

(e)Whenever
the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 

 

 

Article
II

REGISTRATION RIGHTS

 

Section 2.1Demand
Registration

 

(a)Request
for Registration. Subject to the terms hereof and terms of the Registrable Securities, at any time and from time to time on
or after the date the Company consummates the Business Combination, the Holders of at least a majority in interest of the then
outstanding number of Registrable Securities (the “Majority Holders”) may make a written demand for Registration
under the Securities Act of all or part of its Registrable Securities, which written demand shall describe the type of securities
to be included in such Registration and the intended method(s) of distribution thereof, and the amount; provided that no
such demand may be initiated (i) unless the aggregate value of the Registrable Securities to be offered in such offering is at
least $50 million, (such written demand a “Demand Registration”) or (ii) during the pendency of a
Shelf Suspension (as defined below). Subject to clause (e) below, as promptly as practicable following the Demand Registration,
but in any event within thirty (30) Business Days following the Demand Registration, the Company shall file with the SEC a Registration
Statement relating to the offer and sale of all Registrable Securities requested by such Holder to be included in such Registration
Statement (a “Demand Registration Statement”) and which will permit the Holders of such Registrable Securities,
subject to clause (d) below, to sell such Registrable Securities without regard to any volume limitation requirements under Rule
144 of the Securities Act. Under no circumstances shall the Company be obligated to effect more than two (2) Demand Registrations
for all Holders with respect to any or all Registrable Securities. The participating Holders shall furnish to the Company such
information in writing as the Company may reasonably request for inclusion in a Demand Registration Statement. Notwithstanding
the foregoing, to the extent that all of a Holder’s Registrable Securities are Registered on a then currently effective
Shelf Registration Statement, the Company shall not be required to file a Demand Registration Statement although the Majority
Holders may elect to pursue an Underwritten Offering of all or part of their Registrable Securities on such Shelf Registration
Statement pursuant to clauses (c) and (d) below; provided that no such Underwritten Offering may be initiated unless the aggregate
value of Registrable Securities to be offered in such Underwritten Offering is at least $50 million.

 

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(b)Effective
Registration. Notwithstanding the foregoing clause (a), a Registration pursuant to a Demand Registration shall not count as
a Demand Registration unless and until (i) a Demand Registration Statement filed with the Commission has been declared effective
by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further,
that if, after such Demand Registration Statement has been declared effective, an offering of Registrable Securities thereunder
is subsequently interfered with by a suspension by the Company pursuant to clause (e) below, any stop order or injunction of the
Commission, federal or state court or any other governmental agency, a Demand Registration Statement shall be deemed not to have
been declared effective, unless and until, (i) such suspension, stop order or injunction is lifted, removed, rescinded or
otherwise terminated, and (ii) the Majority Holders affirmatively elects to continue with such Demand Registration and accordingly
notifies the Company in writing, but in no event later than five (5) days, of such election; provided, further,
that the Company shall not be obligated or required to file another Demand Registration Statement until a Demand Registration
Statement that has been previously filed is terminated.

 

(c)Underwritten
Offering. Subject to clauses (d) and (e) below, if the Majority Holders advise the Company as part of their Demand Registration
that the offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering
conditioned upon the participating Holders’ entry into an underwriting agreement in customary form with the Underwriter(s)
selected for such Underwritten Offering by the Company. The Company shall be obligated to conduct an Underwritten Offering no
more than two (2) times and shall have the right to select the managing underwriter or underwriters to administer such offering.

 

(d)Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand
Registration, in good faith, advises the Company and a representative of the Majority Holders in writing that the dollar amount
or number of Registrable Securities that the Demanding Holders, taken together with all other Common Stock or other equity securities
that the Company desires to sell and the Common Stock, if any, as to which a Registration has been requested pursuant to separate
written contractual piggy-back registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar
amount or maximum number of equity securities that, in the opinion of such managing Underwriter(s), can be sold in the Underwritten
Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success
of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number
of Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable
Securities that the participating Holders of the Registrable Securities have requested to be included in such Underwritten Registration
and any shares of Common Stock that any parties to the SHRRA have a right to include in such Underwritten Offering pursuant to
a Piggyback Request (as defined in the SHRRA) and any Remaining Excess Shares required to be included pursuant to the SHRRA (pro
rata among the Holders and parties to the SHRRA that have requested to participate in such Underwritten Offering based on the
relative number of securities requested to be included therein then held by each such holder or required to be included therein
with respect to the Remaining Excess Shares) that may be sold without exceeding the Maximum Number of Securities; (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), any other Common Stock
or other equity securities that the Company desires to sell and the Common Stock, if any, as to which a Registration has been
requested pursuant to separate written contractual piggy-back registration rights held by any other stockholders who desire to
sell.

 

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(e)Suspension
of Registration. If the filing or use of a Demand Registration Statement at any time would require the Company to make an
Adverse Disclosure, the Company may, upon giving prompt prior written notice of such action to the Holders, suspend the filing
or use of a Demand Registration Statements (a “Demand Suspension”); provided, however, that the
Company shall not be permitted to exercise a Demand Suspension (i) more than one time during any twelve (12)-month period, or
(ii) for a period exceeding ninety (90) days on any one occasion. In the case of a Demand Suspension, upon receipt of the notice
referred to above, the Holders agree to suspend use of the applicable Prospectus and any Issuer Free Writing Prospectuses in connection
with any sale or purchase of, or offer to sell or purchase, Registrable Securities. The Company shall immediately notify the Holders
upon the termination of any Demand Suspension, amend or supplement the Prospectus or any Issuer Free Writing Prospectuses, if
necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus
as so amended or supplemented or any Issuer Free Writing Prospectus as the Holders may reasonably request. The Company shall,
if necessary, supplement or make amendments to any Demand Registration Statement, if required by the registration form used by
the Company for the Demand Registration or by the instructions applicable to such registration form or by the Securities Act or
the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders of a majority of the Registrable
Securities then outstanding.

 

(f)Demand
Registration Withdrawal. The Majority Holders initiating a Demand Registration, shall have the right to withdraw from
a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and
the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the
Registration Statement filed with the Commission with respect to the Registration of their the Registrable Securities pursuant
to such Demand Registration.

 

Section 2.2Shelf
Registration.

 

(a)Filing.
As promptly as practicable following the completion of the Mergers, but in any event within fifteen (15) Business Days following
the Mergers, the Company shall file with the SEC a Shelf Registration Statement relating to the offer and sale of all Registrable
Securities that will permit the Holders of such Registrable Securities to sell such Registrable Securities without regard to any
volume limitation requirements under Rule 144 of the Securities Act. As promptly as practicable thereafter, the Company shall
use its reasonable best efforts to cause such Shelf Registration Statement to become effective under the Securities Act. The Holders
shall furnish to the Company such information in writing as the Company may reasonably request for inclusion in the Shelf Registration
Statement.

 

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(b)Continued
Effectiveness. The Company shall use its reasonable best efforts to keep such Shelf Registration Statement continuously effective
under the Securities Act in order to permit the Prospectus forming a part thereof to be usable by Holders until the date as of
which all Registrable Securities have been sold pursuant to the Shelf Registration Statement or another Registration Statement
is filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities
Act and Rule 174 thereunder) (such period of effectiveness, the “Shelf Period”). Subject to Section 4.1(c),
the Company shall not be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement effective during
the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result in the Registrable
Securities covered thereby not being able to be offered and sold pursuant to the Shelf Registration Statement during the Shelf
Period, unless such action or omission is required by applicable law.

 

(c)Subsequent
Shelf Registration. If the Shelf Registration Statement ceases to be effective under the Securities Act for any reason at
any time during the Shelf Period, the Company shall use its reasonable best efforts to as promptly as is reasonably practicable
cause the Shelf Registration Statement to again become effective under the Securities Act (including obtaining the prompt withdrawal
of any order suspending the effectiveness of the Shelf Registration Statement), and shall use its reasonable best efforts to as
promptly as is reasonably practicable amend the Shelf Registration Statement in a manner reasonably expected to result in the
withdrawal of any order suspending the effectiveness of the Shelf Registration Statement or file an additional registration statement
(a “Subsequent Shelf Registration”) for an offering to be made on a delayed or continuous basis pursuant to
Rule 415 of the Securities Act registering the resale from time to time of the Registrable Securities. If a Subsequent Shelf Registration
is filed, the Company shall use its reasonable best efforts to (i) cause such Subsequent Shelf Registration to become effective
under the Securities Act as promptly as is reasonably practicable after the filing thereof and (ii) keep such Subsequent Shelf
Registration continuously effective and usable until the end of the Shelf Period. Any such Subsequent Shelf Registration shall
be a registration statement on Form S-3 or Form S-1 or another appropriate form (at the option of the Company) and shall provide
for the registration of the Registrable Securities for resale by the Holders in accordance with any reasonable method of distribution
elected by the Holders.

 

(d)Suspension
of Registration. If the continued use of the Shelf Registration Statement (or a Subsequent Shelf Registration) at any time
would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt prior written notice of such action
to the Holders, suspend use of the Shelf Registration Statements (or a Subsequent Shelf Registration) (a “Shelf Suspension”);
provided, however, that the Company shall not be permitted to exercise a Shelf Suspension (i) more than one time
during any twelve (12)-month period, or (ii) for a period exceeding ninety (90) days on any one occasion. In the case of a Shelf
Suspension, upon receipt of the notice referred to above, the Holders agree to suspend use of the applicable Prospectus and any
Issuer Free Writing Prospectuses in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities.
The Company shall immediately notify the Holders upon the termination of any Shelf Suspension, amend or supplement the Prospectus
or any Issuer Free Writing Prospectuses, if necessary, so it does not contain any untrue statement or omission and furnish to
the Holders such numbers of copies of the Prospectus as so amended or supplemented or any Issuer Free Writing Prospectus as the
Holders may reasonably request. The Company shall, if necessary, supplement or make amendments to any Shelf Registration Statement,
if required by the registration form used by the Company for the Shelf Registration or by the instructions applicable to such
registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested
by the Holders of a majority of the Registrable Securities then outstanding.

 

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Section 2.3Piggyback
Rights.

 

(a)Participation.
If the Company at any time proposes to conduct an Underwritten Offering of its equity securities for its own account or for the
account of any other Persons (other than an offering and sale to employees or directors of the Company pursuant to any employee
stock plan or other employee benefit plan arrangement) (an “Issuer Public Sale”), then, as soon as practicable
(but in no event less than fifteen (15) days prior to the proposed date of such Issuer Public Sale), the Company shall give written
notice (a “Piggyback Notice”) of such proposed Issuer Public Sale to all the Holders of Registrable Securities.
Subject to the terms of the SHRRA and the terms of the Registrable Securities, the Piggyback Notice shall offer Holders of Registrable
Securities the opportunity to include in such Issuer Public Sale the number of Registrable Securities as they may request in writing;
provided that each Piggyback Request (as defined below) must include at least a number of Registrable Securies equal to
the lesser of (a) Registrable Securities with an aggregate value of at least $10 million at the time of such Piggyback Request
and (b) all of such Holder’s remaining Registrable Securities, unless such Holder is otherwise permitted to sell its Registrable
Securities pursuant to Rule 144 under the Securities Act without volume limitations or other restrictions on Transfer thereunder.
The Company shall use commercially reasonable efforts to include in each such Issuer Public Sale such Registrable Securities for
which the Company has received written requests for inclusions therein (“Piggyback Request”) within three (3)
Business Days after sending the Piggyback Notice. Each Holder of Registrable Securities shall be permitted to withdraw all or
part of such Holder’s Registrable Securities from an Issuer Public Sale, and such Holder shall continue to have the right
to include any Registrable Securities in any subsequent Issuer Public Sale, all upon the terms and conditions set forth herein;
provided that such withdrawal request must be made in writing prior to the initial offer of securities in the Issuer Public
Sale.

 

(b)Priority
of Piggyback. If the managing underwriter or underwriters of any Issuer Public Sale informs the Company in writing that, in
its or their opinion, the number of securities which such Holders and any other Persons intend to include in such offering, including
any Remaining Excess Shares required to be included in such Issuer Public Sale pursuant to the SHRRA, exceeds the number which
can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of
the securities offered or the market for the securities offered, then the securities to be included in such Registration shall
be prioritized pursuant to Section 4.2(c) of the SHRRA (Priority of Piggyback).

 

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Section 2.4Black-out
Periods for Underwritten Offerings initiated by the Holders and Issuer Public Sales. In the event of an Underwritten Offering
initiated by any Holder pursuant to Section 2.1(c) of this Agreement or an Issuer Public Sale of the Company’s equity securities
in an Underwritten Offering, the Holders of Registrable Securities agree, if requested by the managing underwriter or underwriters
in such Underwritten Offering, not to effect any public sale or distribution of any securities (except, in each case, as part
of the applicable Underwritten Offering, if permitted) that are the same as or similar to those being offered in such Underwritten
Offering, or any securities convertible into or exchangeable or exercisable for such securities, and agree to become bound by
and execute and deliver a lock-up agreement with respect to such restrictions, during the period beginning seven (7) days before
and ending ninety (90) days (or such lesser periods as may be permitted by the Company or such managing underwriter or underwriters)
after, the date of the final Prospectus relating to such Underwritten Offering, to the extent timely notified in writing by the
Company or the managing underwriter or underwriters; provided that such restrictions shall not apply to (i) securities
acquired in the public market subsequent to the Underwritten Offering, (ii) distributions-in-kind to a Holder’s partners
or members or (iii) Transfers to Affiliates, but only if such Affiliates agree to be bound by the restrictions herein.

 

Section 2.5Registration
Procedures.

 

(a)In
connection with the Company’s Registration obligations under Sections 2.1, 2.2 and 2.3, the Company
shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance
with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection therewith
the Company shall:

 

(i)prepare the
required Registration Statement including all exhibits and financial statements required under the Securities Act to be filed
therewith, and before filing a Registration Statement, Prospectus or any Issuer Free Writing Prospectus, or any amendments or
supplements thereto, furnish to the underwriters, if any, and to the Holders of the Registrable Securities, copies of all documents
prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and their respective
counsel;

 

(ii)as soon as
reasonably practicable file with the SEC a Registration Statement relating to the Registrable Securities, including all exhibits
and financial statements required by the SEC to be filed therewith, and use its reasonable best efforts to cause such Registration
Statements to become effective under the Securities Act as soon as practicable;

 

(iii)prepare and
file with the SEC such amendments and post-effective amendments to such Registration Statements and supplements to the Prospectus
or any Issuer Free Writing Prospectus as may be (w) necessary to permit sales to be made pursuant to such Registration Statements,
(x) reasonably requested by the Holders of a majority of participating Registrable Securities, (y) reasonably requested by any
participating Holder (to the extent such request relates to information relating to such Holder), or (z) necessary to keep such
Registration effective for the period of time required by this Agreement, and comply with provisions of the applicable securities
laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period
in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement;

 

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(iv)notify the
participating Holders of Registrable Securities and the managing underwriter or underwriters, if any, and (if requested) confirm
such notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is
received by the Company (a) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective,
and when the applicable Prospectus, any amendment or supplement to such Prospectus, any Issuer Free Writing Prospectus or any
amendment or supplement to such Issuer Free Writing Prospectus has been filed, (b) of any written comments by the SEC or any request
by the SEC or any other federal or state governmental authority for amendments or supplements to such Registration Statement,
such Prospectus, such Issuer Free Writing Prospectus or for additional information (whether before or after the effective date
of the Registration Statement), (c) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration
Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final
Prospectus or the initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and
warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects, and
(e) of the receipt by the Company of any notification with respect to the suspension of any Registrable Securities for offering
or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

 

(v)promptly notify
the selling Holder of Registrable Securities, as applicable, and the managing underwriter or underwriters, if any, when the Company
becomes aware of the happening of any event as a result of which the applicable Registration Statement or the Prospectus included
in such Registration Statement (as then in effect) or any Issuer Free Writing Prospectus contains any untrue statement of a material
fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus, any preliminary
Prospectus or Issuer Free Writing Prospectus, in light of the circumstances under which they were made) not misleading, when any
Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement,
or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement,
Prospectus or Issuer Free Writing Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably
practicable thereafter, prepare and file with the SEC, and furnish without charge to the selling Holders and the managing underwriter
or underwriters, if any, an amendment or supplement to such Registration Statement, Prospectus or Issuer Free Writing Prospectus
which shall correct such misstatement or omission or effect such compliance;

 

(vi)use its reasonable
best efforts to prevent, or obtain the withdrawal of, any stop order or other order or notice preventing or suspending the use
of any preliminary or final Prospectus or any Issuer Free Writing Prospectus;

 

(vii)promptly
incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such information as the managing
underwriter or underwriters and the Holders of a majority of any Registrable Securities being sold agree should be included therein
relating to the plan of distribution with respect to such Registrable Securities; and make all required filings of such Prospectus
supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified
of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment;

 

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(viii)furnish
to each selling Holder of Registrable Securities and each underwriter, if any, without charge, as many conformed copies as such
Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment
thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including
those incorporated by reference);

 

(ix)deliver to
each selling Holder of Registrable Securities and each underwriter, if any, without charge, as many copies of the applicable Prospectus
(including each preliminary Prospectus) and any amendment or supplement thereto, each Issuer Free Writing Prospectus and such
other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the the Registrable
Securities by such Holder or underwriter (it being understood that the Company shall consent to the use of such Prospectus or
any Issuer Free Writing Prospectus or any amendment or supplement thereto by each of the selling Holders of Registrable Securities
and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus
or any amendment or supplement thereto or Issuer Free Writing Prospectus);

 

(x)on or prior
to the date on which the applicable Registration Statement becomes effective, use its reasonable best efforts to register or qualify,
and cooperate with the selling Holders of Registrable Securities, the managing underwriter or underwriters, if any, and their
respective counsel, in connection with the registration or qualification of such Registrable Securities for offer and sale under
the securities or “Blue Sky” laws of each state and other jurisdiction of the United States as any such selling Holder
or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and all
other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for such period as
required by the terms hereof, provided that the Company shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of
process in any such jurisdiction where it is not then so subject;

 

(xi)if requested,
cooperate with the selling Holders of Registrable Securities and the managing underwriter or underwriters, if any, to facilitate
the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive
legends; and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters
may request at least two (2) Business Days prior to any sale of Registrable Securities to the underwriters;

 

(xii)use its reasonable
best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with or approved
by such other governmental agencies or authorities as may be necessary to enable the Holders of the Registrable Securities or
the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities;

 

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(xiii)if requested,
not later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities,
and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible
for deposit with The Depository Trust Company;

 

(xiv)make such
representations and warranties to the Holders of Registrable Securities being registered, and the underwriters or agents, with
respect to the sale of any Registrable Securities in an Underwritten Offering, if any, in form, substance and scope as are customarily
made by issuers in underwritten public offerings similar to the offering then being undertaken;

 

(xv)enter into
such customary agreements (including underwriting and indemnification agreements) and take all such other actions as the Holders
of at least a majority of any Registrable Securities being sold or the managing underwriter or underwriters of any offering of
Registrable Securities, if any, or a broker, placement agent or other agent of the Holder, if any, reasonably request in order
to expedite or facilitate the registration and disposition of such Registrable Securities;

 

(xvi)obtain for
delivery to the Holders of Registrable Securities being registered and to the underwriter or underwriters of any offering of Registrable
Securities, if any, an opinion or opinions from counsel for the Company, including any customary negative assurances letters,
dated the pricing or closing date of the applicable offering or sale (in the case of an offering with the assistance of a broker,
placement agent or other agent of the Holder) or, in the event of an Underwritten Offering, the date the Registrable Securities
are delivered to the Underwriters for sale, in customary form, scope and substance, which opinions shall be reasonably satisfactory
to such Holders or underwriters, as the case may be, and their respective counsel;

 

(xvii)obtain for
delivery to the Company and the managing underwriter or underwriters of any offering of Registrable Securities, if any, or a broker,
placement agent or other agent of the Holder, if any, with copies to the Holders of Registrable Securities included in such Registration,
a cold comfort letter from the Company’s independent certified public accountants (and, if necessary, any other independent
certified public accountants of any subsidiary of the Company or any business acquired by the Company for which financial statements
and financial data are, or are required to be, included in the Registration Statement) in customary form and covering such matters
of the type customarily covered by cold comfort letters as the managing underwriter or underwriters, if any, or a broker, placement
agent or other agent of the Holder, if any, reasonably request, dated (i) the date of execution of the underwriting agreement
and brought down to the closing under the underwriting agreement in the case of an Underwritten Offering and (ii) the pricing
or closing date of the applicable offering or sale in the case of a broker, placement agent or other agent of the Holder, if any;

 

(xviii)cooperate
with each seller of Registrable Securities and each underwriter of any offering of Registrable Securities, if any, participating
in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made
with FINRA;

 

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(xix)use its reasonable
best efforts to comply with all applicable securities laws and make available to its security holders, as soon as reasonably practicable,
an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated
thereunder;

 

(xx)provide and
cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement
from and after a date not later than the effective date of such Registration Statement;

 

(xxi)use its reasonable
best efforts to cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities
exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer quotation system
on which any of the Company’s equity securities are then quoted;

 

(xxii)make available
upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed by the majority
of the Holders of Registrable Securities covered by the applicable Registration Statement, by any underwriter participating in
any disposition of any Registrable Securities to be effected pursuant to such Registration Statement and by any attorney, accountant,
broker, placement agent or other agent retained by such Holders or any such underwriter, all pertinent financial and other records,
pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees
and the independent public accountants who have certified its financial statements to make themselves available to discuss the
business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration
Statement as shall be necessary to enable them to exercise their due diligence responsibility; provided, however,
that any such Person gaining access to information regarding the Company pursuant to this Section 2.5(a)(xxii) shall agree
to hold in strict confidence and shall not make any disclosure or use any information regarding the Company which the Company
determines in good faith to be confidential, and of which determination such Person is notified, unless (v) the release of such
information is requested or required (by deposition, interrogatory, requests for information or documents by a governmental entity,
subpoena or similar process), (w) disclosure of such information, in the opinion of counsel to such Person, is otherwise required
by law, (x) such information is or becomes publicly known other than through a breach of this or any other agreement of which
such Person has knowledge, (y) such information is or becomes available to such Person on a non-confidential basis from a source
other than the Company or (z) such information is independently developed by such Person;

 

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(xxiii)in the
case of a marketed Underwritten Offering of Registrable Securities, cause the senior executive officers of the Company to participate
in the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters
in any such Underwritten Offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated
herein and customary selling efforts related thereto;

 

(xxiv)take no
direct or indirect action prohibited by Regulation M under the Exchange Act;

 

(xxv)take all
reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any registration covered by Sections
2.1, 2.2 or 2.3 complies in all material respects with the Securities Act, is filed in accordance with the Securities
Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when
taken together with the related Prospectus, will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and

 

(xxvi)take all
such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of
such Registrable Securities.

 

(b)To
the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company files any
Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required
by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the
initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration
Statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment.

 

(c)The
Company may require each seller of Registrable Securities as to which any Registration is being effected to furnish to the Company
such information regarding the distribution of such securities and such other information relating to such Holder and its ownership
of Registrable Securities as the Company may from time to time reasonably request in writing and the Company may exclude from
such registration the Registrable Securities of any such Holder who unreasonably fails to furnish such information within a reasonable
time after receiving such request. Each Holder of Registrable Securities agrees to furnish such information to the Company and
to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement.

 

(d)Each
Holder of Registrable Securities agrees that, upon receipt of any notice from the Company of the happening of any event of the
kind described in Section 2.5(a)(v), such holder will forthwith discontinue disposition of Registrable Securities
pursuant to such Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus
or Issuer Free Writing Prospectus, as the case may be, contemplated by Section 2.5(a)(v), or until such Holder is
advised in writing by the Company that the use of the Prospectus or Issuer Free Writing Prospectus, as the case may be, may be
resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus
or such Issuer Free Writing Prospectus or any amendments or supplements thereto and if so directed by the Company, such Holder
shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s
possession, of the Prospectus or any Issuer Free Writing Prospectus covering such Registrable Securities current at the time of
receipt of such notice. In the event the Company shall give any such notice, the period during which the applicable Registration
Statement is required to be maintained effective shall be extended by the number of days during the period from and including
the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration
Statement either receives the copies of the supplemented or amended Prospectus or such Issuer Free Writing Prospectus contemplated
by Section 2.5(a)(v) or is advised in writing by the Company that the use of the Prospectus may be resumed.

 

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(e)If
any Registration Statement or comparable statement under the “Blue Sky” laws refers to any Holder by name or otherwise
as the Holder of any securities of the Company, then such Holder shall have the right to require (i) the insertion therein of
language, in form and substance satisfactory to such Holder and the Company, to the effect that the holding by such Holder of
such securities is not to be construed as a recommendation by such Holder of the investment quality of the Company’s securities
covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements
of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not in the judgment of the Company,
as advised by counsel, required by the Securities Act or any similar federal statute or any “Blue Sky” or securities
law then in force, the deletion of the reference to such Holder.

 

(f)Holders
may seek to register different types of Registrable Securities simultaneously and the Company shall use its reasonable best efforts
to effect such Registration and sale in accordance with the intended method or methods of disposition specified by such Holders.

 

Section 2.6Underwritten
Offerings.

 

(a)Demand
Registration Offering. If requested by the underwriters for any Underwritten Offering with respect to the offering and sale
of any Registrable Securities pursuant to a Demand Registration, the Company shall enter into an underwriting agreement with such
underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the Company, and, if applicable,
participating Holders and the underwriters, and to contain such representations and warranties by the Company and such other terms
as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than
those provided in Section 2.8. In such Underwritten Offering, the Holders of the Registrable Securities proposed to
be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting agreement and shall
give consideration to the reasonable suggestions of the Company regarding the form thereof. Such Holders of Registrable Securities
to be distributed by such underwriters shall be parties to such underwriting agreement, which underwriting agreement shall (i)
contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of
such Holders of Registrable Securities as are customarily made by issuers to selling stockholders in underwritten public offerings
similar to the applicable Underwritten Offering and (ii) provide that any or all of the conditions precedent to the obligations
of such underwriters under such underwriting agreement also shall be conditions precedent to the obligations of such Holders of
Registrable Securities. Any such Holder of Registrable Securities shall not be required to make any representations or warranties
to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding the power
and authority of such Holder to enter into the transaction, such Holder’s title to the Registrable Securities, such Holder’s
intended method of distribution and any other representations required to be made by the Holder under applicable law, and the
aggregate amount of the liability of such Holder shall not exceed such Holder’s net proceeds from such Underwritten Offering.

 

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(b)Piggyback
Offering. If the Company proposes to distribute equity securities in an Underwritten Offering through one or more underwriters,
the Company shall, if requested by any Holder of Registrable Securities pursuant to Section 2.3, use its reasonable
best efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such
Registration all the Registrable Securities to be offered and sold by such Holder among the securities of the Company to be distributed
by such underwriters in such Registration. The Holders of Registrable Securities to be distributed by such underwriters shall
be parties to the underwriting agreement between the Company and such underwriters, which underwriting agreement shall (i) contain
such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such Holders
of Registrable Securities as are customarily made by issuers to selling stockholders in secondary underwritten public offerings
and (ii) provide that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement
also shall be conditions precedent to the obligations of such Holders of Registrable Securities. Any such Holder of Registrable
Securities shall not be required to make any representations or warranties to or agreements with the Company or the underwriters
other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities
and such Holder’s intended method of distribution or any other representations required to be made by the Holder under applicable
law, and the aggregate amount of the liability of such Holder shall not exceed such Holder’s net proceeds from such Underwritten
Offering.

 

(c)Participation
in Underwritten Registrations. Subject to the provisions of Section 2.6(a) and (b) above, no Person may
participate in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s securities on the
basis provided in any underwriting arrangements approved by the Persons entitled to approve such arrangements and (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the
terms of such underwriting arrangements.

 

(d)Price
and Underwriting Discounts. In the case of an Underwritten Offering under Section 2.1, the price, underwriting
discount and other financial terms for the Registrable Securities shall be determined by the participating Holders. In addition,
in the case of any Underwritten Offering, each of the Holders may withdraw their request to participate in the Registration pursuant
to Section 2.1 or 2.3 after being advised of such price, discount and other terms and shall not be required
to enter into any agreements or documentation that would require otherwise.

 

Section 2.7Registration
Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement shall be paid by the
Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be
made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or “Blue Sky”
laws, (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses
of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of
printing Prospectuses and Issuer Free Writing Prospectuses), (iv) all fees and disbursements of counsel for the Company and of
all independent certified public accountants of the Company (including the expenses of any special audit and cold comfort letters
required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Company so desires
or the underwriters so require in accordance with then-customary underwriting practice, (vi) all fees and expenses incurred in
connection with the listing of the Registrable Securities on any securities exchange or quotation of the the Registrable Securities
on any inter-dealer quotation system, (vii) all applicable rating agency fees with respect to the Registrable Securities, (viii)
all reasonable fees and disbursements of legal counsel selected by the Majority Holders, (ix) any reasonable fees and disbursements
of underwriters customarily paid by issuers or sellers of securities, (x) all fees and expenses of any special experts or other
Persons retained by the Company in connection with any Registration, (xi) all of the Company’s internal expenses (including
all salaries and expenses of its officers and employees performing legal or accounting duties) and (xii) all expenses related
to the “road-show” for any Underwritten Offering, including all travel, meals and lodging. All such expenses are referred
to herein as “Registration Expenses.” The Company shall not be required
to pay any fees and disbursements to underwriters not customarily paid by issuers.

 

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Section 2.8Indemnification.

 

(a)Indemnification
by the Company. The Company shall indemnify and hold harmless, to the full extent permitted by law, each Holder of Registrable
Securities, each shareholder, member, limited or general partner thereof, each shareholder, member, limited or general partner
of each such shareholder, member, limited or general partner, each of their respective Affiliates, officers, directors, shareholders,
employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such
Persons and each of their respective Representatives from and against any and all losses, penalties, judgments, suits, costs,
claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each,
a “Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged
untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities were registered
under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or
supplement thereto or any documents incorporated by reference therein), or any other disclosure document produced by or on behalf
of the Company or any of its subsidiaries including reports and other documents filed under the Exchange Act or any Issuer Free
Writing Prospectus or amendment thereof or supplement thereto, (ii) any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus
or any Issuer Free Writing Prospectus in light of the circumstances under which they were made) not misleading or (iii) any actions
or inactions or proceedings in respect of the foregoing whether or not such indemnified party is a party thereto. This indemnity
shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities
by such Holder. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry
professionals participating in any distribution of Registrable Securities, their officers and directors and each Person who controls
such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect
to the indemnification of the indemnified parties.

 

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(b)Indemnification
by the Selling Holder of Registrable Securities. Each selling Holder of Registrable Securities agrees (severally and not jointly)
to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers and each Person
who controls the Company (within the meaning of the Securities Act or the Exchange Act) from and against any Losses resulting
from (i) any untrue statement of a material fact in any Registration Statement under which such Registrable Securities were registered
under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or
supplement thereto or any documents incorporated by reference therein or any Issuer Free Writing Prospectus or amendment thereof
or supplement thereto), or (ii) any omission to state therein a material fact required to be stated therein or necessary to make
the statements therein (in the case of a Prospectus, preliminary Prospectus or any Issuer Free Writing Prospectus, in light of
the circumstances under which they were made) not misleading, to the extent, but only to the extent, that such untrue statement
or omission is contained in any information furnished in writing by such selling Holder to the Company specifically for inclusion
in such Registration Statement and has not been corrected in a subsequent writing prior to or concurrently with the sale of the
Registrable Securities to the Person asserting the claim. In no event shall the liability of any selling Holder of Registrable
Securities hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder under the sale of
Registrable Securities giving rise to such indemnification obligation less any amounts paid by such Holder pursuant to Section 2.8(d).
The Company shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities
industry professionals participating in the distribution, to the same extent as provided above (with appropriate modification)
with respect to information furnished in writing by such Persons specifically for inclusion in any Prospectus or Registration
Statement.

 

(c)Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so
notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all,
that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume
the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that
any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate
in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (w) the
indemnifying party has agreed in writing to pay such fees or expenses, (x) the indemnifying party shall have failed to assume
the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification
hereunder and employ counsel reasonably satisfactory to such Person, (y) the indemnified party has reasonably concluded (based
upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from
or in addition to those available to the indemnifying party, or (z) in the reasonable judgment of any such Person (based upon
advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims
(in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at
the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on
behalf of such Person). If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle
such action without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of an unconditional release from all liability in respect to such claim or litigation without the prior written consent
of such indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject
to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld.
It is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 2.8(c),
in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements
or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment
of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably
concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition
to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist (based upon advice
of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the
indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels.

 

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(d)Contribution.
If for any reason the indemnification provided for in paragraphs (a) and (b) of this Section 2.8 is unavailable to
an indemnified party (other than as a result of exceptions contained in paragraphs (a) and (b) of this Section 2.8)
or insufficient in respect of any Losses referred to therein, then the indemnifying party shall contribute to the amount paid
or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault
of the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts,
statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. In connection with
any Registration Statement filed with the SEC by the Company, the relative fault of the indemnifying party on the one hand and
the indemnified party on the other hand shall be determined by reference to, among other things, whether any untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable
if contribution pursuant to this Section 2.8(d) were determined by pro rata allocation or by any other method of allocation
that does not take account of the equitable considerations referred to in this Section 2.8(d). No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result
of the Losses referred to in Sections 2.8(a) and 2.8(b) shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any such action or claim. Notwithstanding the provisions of this Section 2.8(d), in connection with any Registration
Statement filed by the Company, a selling Holder of Registrable Securities shall not be required to contribute any amount in excess
of the dollar amount of the net proceeds received by such holder under the sale of Registrable Securities giving rise to such
contribution obligation less any amounts paid by such Holder pursuant to Section 2.8(b). If indemnification is available
under this Section 2.8, the indemnifying parties shall indemnify each indemnified party to the full extent provided
in Sections 2.8(a) and 2.8(b) hereof without regard to the provisions of this Section 2.8(d). The remedies
provided for in this Section 2.8 are not exclusive and shall not limit any rights or remedies which may otherwise
be available to any indemnified party at law or in equity.

 

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Section 2.9Rules
144 and 144A and Regulation S. The Company shall file the reports required to be filed by it under the Securities Act and
the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such
reports, it will, upon the request of any Holder of Registrable Securities, make publicly available such necessary information
for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or
Regulation S under the Securities Act, as such Rules may be amended from time to time or any similar rule or regulation hereafter
adopted by the SEC), and it will take such further action as any Holder of Registrable Securities may reasonably request, all
to the extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities
Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by
(i) Rules 144, 144A or Regulation S under the Securities Act, as such Rules may be amended from time to time, or (ii) any similar
rule or regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company will deliver
to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof.

 

Section 2.10Termination.
The registration rights provided for in this Article II shall terminate upon the earlier of the sale, transfer, or forfeiture,
as applicable, of all Registerable Securities, except for the provisions of Sections 2.8 and 2.9, which shall survive
any such termination.

 

Section 2.11Existing
Registration Statements. Notwithstanding anything herein to the contrary and subject to applicable law and regulation, the
Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective
by a specified date by designating, by notice to the Holders, a registration statement that previously has been filed with the
SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such obligation,
and all references to any such obligation shall be construed accordingly; provided that such previously filed registration
statement may be amended to add the number of Registrable Securities, and, to the extent necessary, to identify as selling stockholders
those Holders demanding the filing of a Registration Statement pursuant to the terms of this Agreement. To the extent this Agreement
refers to the filing or effectiveness of other registration statements by or at a specified time and the Company has, in lieu
of then filing such registration statements or having such registration statements become effective, designated a previously filed
or effective registration statement as the relevant registration statement for such purposes in accordance with the preceding
sentence, such references shall be construed to refer to such designated registration statement.

 

    21 

     

    

 

Article
III

GENERAL PROVISIONS

 

Section 3.1Assignment;
Benefit.

 

(a)The
rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto. Any such
assignee may not again assign those rights, other than in accordance with this Article III. Any attempted assignment of
rights or obligations in violation of this Article III shall be null and void.

 

(b)This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective successors and permitted
assigns, and there shall be no third-party beneficiaries to this Agreement other than the indemnitees under Section 2.8
and the TPG Representative under Section 3.3(a).

 

Section 3.2Severability.
In the event that any provision of this Agreement shall be invalid, illegal or unenforceable such provision shall be construed
by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 3.3Entire
Agreement; Amendment. i)This Agreement, the Subscription Agreement, the LLC Agreement, the SHRRA, and any schedules, exhibits,
annexes with respect to the foregoing, sets forth the entire understanding and agreement between the parties with respect to the
transactions contemplated herein and supersedes and replaces any prior understanding, agreement or statement of intent, in each
case written or oral, of any kind and every nature with respect hereto. No provision of this Agreement may be amended, modified
or waived in whole or in part at any time without the express written consent of the Company, the Majority Holders and, for so
long as TPG (as defined in the SHRRA) has consent rights with respect to the entry by the Company into new registration rights
agreements under Section 4.6 of the SHRRA, the TPG Representative (as defined in the SHRRA), which consent shall not be unreasonably
withheld.

 

(b)No
waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in writing
and executed and delivered by the party against whom such waiver is claimed. The waiver by any party hereto of a breach of any
provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver
of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any party to exercise,
and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity,
shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude
any other or further exercise thereof or the exercise of any other right, power or remedy.

 

Section 3.4Counterparts.
This Agreement may be executed in any number of separate counterparts each of which when so executed shall be deemed to be an
original and all of which together shall constitute one and the same agreement.

 

    22 

     

    

 

Section 3.5Notices.
Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections and other
communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered
by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered
first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery (and such notice
shall be deemed to have been duly given, made or delivered (a) on the date received, if delivered by personal hand delivery, (b)
on the date received, if delivered by facsimile transmission, by electronic mail or by registered first-class mail prior to 5:00
p.m. prevailing local time on a Business Day, or if delivered after 5:00 p.m. prevailing local time on a Business Day or on other
than a Business Day, on the first Business Day thereafter and (c) two (2) Business Days after being sent by air courier guaranteeing
overnight delivery), addressed to the parties hereto at the following addresses (or at such other address for a party hereto as
shall be specified by like notice):

 

if to the Undersigned
Parties, to:

 

First Pacific Advisors, LLC

11601 Wilshire Blvd.

Suite 1200

Los Angeles, California 90025

Attention: Leora R. Weiner; lweiner@fpafunds.com

Fax: [●]

 

 

with a copy (which
shall not constitute notice) to:

 

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

Bank of America Tower

New York, New York 10036

Attention: Douglas Rappaport

Facsimile: (212) 872-1002

 

if to WLRS or Newco,
to:

 

WL Ross Sponsor LLC

1166 Avenue of the Americas

New York, New York 10036

Telecopy: (212) 278-9845

Attention: Wilbur L. Ross, Jr.

 

with a copy (which
shall not constitute notice) to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

525 University Avenue

Suite 1400

Palo Alto, California 94301

Attention: Thomas J. Ivey

Facsimile: (650) 798-6549

    23 

     

    

if to the Company
to:

 

WL Ross Holding Corp.

1166 Avenue of the Americas

New York, New York 10036

Telecopy: (212) 278-9845

Attention: Wilbur L. Ross, Jr.

 

with a copy (which
shall not constitute notice) to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

525 University Avenue

Suite 1400

Palo Alto, California 94301

Attention: Thomas J. Ivey

Facsimile: (650) 798-6549

 

Section 3.6Governing
Law. THIS AGREEMENT AND ANY RELATED DISPUTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE.

 

Section 3.7Jurisdiction.
ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT EXCLUSIVELY IN THE COURTS OF
THE STATE OF DELAWARE OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFORE) THE UNITED STATES DISTRICT COURT FOR THE
DISTRICT OF DELAWARE, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY SUCH ACTION
OR PROCEEDING. ANY ACTIONS OR PROCEEDINGS TO ENFORCE A JUDGMENT ISSUED BY ONE OF THE FOREGOING COURTS MAY BE ENFORCED IN ANY JURISDICTION.

 

Section 3.8Waiver
of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HERETO WAIVES, AND COVENANTS
THAT SUCH PARTY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT
OF ANY ISSUE, CLAIM OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE
DEALINGS OF ANY PARTY HERETO OR THE COMPANY IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. The Company or any party hereto may file an original counterpart or a copy
of this Section 3.8 with any court as written evidence of the consent of the parties hereto to the waiver of their rights
to trial by jury.

 

    24 

     

    

 

Section 3.9Specific
Performance. It is hereby agreed and acknowledged that it will be impossible to measure in money the damages that would be
suffered if the parties fail to comply with any of the obligations herein imposed on them by this Agreement and that, in the event
of any such failure, an aggrieved party will be irreparably damaged and will not have an adequate remedy at law. Any such party
shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive
relief, including specific performance, to enforce such obligations, without the posting of any bond, and if any action should
be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that
there is an adequate remedy at law.

 

[Signature Pages Follow]

 

    25 

     

    

IN WITNESS WHEREOF,
the parties have duly executed this Agreement as of the day and year first above written.  

 

	 	 	 
	 	WL ROSS HOLDING CORP.	 
	 	 	 
	 	By:  	/s/  Wilbur L. Ross, Jr 	 	 
	 	Name: Wilbur L. Ross, Jr.	 
	 	Title: Chairman and Chief Executive Officer	 
	 	 	 
	 	 	 
	 	WL ROSS SPONSOR LLC	 
	 	 	 
	 	By:  	/s/  Wilbur L. Ross, Jr.	 	
	 	Name: Wilbur L. Ross, Jr.	 
	 	Title:  Manager	 
	 	 	 	 	 

 

 

[Signature page to Registration Rights
Agreement]

      

     

    

 

 

IN WITNESS WHEREOF,
the parties have duly executed this Agreement as of the day and year first above written.

 

 

	 	FIRST PACIFIC ADVISORS, LLC,
	 	on behalf of one or more clients
	 	 
	 	 
	 	By:	 /s/ J. Richard Atwood	 
	 	Name: J. Richard Atwood
	 	Title: Managing Partner

 

  

 

 

[Signature page to Registration Rights
Agreement]Exhibit 10.28

 

EASTERN VIRGINIA BANKSHARES, INC.

2016 EQUITY COMPENSATION PLAN

 

 

ARTICLE I

Establishment, Purpose and Duration

 

1.1           Establishment of the Plan.

 

(a)           Eastern Virginia Bankshares,
Inc., a Virginia corporation (the “Company”), hereby establishes the Eastern Virginia Bankshares, Inc. 2016 Equity
Compensation Plan (the “Plan”). Unless otherwise defined herein, all capitalized terms shall have the meanings set
forth in Section 2.1. The Plan permits the grant of Incentive Stock Options, Nonqualified Stock Options, Restricted Stock, Restricted
Stock Units, Stock Appreciation Rights, Stock Awards, Performance Units and Performance Cash Awards to Key Employees of the Company
or its Subsidiaries and the grant of Nonqualified Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights,
Stock Awards, Performance Units and Performance Cash Awards to Non-Employee Directors of the Company or its Subsidiaries or to
Consultants or Advisors to the Company or its Subsidiaries.

 

(b)           The Plan was adopted by the Board of
Directors of the Company on March 24, 2016 and shall become effective on May 19, 2016 (the “Effective Date”), subject
to the approval of the Plan by the Company’s shareholders.

 

1.2           Purpose of the Plan. The purpose
of the Plan is to promote the success of the Company and its subsidiaries by providing incentives to Key Employees, Non-Employee
Directors, Consultants and Advisors that will promote the identification of their personal interests with the long-term financial
success of the Company and with growth in shareholder value, consistent with the Company’s risk management practices. The
Plan is designed to provide flexibility to the Company, including its subsidiaries, in its ability to attract, retain the services
of, and motivate Key Employees, Non-Employee Directors, Consultants and Advisors upon whose judgment, interest, and special effort
the successful conduct of its operation is largely dependent.

 

1.3           Duration of the Plan. The
terms of this Plan shall become effective on the Effective Date, as described in Section 1.1(b). No Award may be granted
under the Plan after May 18, 2026. Awards outstanding on such date shall remain valid in accordance with their terms. The Board
shall have the right to terminate the Plan at any time pursuant to Article XVII.

 

ARTICLE II

Definitions

 

2.1           Definitions. The following
terms shall have the meanings set forth below:

 

(a)           “Advisor” means a natural
person who provides bona fide advisory services to the Company or its Subsidiaries, provided the services are not in connection
with a capital-raising transaction and the person does not directly or indirectly promote or maintain a market for the Company’s
securities.

 

(b)           “Affiliate” and “Associate”
shall have the respective meanings ascribed to such terms in Rule 12b-2 under the Exchange Act.

 

(c)           “Agreement” means a written
agreement or other instrument or document, which may be in electronic format, implementing the grant of an Award and setting forth
the specific terms of an Award, and which is signed or acknowledged (including a signature or acknowledgment in electronic format)
by an authorized officer of the Company and the Participant, except that no signature will be required from the Participant
in the case of a Stock Award with no vesting conditions. The Company’s Chief Executive Officer, Chief Financial Officer,
Chairman of the Committee, Chairman of the Board, and such other directors or officers of the Company as shall be designated by
the Committee are hereby authorized to execute or acknowledge Agreements on behalf of the Company (including a signature or acknowledgment
in electronic format) and to cause Agreements to be delivered to each Participant (including delivery in electronic format).

 

    	 	1	 

     

    

 

(d)           “Award” means a grant under
this Plan of an Incentive Stock Option, Nonqualified Stock Option, Restricted Stock, Restricted Stock Unit, Stock Appreciation
Right, Stock Award, Performance Unit and/or Performance Cash Award.

(e)           “Award Date” means the
date on which an Award is made (also referred to as “granted”) by the Committee under this Plan.

 

(f)           “Beneficiary” means the
person designated by a Participant pursuant to Section 18.11.

(g)           “Board” means the Board
of Directors of the Company, unless otherwise indicated.

(h)           “Cause” has the meaning
set forth in any employment agreement, or, if none, in any change of control agreement, then in effect between the Participant
and the Company or a subsidiary, if applicable, and, if the Participant has no such agreement or if such agreement does not define
the term, “Cause” means the Participant’s (i) personal dishonesty, (ii) incompetence, (iii) willful misconduct,
(iv) breach of a fiduciary duty involving personal profit, (v) intentional failure to perform stated duties, (vi) willful violation
of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, (vii) conviction
of a felony or of a misdemeanor involving moral turpitude, or (viii) misappropriation of the Company’s assets (determined
on a reasonable basis and solely by the Board) or those of a subsidiary.

 

(i)           “Change of Control” shall
be deemed to have occurred if the conditions set forth in any one of the following paragraphs shall have been satisfied at any
time after the Effective Date:

 

(i)            any person, including
a “group” as defined in Section 13(d)(3) of the Exchange Act, becomes the owner or beneficial owner of Company securities
having fifty percent (50%) or more of the combined voting power of the then outstanding Company securities that may be cast for
the election of the Company’s directors other than as a result of an issuance of securities initiated by the Company, or
open market purchases approved by the Board, as long as the majority of the Board 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 Company before such events, or
whose appointment or election to the Board after such events was approved by persons who constituted a majority of the Company’s
Board immediately before the date of the appointment or election, cease to constitute a majority of the Company’s Board,
or any successor’s board, within the twelve (12)-month period of the last of such transactions.

 

For purposes of this definition, a Change of Control occurs
on the date on which an event described in (i) or (ii) occurs, provided that 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.

 

For purposes of this definition only, the term “person”
means any individual, entity or group (within the meaning of Section 13(d)(3) of the Exchange Act), other than any employee benefit
plan (or related trust) sponsored or maintained by the Company or any affiliated company, and “beneficial ownership”
has the meaning given the term in Rule 13d-3 under the Exchange Act.

 

(j)           “Code” means the Internal
Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.

 

    	 	2	 

     

    

 

(k)           “Committee” means the committee
of the Board appointed by the Company to administer the Plan pursuant to Article III, which shall be the Joint Compensation Committee
of the Board of Directors of the Company and the Board of Directors of the Company’s wholly-owned subsidiary, EVB, unless
a subcommittee is required as provided below or unless the Board of Directors of the Company determines otherwise. All members
of the Committee shall be “independent directors” under applicable listing standards of any national securities exchange
or system on which the Stock is then listed or reported. For actions which require that all of the members of the Committee constitute
“non-employee directors” as defined in Rule 16b-3, or any similar or successor rule, or “outside directors”
within the meaning of Code Section 162(m)(4)(C)(i), as amended from time to time, the Committee shall consist of a subcommittee
of at least two members of the Joint Compensation Committee meeting such qualifications. In the event the Board of Directors of
the Company exercises the authority of the Committee in connection with the Plan or an Award as contemplated by Section 3.1(a),
the term “Committee” shall refer to the Board of Directors of the Company in connection with the Plan or with regard
to that Award.

 

(l)           “Company” means Eastern
Virginia Bankshares, Inc. or any successor thereto.

 

(m)           “Consultant”
means a natural person who provides bona fide consulting services to the Company or its Subsidiaries, provided the services are
not in connection with a capital-raising transaction and the person does not directly or indirectly promote or maintain a market
for the Company’s securities. 

 

(n)           “Disability” or “Disabled”
means with respect to an Incentive Stock Option, a Disability within the meaning of Code Section 22(e)(3). As to all other Awards,
the Committee shall determine whether a Disability exists and such determination shall be conclusive.

(o)           “Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time.

(p)           “Fair Market Value” of
a Share means (i) the per Share price at the close of business on the applicable principal U.S. market on the relevant date if
it is a trading date, or, if not, on the most recent date on which the Stock was traded prior to such date, as reported by the
national securities exchange or system for the applicable principal U.S. market, or (ii) if, in the opinion of the Committee, this
method is inapplicable or inappropriate for any reason, the fair market value as determined pursuant to a reasonable method adopted
by the Committee in good faith for such purpose.

 

(q)           “Good Reason” has the meaning
set forth in any employment agreement, or, if none, in any change of control agreement, then in effect between the Participant
and the Company or a subsidiary, if applicable, and, if the Participant has no such agreement or if such agreement does not define
the term, “Good Reason” means (i) a material diminution in the Participant’s authority, duties or responsibilities;
(ii) a material diminution in the Participant’s base compensation; or (iii) a relocation of the primary location at which
the Participant must perform services to a location that is more than fifty (50) miles away.  The Participant is required
to provide notice to the Company of the existence of a condition described in this Section 2.1(q) within a ninety (90) day period
of the initial existence of the condition, upon the notice of which the Company shall have thirty (30) days to remedy the condition. 
If the condition is remedied within thirty (30) days, then “Good Reason” does not exist.  If the condition is
not remedied within thirty (30) days, then the Participant must resign within ninety (90) days of the expiration of the
remedy period for “Good Reason” to exist.

 

(r)           “Incentive Stock Option”
or “ISO” means an option to purchase Stock, granted under Article VI, which is designated as an incentive stock option
and is intended to meet the requirements of, and qualify for favorable federal income tax treatment under, Code Section 422.

(s)           “Key Employee” means an
officer or other key employee of the Company or its Subsidiaries, who, in the opinion of the Committee, can contribute significantly
to the growth and profitability of, or perform services of major importance to, the Company and its Subsidiaries.

(t)           “Non-Employee Director”
means an individual who is a member of the board of directors of the Company or any Subsidiary thereof or a member of an advisory
board of the Company or any Subsidiary thereof and, in either case, who is not an employee of the Company or any Subsidiary thereof.

 

    	 	3	 

     

    

 

(u)           “Nonqualified Stock Option”
means an option to purchase Stock, granted under Article VI, which is not intended to be an Incentive Stock Option and is so designated.

(v)           “Option” means an Incentive
Stock Option or a Nonqualified Stock Option.

 

(w)           “Participant” means a Key
Employee, Non-Employee Director, Consultant or Advisor who has been granted an Award under the Plan and whose Award remains outstanding.

 

(x)           “Performance-Based Compensation
Award” means any Award for which exercise, full enjoyment or receipt thereof by the Participant is contingent on satisfaction
or achievement of the Performance Goal(s) applicable thereto. If a Performance-Based Compensation Award is intended to be “performance-based
compensation” within the meaning of Code Section 162(m)(4)(C), the grant of the Award, the establishment of the Performance
Goal(s), the making of any modifications or adjustments and the determination of satisfaction or achievement of the Performance
Goal(s) shall be made during the period or periods required under and in conformity with the requirements of Code Section 162(m)
therefor. The terms and conditions of each Performance-Based Compensation Award, including the Performance Goal(s) and Performance
Period, shall be set forth in an Agreement or in a subplan of the Plan that is incorporated by reference into an Agreement.

 

(y)           “Performance Cash Award”
means an Award of cash granted to a Participant pursuant to Article XII.

 

(z)           “Performance Goal” means
one or more performance measures or goals set by the Committee in its discretion for each grant of a Performance-Based Compensation
Award. The extent to which such performance measures or goals are met will determine the amount or value of the Performance-Based
Compensation Award that a Participant is entitled to exercise, receive or retain. For purposes of the Plan, a Performance Goal
may be particular to a Participant, and may include any one or more of the following performance criteria, either individually,
alternatively or in any combination, subset or component, applied to the performance of the Company as a whole or to the performance
of a Subsidiary, division, strategic business unit, line of business or business segment, measured either quarterly, annually or
cumulatively over a period of years or partial years, in each case as specified by the Committee in the Award: (i) Stock value
or increases therein, (ii) total shareholder return, (iii) operating revenue, (iv) commodity revenue, (v) tangible book value or
tangible book value growth, tangible book value per share or growth in tangible book value per share, (vi) earnings per share or
earnings per share growth (before or after one or more of taxes, interest, depreciation and/or amortization), (vii) diluted earnings
per share or earnings per share growth (before or after one or more of taxes, interest, depreciation and/or amortization), including
fully diluted earnings per share after extraordinary events, (viii) net earnings, (ix) earnings and/or earnings growth (before
or after one or more of taxes, interest, depreciation and/or amortization), operating earnings and/or operating earnings growth,
(x) profits or profit growth (net profit, gross profit, operating profit, net operating profit, economic profit, profit margins
or other corporate profit measures), (xi) cash flow, operating cash flow or free cash flow (either before or after dividends),
(xii) cash from operations, (xiii) operating or other expenses or growth thereof, (xiv) operating efficiency, (xv) return on equity,
(xvi) return on tangible equity or return on tangible common equity, (xvii) return on assets, net assets, capital or investment
(including return on total capital or return on invested capital), (xviii) return on operating revenue, (xix) sales or revenues
or growth thereof, (xx) deposits, loan and/or equity levels or growth thereof, (xxi) working capital targets, (xxii) assets under
management or growth thereof, (xxiii) cost control measures, (xxiv) regulatory compliance, (xxv) gross, operating or other margins,
(xxvi) efficiency ratio (as generally recognized and used for bank financial reporting and analysis), (xvii) operating ratio, (xxviii)
income or net income, (xxix) operating income, (xxx) interest income, (xxxi) net interest income, (xxxii) net interest margin,
(xxxiii) non-interest income, (xxxiv) non-interest expense, (xxxv) credit quality, net charge-offs and/or non-performing assets
(excluding such loans or classes of loans as may be designated for exclusion), (xxxvi) percentage of non-accrual loans to total
loans or net charge-off ratio, (xxxvii) provision expense, (xxxviii) productivity, (xxxix) customer satisfaction, (xl) satisfactory
internal or external audits, (xli) improvement of financial ratings, (xlii) achievement of balance sheet or income statement objectives,
(xliii) quality measures, (xliv) regulatory exam results, (xlv) achievement of risk management objectives, (xlvi) achievement of
strategic performance objectives, (xlvii) achievement of merger or acquisition objectives, (xlviii) implementation, management
or completion of critical projects or processes, (xlix) market capitalization, (l) total enterprise value (market capitalization
plus debt), (li) economic value added, (lii) debt leverage (debt to capital), (lii) market share, or (liv) any component or components
of the foregoing (including, without limitation, determination thereof, in the Committee’s sole discretion, with or without
the effect of discontinued operations and dispositions of business units or segments, non-recurring items, material extraordinary
items that are both unusual and infrequent, non-budgeted items, special charges, accruals for acquisitions, reorganization and
restructuring programs and/or changes in tax law, accounting principles or other such laws or provisions affecting the Company’s
reported results). Performance Goals may include a threshold level of performance below which no payment or vesting may occur,
levels of performance at which specified payments or specified vesting will occur, and a maximum level of performance above which
no additional payment or vesting will occur. Performance Goals may be absolute in their terms or measured against or in relationship
to a pre-established target, the Company’s budget or budgeted results, previous period results, a market index, a designated
comparison group of other companies comparably, similarly or otherwise situated, or any combination thereof. The Committee shall
determine the Performance Period during which a Performance Goal must be met, and attainment of Performance Goals shall be subject
to certification by the Committee. The Committee retains the discretion to adjust the compensation or economic benefit due upon
attainment of Performance Goals and to adjust the Performance Goals themselves, provided that, with respect to an Award intended
to be “performance-based compensation” within the meaning of Code Section 162(m)(4)(C), any such adjustment shall be
made only in conformity with the requirements of Code Section 162(m).

 

    	 	4	 

     

    

 

(aa)           “Performance Period” means
the time period during which a Performance Goal must be met in connection with a Performance-Based Compensation Award. Such time
period shall be set by the Committee, provided, however, that the Performance Period shall not be less than one year, subject to
applicable provisions regarding accelerated vesting events.

 

(bb)           “Performance Unit” means
an Award, designated as a Performance Unit, granted to a Participant pursuant to Article XI, valued by reference to the Fair Market
Value of Stock or valued as a fixed dollar amount, and subject to achievement or satisfaction of one or more Performance Goals.
Performance Units are payable in cash, Stock or a combination thereof. Even to the extent a Performance Unit is denoted by reference
to Shares of Stock and is payable in Stock, the receipt of a Performance Unit Award does not constitute receipt of the underlying
Shares.

 

(cc)           “Period of Restriction”
means the period during which Shares of Restricted Stock are subject to a substantial risk of forfeiture and/or subject to limitations
on transfer, pursuant to Article VII, or the period during which Restricted Stock Units are subject to vesting requirements, pursuant
to Article VIII. The relevant restriction may lapse based on a period of time or after meeting performance criteria specified by
the Committee, or both. Except for Awards of Restricted Stock or Restricted Stock Units granted to Non-Employee Directors as part
of a retainer, including annual or other grants made pursuant to a director compensation policy or arrangement, when a Period of
Restriction lapses solely based on a period of time, the length of such period of time shall not be less than one year, subject
to applicable provisions regarding accelerated vesting.

(dd)           “Restricted Stock” means
an Award of Stock granted to a Participant pursuant to Article VII, which is subject to a substantial risk of forfeiture and/or
subject to limitations on transferability until the designated conditions for the lapse of such restrictions are satisfied.

(ee)           “Restricted Stock Unit”
or “RSU” means an Award designated as a Restricted Stock Unit, which is a bookkeeping entry granted to a Participant
pursuant to Article VIII, valued by reference to the Fair Market Value of Stock, and subject to vesting requirements. Restricted
Stock Units are payable in cash, Stock or a combination thereof. Even to the extent a Restricted Stock Unit is denoted by reference
to Shares of Stock and is payable in Stock, the receipt of a Restricted Stock Unit Award does not constitute receipt of the underlying
Shares.

 

(ff)           “Rule 16b-3” means Rule
16b-3 promulgated under the Exchange Act, including any corresponding subsequent rule or any amendments enacted after the Effective
Date.

 

(gg)           “Stock” or “Shares”
means the common stock of the Company.

 

    	 	5	 

     

    

 

(hh)           “Stock Appreciation Right”
or “SAR” means an Award, designated as a stock appreciation right, granted to a Participant pursuant to Article IX,
and payable in cash, Stock or a combination thereof.

 

(ii)           “Stock Award” means an
Award of Stock granted to a Participant pursuant to Article X.

(jj)           “10% Shareholder” means
a person who owns, directly or indirectly, stock possessing more than 10% of the total combined voting power of all classes of
stock of the Company or any parent or subsidiary of the Company. Indirect ownership of stock shall be determined in accordance
with Code Section 424(d).

 

(kk)           For purposes of Incentive Stock Options,
“Subsidiary” shall mean a corporation at least fifty percent (50%) of the total combined voting power of all
classes of stock of which is owned by the Company, either directly or through one or more of its Subsidiaries. For purposes of
all Awards other than Incentive Stock Options, “Subsidiary” shall mean any entity that would be considered a single
employer with the Company within the meaning of Code Section 414(b) or Code Section 414(c), except to the extent a different definition
is required under Code Section 409A.

 

ARTICLE III

Administration

 

3.1           The Committee.

 

(a)           The Plan shall be administered by the
Committee which shall have all powers necessary or desirable for such administration. To the extent required by Rule 16b-3,
all Awards shall be made by members of the Committee who are “non-employee directors” as that term is defined in Rule
16b-3, or by the Board. Awards that are intended to be “performance-based compensation” within the meaning of Code
Section 162(m)(4)(C) shall be made by the Committee, or subcommittee of the Committee, comprised solely of two or more “outside
directors” as that term is defined for purposes of Code Section 162(m)(4)(C)(i). In the event the Board determines that a
member of the Committee (or any applicable subcommittee) was not an “independent director” under applicable listing
standards of any national securities exchange or system on which the Stock is then listed or reported, was not a “non-employee
director” as defined in Rule 16b-3, and/or was not an “outside director” as that term is defined for purposes
of Code Section 162(m)(4)(C)(i), as applicable, on the Award Date, such determination shall not invalidate the Award and the Award
shall remain valid in accordance with its terms. Except as required under Section 2.1(x), any authority granted to the Committee
may also be exercised by the full Board.

 

(b)           The express grant in this Plan of any
specific power to the Committee shall not be construed as limiting any power or authority of the Committee. In addition to any
other powers and, subject to the provisions of the Plan, the Committee shall have the following specific powers: (i) to determine
the terms and conditions upon which the Awards may be made and exercised; (ii) to determine all terms and provisions of each Agreement,
which need not be identical; (iii) to construe and interpret the Agreements and the Plan, including the ability to resolve any
ambiguities and define any terms; (iv) to establish, amend or waive rules or regulations for the Plan’s administration; (v)
to accelerate the exercisability of any Award or the termination of any Period of Restriction or other restrictions imposed under
the Plan to the extent permitted by Code Section 409A; and (vi) to make all other determinations and take all other actions necessary
or advisable for the administration of the Plan. The interpretation and construction of any provisions of the Plan or an Agreement
by the Committee shall be final and conclusive. In the event of a conflict or inconsistency between the Plan and any Agreement,
the Plan shall govern, and the Agreement shall be interpreted to minimize or eliminate any such conflict or inconsistency.

 

(c)           The Committee may consult with counsel,
who may be counsel to the Company, and shall not incur any liability for any action taken in good faith in reliance upon the advice
of counsel.

 

(d)           The Committee, in its discretion,
may delegate to the Chief Executive Officer of the Company all or part of the Committee’s authority and duties with respect
to Awards to individuals who are not subject to the reporting and other provisions of Section 16 of the Exchange Act. The Committee
may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Committee’s
delegee or delegees that were consistent with the terms of the Plan.

 

    	 	6	 

     

    

 

3.2           Selection of Participants.
The Committee shall have the authority to grant Awards under the Plan, from time to time, to such Key Employees, Non-Employee Directors,
Consultants and Advisors as may be selected by the Committee. Each Award shall be evidenced by an Agreement.

 

3.3           Decisions Binding. All determinations
and decisions made by the Board or the Committee pursuant to the provisions of the Plan shall be final, conclusive and binding.

 

3.4           Rule l6b-3 Requirements. Notwithstanding
any provision of the Plan to the contrary, the Board or the Committee may impose such conditions on any Award, and amend the Plan
in any such respects, as may be required to satisfy the requirements of Rule 16b-3.

 

3.5           Code Section 162(m). Notwithstanding
any provision of the Plan to the contrary, the Plan is intended to give the Committee the authority to grant Awards that qualify
as performance-based compensation under Code Section 162(m)(4)(C) as well as Awards that do not so qualify. Any provision of the
Plan that would prevent an Award that the Committee intends to qualify as performance-based compensation under Code Section 162(m)(4)(C)
from so qualifying shall be administered, interpreted, and construed to carry out such intention, and any provision that cannot
be so administered, interpreted, and construed shall to that extent be disregarded.

 

3.6           Indemnification of Committee.
In addition to such other rights of indemnification as they may have as directors or as members of the Committee, the members of
the Committee shall be indemnified by the Company against reasonable expenses, including attorneys’ fees, actually and reasonably
incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they
or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any Award
granted or made hereunder, and against all amounts reasonably paid by them in settlement thereof or paid by them in satisfaction
of a judgment in any such action, suit or proceeding, if such members acted in good faith and in a manner which they believed to
be in, and not opposed to, the best interests of the Company and its Subsidiaries.

 

ARTICLE IV

Stock Subject to the Plan

 

4.1           Number of Shares.

 

(a)           Subject to adjustment as provided in
Article XIV, the maximum aggregate number of Shares that may be issued pursuant to Awards made under the Plan shall not
exceed 500,000. Except as provided in Section 4.2, the issuance of Shares in connection with the exercise of, or as other payment
for, Awards under the Plan shall reduce the number of Shares available for future Awards under the Plan.

 

(b)           Subject to adjustment as provided in
Article XIV, no more than an aggregate of 500,000 Shares may be issued pursuant to the exercise of Incentive Stock Options granted
under the Plan (including shares issued pursuant to the exercise of Incentive Stock Options that are the subject of disqualifying
dispositions within the meaning of Code Sections 421 and 422).

 

4.2           Lapsed Awards or Forfeited Shares.
If any Award granted under this Plan terminates, expires, or lapses for any reason other than by virtue of exercise or settlement
of the Award, or if Shares issued pursuant to Awards are forfeited, any Stock subject to such Award again shall be available for
the grant of an Award under the Plan.

 

4.3           Use of Shares as Payment of Exercise
Price or Taxes. Shares withheld by the Company, delivered by the Participant, or otherwise used to pay the Option Price pursuant
to the exercise of an Option or the SAR Exercise Price pursuant to the exercise of a SAR shall not be available for future Awards
under the Plan. Shares withheld by the Company, delivered by the Participant, or otherwise used to satisfy payment of withholding
taxes associated with an Award shall not be available for future Awards under the Plan. To the extent Shares are delivered or withheld
pursuant to the exercise of an Option or a SAR, the number of underlying Shares as to which the exercise related shall be counted
against the number of Shares available for future Awards under the Plan, as opposed to counting only those Shares issued upon exercise.

 

    	 	7	 

     

    

 

4.4           Per-Participant Annual Limit.
The maximum number of Shares with respect to which Awards may be granted in any calendar year to any Participant during such calendar
year shall be 50,000 in the aggregate, provided, however, that the maximum number of Shares with respect to which Awards may be
granted in any calendar year to any Non-Employee Director shall be 5,000 in the aggregate. The maximum dollar amount of cash Awards
granted in any calendar year to any Participant shall be $500,000 in the aggregate.

 

4.5           No Fractional Shares. No fractional
Shares shall be issued or delivered pursuant to the Plan or any Award thereunder. The Committee shall determine whether cash, other
Awards, or other property shall be issued or paid in lieu of such fractional Shares or whether such fractional Shares or any rights
thereto shall be forfeited or otherwise eliminated.

 

ARTICLE V

Eligibility

 

Persons eligible to participate in the Plan
include (i) all employees of the Company and its Subsidiaries (including any entity that becomes a Subsidiary after the
Effective Date) who, in the opinion of the Committee, are Key Employees, (ii) all Non-Employee Directors, and (iii) all individuals
providing bona fide consulting or advisory services to the Company or its Subsidiaries (including any entity that becomes a Subsidiary
after the Effective Date) who, in the opinion of the Committee, are Consultants or Advisors. The grant of an Award shall not obligate
the Company to pay a Key Employee, Non-Employee Director, Consultant or Advisor any particular amount of remuneration, to continue
the employment of a Key Employee or the service of a Non-Employee Director, Consultant or Advisor after the grant, or to make further
grants to a Key Employee, Non-Employee Director, Consultant or Advisor at any time thereafter.

 

ARTICLE VI

Stock Options

 

6.1           Grants of Options. Subject
to the terms and provisions of the Plan, Options may be granted to such Key Employees, Non-Employee Directors, Consultants or Advisors
at any time and from time to time as shall be determined by the Committee. The Committee shall have complete discretion in determining
the number of Shares subject to Options granted to each Participant, provided, however, that only Nonqualified Stock Options may
be granted to Non-Employee Directors, Consultants and Advisors.

 

6.2           Option Agreement. Each Option
grant shall be evidenced by an Agreement that shall specify the type of Option granted, the Option Price (as hereinafter defined),
the duration of the Option, the number of Shares to which the Option pertains, any conditions imposed upon the exercisability of
the Option, and such other provisions as the Committee shall determine, provided, however, that, except for Options granted to
Non-Employee Directors as part of a retainer, including annual or other grants made pursuant to a director compensation policy
or arrangement, if the exercisability of an Option is subject solely to time-based conditions, the length of such period of time
shall not be less than one year, subject to applicable provisions regarding accelerated vesting. The Agreement shall specify whether
the Option is intended to be an Incentive Stock Option or Nonqualified Stock Option, provided, however, that if an Option is intended
to be an Incentive Stock Option but fails to be such for any reason, it shall continue in full force and effect as a Nonqualified
Stock Option. No Option may be exercised after the expiration of its term or, except as set forth in the Participant’s stock
option Agreement, after the termination of the Participant’s employment or service. The Committee shall set forth in the
Participant’s Agreement when, and under what circumstances, an Option may be exercised after termination of the Participant’s
employment or period of service, provided that no Incentive Stock Option may be exercised after (a) three months from the Participant’s
termination of employment with the Company for reasons other than Disability or death, or (b) one year from the Participant’s
termination of employment on account of Disability or death. The Committee may, in its sole discretion, amend a previously granted
Incentive Stock Option to provide for more liberal exercise provisions, provided, however, that if the Incentive Stock Option as
amended no longer meets the requirements of Code Section 422, and, as a result the Option no longer qualifies for favorable federal
income tax treatment under Code Section 422, the amendment shall not become effective without the written consent of the Participant.

 

    	 	8	 

     

    

 

6.3           Option Price. The exercise
price per share of Stock covered by an Option (“Option Price”) shall be determined by the Committee subject to the
limitations described in this Section 6.3 and the Plan. The Option Price shall not be less than 100% of the Fair Market Value of
such Stock on the Award Date. In addition, an ISO granted to a Key Employee who, at the time of grant, is a 10% Shareholder, shall
have an Option Price which is at least equal to 110% of the Fair Market Value of the Stock on the Award Date.

 

6.4           Duration of Options. Each
Option shall expire at such time as the Committee shall determine at the time of grant, provided, however, that no Option shall
be exercisable later than the tenth (10th) anniversary date of its Award Date. In addition, an ISO granted to a Key
Employee who, at the time of grant, is a 10% Shareholder, shall not be exercisable later than the fifth (5th) anniversary
of its Award Date.

 

6.5           Exercisability.

 

(a)           Options granted under the Plan shall
be exercisable at such times and be subject to such restrictions and conditions as the Committee shall determine, which need not
be the same for all Participants.

 

(b)           An Incentive Stock Option, by its terms,
shall be exercisable in any calendar year only to the extent that the aggregate Fair Market Value (determined at the Award Date)
of the Stock with respect to which Incentive Stock Options are exercisable by the Participant for the first time during the calendar
year does not exceed $100,000 (the “Limitation Amount”). Incentive Stock Options granted under the Plan and all other
plans of the Company and any Subsidiary shall be aggregated for purposes of determining whether the Limitation Amount has been
exceeded. The Committee may impose such conditions as it deems appropriate on an Incentive Stock Option to ensure that the foregoing
requirement is met. If Incentive Stock Options that first become exercisable in a calendar year exceed the Limitation Amount, the
excess Options will be treated as Nonqualified Stock Options to the extent permitted by law.

 

6.6           Method of Exercise. Options
shall be exercised by the delivery of a written notice to the Company in the form (which may be electronic) prescribed by the Committee
(or its delegee) setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment
for the Shares and payment of (or an arrangement satisfactory to the Company for the Participant to pay) any tax withholding required
in connection with the Option exercise. The Option Price shall be payable to the Company in full either (a) in cash, (b) by delivery
of Shares of Stock that the Participant has previously acquired and owned valued at Fair Market Value at the time of exercise,
(c) by delivery of a properly executed exercise notice together with irrevocable instructions to a broker to deliver promptly to
the Company, from the sale proceeds with respect to the sale of Stock, the amount necessary to pay the Option Price and, if necessary,
applicable withholding taxes, (d) by the Company withholding Shares otherwise issuable upon the exercise valued at Fair Market
Value at the time of exercise, or (e) by a combination of the foregoing. As soon as practicable, after receipt of written notice
and payment of the Option Price and completion of payment of (or an arrangement satisfactory to the Company for the Participant
to pay) any tax withholding required in connection with the Option exercise, the Company shall, in the Committee’s discretion,
either deliver to the Participant stock certificates in an appropriate amount based upon the number of Options exercised, issued
in the Participant’s name, or deliver the appropriate number of Shares in book-entry or electronic form.

 

6.7           Restrictions on Stock Transferability.
The Committee shall impose such restrictions on any Shares acquired pursuant to the exercise of an Option under the Plan as it
may deem advisable, including, without limitation, restrictions under the applicable federal securities law, under the requirements
of any national securities exchange or system on which the Stock is then listed or reported, and under any blue sky or state securities
laws applicable to such Shares. The Committee may specify in an Agreement that Stock delivered on exercise of an Option is Restricted
Stock or Stock subject to a buyback right by the Company in the amount of, or based on, the Option Price therefor in the event
the Participant does not complete a specified service period after exercise.

 

6.8           Nontransferability of Options.

 

(a)           In general, no Option granted under
the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, otherwise than upon the death of
the Participant in accordance with Section 18.11. Further, Options granted to a Participant under the Plan shall be exercisable
during his lifetime only by such Participant or his guardian or legal representative.

    	 	9	 

     

    

(b)           Notwithstanding the provisions of Section
6.8(a) and subject to federal and state securities laws, including Rule 16b-3, the Committee may grant or amend Nonqualified Stock
Options that permit a Participant to transfer the Options to his spouse, lineal ascendants and/or lineal descendants, to a trust
for the benefit of such persons, or to a partnership, limited liability company, or other entity the only partners, members, or
interest-holders of which are such persons, provided that the Nonqualified Stock Option may not again be transferred other than
to the Participant originally receiving the Option or to an individual, trust, partnership, limited liability company or other
entity to which such Participant could have transferred the Option pursuant to this Section 6.8(b). Consideration may not be paid
for the transfer of Options. The transferee of an Option shall be subject to all conditions applicable to the Option prior to its
transfer. The Agreement granting the Option shall set forth the transfer conditions and restrictions. The Committee may impose
on any transferable Option and on Stock issued upon the exercise of an Option such limitations and conditions as the Committee
deems appropriate. Any such transfer supersedes any Beneficiary designation made under Section 18.11 with respect to the transferred
Nonqualified Stock Options.

 

6.9           Disqualifying Disposition of Shares
Issued on Exercise of an ISO. If a Participant makes a “disposition” (within the meaning of Code Section 424(c))
of Shares issued upon exercise of an ISO within two (2) years from the Award Date or within one (1) year from the date the Shares
are transferred to the Participant, the Participant shall, within ten (10) days of disposition, notify the Committee (or its delegee)
in order that any income realized as a result of such disposition can be properly reported by the Company on IRS forms W-2 or 1099.

 

6.10           Shareholder Rights. A Participant
holding Options shall have no right to vote the underlying Shares, no right to receive dividends on the underlying Shares, and
no other rights as a shareholder until after the exercise of the Options and the issuance of the underlying Shares.

 

ARTICLE VII

Restricted Stock

 

7.1           Grant of Restricted Stock.
Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant shares of Restricted
Stock under the Plan to such Key Employees, Non-Employee Directors, Consultants or Advisors and in such amounts as it shall determine.
Participants receiving Restricted Stock Awards are not required to pay the Company therefor (except for applicable tax withholding)
other than the rendering of services. If determined by the Committee, custody of Shares of Restricted Stock may be retained by
the Company until the termination of the Period of Restriction pertaining thereto.

 

7.2           Restricted Stock Agreement.
Each Restricted Stock Award shall be evidenced by an Agreement that shall specify the Period of Restriction, the number of Restricted
Stock Shares granted, and, if applicable, any Performance Period and Performance Goal(s), and such other provisions as the Committee
shall determine.

 

7.3           Transferability. Except as
provided in this Article VII and subject to the limitation in the next sentence, the Shares of Restricted Stock granted hereunder
may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the termination of the applicable
Period of Restriction or upon earlier satisfaction of other conditions as specified by the Committee in its sole discretion and
set forth in the Agreement. All rights with respect to the Restricted Stock granted to a Participant under the Plan shall be exercisable
during his lifetime only by such Participant or his guardian or legal representative.

 

7.4           Other Restrictions. The Committee
shall impose such other restrictions on any Shares of Restricted Stock granted pursuant to the Plan as it may deem advisable including,
without limitation, restrictions under applicable federal or state securities laws, and may legend the certificates representing
Restricted Stock to give appropriate notice of such restrictions or otherwise denote the Restricted Stock as restricted, if issued
in book-entry or electronic form.

 

    	 	10	 

     

    

 

7.5           Certificate Legend. In addition
to any other legends placed on certificates, or to which Shares of Restricted Stock issued in book-entry or electronic form are
made subject, pursuant to Section 7.4, any Award of Restricted Stock issued in book-entry or electronic form shall be subject to
the following legend, and any certificates representing shares of Restricted Stock granted pursuant to the Plan shall bear the
following legend:

 

The sale or other transfer of the shares of stock
represented by this certificate, whether voluntary, involuntary, or by operation of law, is subject to certain restrictions on
transfer set forth in the Eastern Virginia Bankshares, Inc. 2016 Equity Compensation Plan, in the rules and administrative procedures
adopted pursuant to such Plan, and in a restricted stock agreement dated <<date of grant>>. A copy of the Plan, such
rules and procedures, and such restricted stock agreement may be obtained from the Equity Plan Administrator of Eastern Virginia
Bankshares, Inc.

 

7.6           Removal of Restrictions. Except
as otherwise provided in this Article VII, the Agreement, or applicable law or regulation, Shares of Restricted Stock covered by
each Restricted Stock Award made under the Plan shall become freely transferable by the Participant after the last day of the Period
of Restriction, and, where applicable, after a determination of the satisfaction or achievement of any applicable Performance Goal(s).
Once the Shares are released from the restrictions, the Participant shall be entitled to have the legend required by Section 7.5
removed from his Stock certificate or similar notation removed from such Shares if issued in book-entry or electronic form.

 

7.7           Voting Rights. During the
Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect
to those Shares.

 

7.8           Dividends and Other Distributions.
During the Period of Restriction, unless otherwise provided in the applicable Agreement, recipients of Shares of Restricted Stock
shall be entitled to receive all dividends and other distributions paid with respect to those Shares. If any such dividends or
distributions are paid in Shares, such Shares shall be subject to the same restrictions on transferability as the Shares of Restricted
Stock with respect to which they were paid.

 

ARTICLE VIII

Restricted Stock Units

 

8.1           Grant of Restricted Stock Units. Subject
to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Restricted Stock Units under
the Plan (with one Unit representing one Share) to such Key Employees, Non-Employee Directors, Consultants or Advisors and in such
amounts as it shall determine. Participants receiving Restricted Stock Unit Awards are not required to pay the Company therefor
(except for applicable tax withholding) other than the rendering of services. The Committee is expressly authorized to grant Restricted
Stock Units that are deferred compensation covered by Code Section 409A, as well as Restricted Stock Units that are not deferred
compensation covered by Code Section 409A.

 

8.2           Restricted Stock Unit Agreement. Each
Restricted Stock Unit Award shall be evidenced by an Agreement that shall specify the Period of Restriction, the number of Restricted
Stock Units granted, and if applicable, any Performance Period and Performance Goal(s), and such other provisions as the Committee
shall determine.

 

Unless otherwise provided in the Agreement,
a Participant holding Restricted Stock Units shall have no rights to dividends and other distributions made in cash or property
other than Shares which would have been paid with respect to the Shares represented by those Restricted Stock Units if such Shares
were outstanding. Unless otherwise provided in the Agreement, any such deemed dividends or distributions shall be subject to the
same restrictions, vesting and payment as the Restricted Stock Units to which they are attributable. A Participant holding Restricted
Stock Units shall have no right to vote the Shares represented by such Restricted Stock Units unless and until the Participant
actually receives such Shares.

 

8.3           Payment after Lapse of Restrictions.
Subject to the provisions of the Agreement, upon the lapse of restrictions with respect to a Restricted Stock Unit, the Participant
is entitled to receive, without any payment to the Company (other than required tax withholding), an amount (the “RSU Value”)
equal to the product of multiplying (a) the number of Shares equal to the number of Restricted Stock Units with respect to which
the restrictions lapse by (b) the Fair Market Value per Share on the date the restrictions lapse.

 

    	 	11	 

     

    

 

The Agreement may provide for payment of
the RSU Value at the time of the lapse of restrictions or, on an elective or non-elective basis, for payment of the RSU Value at
a later date, adjusted (if so provided in the Agreement) from the date of the lapse of restrictions based on an interest, dividend
equivalent, earnings, or other basis (including deemed investment of the RSU Value in Shares) set out in the Agreement (the “adjusted
RSU Value”).

 

Payment of the RSU Value or adjusted RSU
Value to the Participant shall be made in Shares, in cash or a combination thereof as determined by the Committee, either at the
time of the Award or thereafter, and as provided in the Agreement. To the extent payment of the RSU Value or adjusted RSU Value
to the Participant is made in Shares, such Shares shall be valued at the Fair Market Value on the date the restrictions therefor
lapse in the case of an immediate payment or at the Fair Market Value on the date of settlement in the event of an elective or
non-elective delayed payment. The Committee may specify in a Restricted Stock Unit Agreement that the Shares which are delivered
upon payment of the RSU Value or adjusted RSU Value may be Restricted Stock pursuant to Article VII and subject to such further
restrictions and vesting as provided in the Restricted Stock Unit Agreement.

 

8.4           Nontransferability of Restricted Stock
Units. No Restricted Stock Unit granted under the Plan, and no right to receive payment in connection therewith, may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than upon the death of the Participant in accordance
with Section 18.11. Further, all Restricted Stock Units, and rights in connection therewith, granted to a Participant under the
Plan shall be exercisable during his lifetime only by such Participant or his guardian or legal representative.

 

ARTICLE IX

Stock Appreciation Rights

 

9.1           Grant of Stock Appreciation Rights. Subject
to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Stock Appreciation Rights
under the Plan to such Key Employees, Non-Employee Directors, Consultants or Advisors and in such amounts as it shall determine.

 

9.2           SAR Agreement. Each SAR grant shall be evidenced
by an Agreement that shall specify its terms and conditions, which terms and conditions shall be determined by the Committee, subject
to the limitations set forth in this Section 9.2. The per Share exercise price of a SAR (the “SAR Exercise Price”)
shall not be less than 100% of the Fair Market Value of a Share on the Award Date. Except for SARs granted to Non-Employee Directors
as part of a retainer, including annual or other grants made pursuant to a director compensation policy or arrangement, if the
exercisability of a SAR is subject solely to time-based conditions, the length of such period of time shall not be less than one
year, subject to applicable provisions regarding accelerated vesting.

 

9.3           Exercisability of SARs. SARs may be exercised
upon whatever terms and conditions the Committee, in its sole discretion, imposes upon such SARs, subject to the limitations set
forth in Section 9.2.

 

9.4           Other Conditions Applicable to SARs. In no
event shall the term of any SAR granted under the Plan exceed ten (10) years from the Award Date. A SAR may be exercised only when
the Fair Market Value of a Share exceeds the SAR Exercise Price. A SAR shall be exercised by delivery to the Committee (or its
delegee) of a written notice of exercise in the form (which may be electronic) prescribed by the Committee (or its delegee).

 

9.5           Payment after Exercise of SARs. Subject to
the provisions of the Agreement, upon the exercise of a SAR, the Participant is entitled to receive, without any payment to the
Company therefor (except for required tax withholding), an amount (the “SAR Value”) equal to the product of multiplying
(i) the number of Shares with respect to which the SAR is exercised by (ii) an amount equal to the excess of (A) the Fair Market
Value per Share on the date of exercise of the SAR over (B) the SAR Exercise Price.

 

Payment of the SAR Value to the Participant
shall be made at the time of exercise in Shares, in cash or in a combination thereof as determined by the Committee. To the extent
payment of the SAR Value to the Participant is made in Shares, such Shares shall be valued at the Fair Market Value on the date
of exercise. The Committee may specify in a SAR Agreement that the Shares which are delivered upon payment of the SAR Value may
be Restricted Stock pursuant to Article VII and subject to such further restrictions and vesting as provided in the SAR Agreement.

 

    	 	12	 

     

    

 

9.6           Nontransferability of SARs. No SAR granted
under the Plan, and no right to receive payment in connection therewith, may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than upon the death of the Participant in accordance with Section 18.11. Further, all SARs, and
rights in connection therewith, granted to a Participant under the Plan shall be exercisable during his lifetime only by such Participant
or his guardian or legal representative.

 

ARTICLE X

Stock Awards

 

Subject to the terms and provisions of the
Plan, the Committee, at any time and from time to time, may grant unrestricted Stock Awards under the Plan to such Key Employees,
Non-Employee Directors, Consultants or Advisors and in such amounts as it shall determine. Participants receiving Stock Awards
are not required to pay the Company therefor (except for applicable tax withholding) other than the rendering of services. Unless
otherwise provided in the applicable Agreement, Stock Awards shall be fully vested and freely transferable as of the Award Date,
subject to restrictions under applicable federal or state securities laws.

 

ARTICLE XI

Performance Units

 

11.1           Grant of Performance Units. Subject
to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Performance Units under the
Plan to such Key Employees, Non-Employee Directors, Consultants or Advisors and in such amounts as it shall determine. Participants
receiving such Awards are not required to pay the Company therefor (except for applicable tax withholding) other than the rendering
of services. The Committee is expressly authorized to grant Performance Units that are deferred compensation covered by Code Section
409A, as well as Performance Units that are not deferred compensation covered by Code Section 409A.

 

11.2           Performance Unit Agreement. 
Each Performance Unit is intended to be a Performance-Based Compensation Award, and the terms and conditions of each such Award,
including the Performance Goal(s) and Performance Period, shall be set forth in an Agreement or in a subplan of the Plan that is
incorporated by reference into an Agreement. The Committee shall set the Performance Goal(s) in its discretion for each Participant
who is granted a Performance Unit.

 

The Committee may provide in the Agreement
for payment of dividend equivalents with respect to each Performance Unit. A Participant holding Performance Units shall have no
right to vote the Shares represented by such Performance Units unless and until the Participant actually receives such Shares.

 

11.3           Settlement of Performance Units. After
a Performance Period has ended, the holder of a Performance Unit shall be entitled to receive the value thereof based on the degree
to which the Performance Goal(s) and other conditions established by the Committee and set forth in the Agreement (or in a subplan
of the Plan that is incorporated by reference into an Agreement) have been satisfied. Payment of the amount to which a Participant
shall be entitled upon the settlement of a Performance Unit shall be made in cash, Stock or a combination thereof as determined
by the Committee.

 

11.4           Nontransferability of Performance Units.
No Performance Unit granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
other than upon the death of the Participant in accordance with Section 18.11. All rights with respect to Performance Units granted
to a Participant under the Plan shall be exercisable during his lifetime only by such Participant or his guardian or legal representative.

 

ARTICLE XII

Performance Cash Awards

 

A Performance Cash Award may be granted
upon the attainment during a Performance Period of one or more Performance Goals. Subject to the terms and conditions of the Plan,
Performance Cash Awards may be granted to such Key Employees, Non-Employee Directors, Consultants or Advisors at any time and from
time to time as shall be determined by the Committee. The terms and conditions of any Performance Cash Award, including the Performance
Goal(s) and Performance Period, shall be determined by the Committee in its discretion and shall be set forth in an Agreement or
in a subplan of the Plan that is incorporated by reference into an Agreement. The Committee is expressly authorized to grant Performance
Cash Awards that are deferred compensation covered by Code Section 409A, as well as Performance Cash Awards that are not deferred
compensation covered by Code Section 409A.

 

    	 	13	 

     

    

 

ARTICLE XIII

Termination of Employment or Service

 

13.1           Termination Due to Retirement.
Unless otherwise provided in the Agreement, in the event that a Participant terminates his employment or service with the Company
or one of its Subsidiaries due to retirement (as defined in such applicable rules or policy of the Company in effect at the time),
then, provided no Cause exists to terminate such Participant’s employment or service, (a) all Options or Stock Appreciation
Rights held by the Participant that are not already vested or exercisable shall be automatically vested and exercisable, (b) any
remaining Period of Restriction applicable to the unvested portion of each Award of Restricted Stock or Restricted Stock Units
held by the Participant that is solely based on a period of time shall automatically lapse, and (c) the unvested portion of each
Award held by the Participant that is subject to achievement or satisfaction of any Performance Goal(s) during any Performance
Period shall be automatically forfeited to the Company.

 

13.2           Termination Due to Death or Disability.
Unless otherwise provided in the Agreement, in the event a Participant’s employment or service is terminated because of death
or Disability, (a) all Options or Stock Appreciation Rights held by the Participant that are not already vested or exercisable
shall be automatically vested and exercisable, (b) any remaining Period of Restriction applicable to the unvested portion of each
Award of Restricted Stock or Restricted Stock Units held by the Participant that is solely based on a period of time shall automatically
lapse, and (c) the unvested portion of each Award held by the Participant that is subject to achievement or satisfaction of any
Performance Goal(s) during any Performance Period shall be automatically forfeited to the Company.

 

13.3            Involuntary Termination or Termination
for Good Reason. Unless otherwise provided in the Agreement, upon an involuntary separation from employment or service of a
Participant (excluding a termination for Cause but including a voluntary resignation for Good Reason) not occurring in connection
with a Change of Control, the Committee may, in its sole discretion, waive the automatic forfeiture of any or all of the unvested
portion of each Award held by the Participant and provide for such vesting as its deems appropriate.

 

13.4           Termination for Cause. Unless
otherwise provided in the Agreement, in the event a Participant’s employment or service is terminated for Cause, the unvested
portion and the vested portion not yet paid or exercised of each Award held by the Participant shall be automatically forfeited
to the Company and no further exercise of an Option or a SAR shall be allowed.

 

13.5            Termination for Other Reasons.
Unless otherwise provided in the Agreement, upon a voluntary or involuntary separation from employment or service of a Participant
where none of Sections 13.1, 13.2, 13.3, or 13.4 applies, the unvested portion of each Award held by the Participant shall be automatically
forfeited to the Company.

 

Article XIV

Change in Capital Structure

 

14.1           Effect of Change in Capital Structure.
In the event of a stock dividend, stock split or combination of shares, spin-off, recapitalization or merger in which the Company
is the surviving corporation, or other change in the Company’s capital stock (including, but not limited to, the creation
or issuance to shareholders generally of rights, options or warrants for the purchase of common stock or preferred stock of the
Company), the number and kind of Shares or securities of the Company to be issued under the Plan (under outstanding Awards and
Awards to be granted in the future), the Option Price of Options and/or SAR Exercise Price of SARs, the annual limits on and the
aggregate number and kind of Shares for which Awards thereafter may be made, and other relevant provisions shall be proportionately,
equitably and appropriately adjusted by the Committee, whose determination shall be binding on all persons. If the adjustment would
produce fractional shares with respect to any Award, the Committee may adjust appropriately the number of shares covered by the
Award so as to eliminate the fractional shares. Where an Award being adjusted is an ISO or is subject to or falls under an exemption
from Code Section 409A, the adjustment shall also be effected so as to comply with Code Section 424(a) and not to constitute a
modification within the meaning of Code Section 424(h) or Code Section 409A, as applicable.

 

    	 	14	 

     

    

 

14.2           Authority. Notwithstanding
any provision of the Plan to the contrary, the Committee may take the foregoing actions without the consent of any Participant,
and the Committee’s determination shall be conclusive and binding on all persons for all purposes.

 

14.3           Manner of Adjustment. Adjustments
made by the Committee pursuant to this Article XIV to outstanding Awards shall be made as appropriate to maintain favorable tax
and/or accounting treatment.

 

ARTICLE XV

Change of Control

 

In the event of a Change of Control of the
Company, the Committee, as constituted before such Change of Control, in its sole discretion and without the consent of the Participant,
may, as to any outstanding Award, either at the time the Award is made or any time thereafter, take any one or more of the following
actions: (i) provide for acceleration of the vesting, delivery and exercisability of, and the lapse of time-based and/or performance-based
vesting restrictions with respect to, any such Award so that such Award may be exercised or realized in full on or before a date
initially fixed by the Committee; (ii) provide for the purchase, settlement or cancellation of any such Award by the Company, for
an amount of cash equal to the amount which could have been obtained upon the exercise of such Award or realization of such Participant’s
rights had such Award been currently exercisable or payable; (iii) provide for the replacement of any such Stock-settled Award
with a cash-settled Award; (iv) make such adjustment to any such Award then outstanding as the Committee deems appropriate to reflect
such Change of Control and to retain the economic value of the Award; or (v) cause any such Award then outstanding to be assumed,
or new rights substituted therefor, by the acquiring or surviving corporation in such Change of Control. Where an Award is subject
to or falls under an exemption from Code Section 409A, this Article XV will be applied in a manner so as to comply with Code Section
409A or to maintain the exemption from Code Section 409A, as applicable.

 

ARTICLE XVI

Amendment, Modification, and Substitution
of Awards

 

16.1           Amendment, Modification and Substitution.
Subject to the terms and provisions and within the limitations of the Plan, the Committee may amend or modify the terms of any
outstanding Award or accelerate the vesting thereof. In addition, the Committee may cancel or accept the surrender of outstanding
Awards (to the extent not yet exercised) granted under the Plan or outstanding awards granted under any other equity compensation
plan of the Company and authorize the granting of new Awards pursuant to the Plan in substitution therefor so long as the new or
substituted awards do not specify a lower exercise price than the cancelled or surrendered Awards or awards, and otherwise the
new Awards may be of a different type than the cancelled or surrendered Awards or awards, may specify a longer term than the cancelled
or surrendered Awards or awards, may provide for more rapid vesting and exercisability than the cancelled or surrendered Awards
or awards, and may contain any other provisions that are authorized by the Plan. The Committee shall continue to have the authority
to amend or modify the terms of any outstanding Award after May 18, 2026, provided that no amendment or modification will extend
the original term of the Award beyond that set forth in the applicable Award Agreement. Notwithstanding the foregoing, however,
but subject to Article XV, no amendment or modification of an Award, shall, without the consent of the Participant, adversely affect
the rights or obligations of the Participant. Notwithstanding any provision of the Plan to the contrary, the Committee shall not
amend, modify, or substitute an Award in a manner that violates Code Section 409A, or causes an Award that previously qualified
for an exemption from Section 409A to become subject to Code Section 409A, and the Committee shall not amend, modify, or substitute
an Award that satisfies the requirements of Rule 16b-3 in a manner that causes any exemption pursuant to Rule 16b-3 to become no
longer available.

 

16.2            Option and SAR Repricing.
Notwithstanding any provision of the Plan to the contrary, neither the Committee nor the Board shall have the right or authority,
without obtaining shareholder approval, to amend or modify the Option Price of any outstanding Option or the SAR Exercise Price
of any outstanding SAR, or to cancel an outstanding Option or SAR, at a time when the Option Price or SAR Exercise Price, as applicable,
is greater than the Fair Market Value of a Share in exchange for cash, another Award, or other securities, except in connection
with a corporate transaction involving the Company in accordance with Article XIV or Article XV.

 

    	 	15	 

     

    

 

ARTICLE XVII

Termination, Amendment and Modification
of the Plan

 

17.1           Termination, Amendment and Modification.
At any time and from time to time, the Board may terminate, amend, or modify the Plan. Such amendment or modification may be without
shareholder approval except to the extent that such approval is required by the Code, pursuant to the rules under Section 16 of
the Exchange Act, by any national securities exchange or system on which the Stock is then listed or reported, by any regulatory
body having jurisdiction with respect thereto or under any other applicable laws, rules or regulations.

 

17.2           Awards Previously Granted. No termination,
amendment or modification of the Plan other than pursuant to Article XIV or Article XV shall in any manner adversely affect any
Award theretofore granted under the Plan, without the written consent of the Participant.

 

ARTICLE XVIII

General

 

18.1           Applicable Withholding Taxes. Each Participant
shall agree, as a condition of receiving an Award, to pay to the Company, or make arrangements satisfactory to the Company regarding
the payment of, all applicable federal, state and local taxes (including the Participant’s FICA obligation) required
by law to be withheld with respect to any grant, exercise, or payment made under or as a result of the Plan. Until the applicable
withholding taxes have been paid or arrangements satisfactory to the Company have been made, no stock certificates (or, in the
case of Restricted Stock, no stock certificates free of a restrictive legend) shall be issued to the Participant and no issuance
in book-entry or electronic form (or, in the case of Restricted Stock, no issuance in book-entry or electronic form free of a restrictive
legend or notation) shall be made for the Participant. As an alternative to making a cash payment to the Company to satisfy applicable
withholding tax obligations, Participants may elect or the Committee may require Participants to satisfy the withholding requirement,
in whole or in part, by having the Company withhold Shares of Stock having a Fair Market Value equal to the amount required to
be withheld, or by delivering to the Company Shares of Stock having a Fair Market Value equal to the amount required to be withheld.
The value of any Shares so withheld or delivered shall be based on the Fair Market Value of the Shares on the date that the amount
of tax to be withheld is to be determined. All elections by Participants shall be irrevocable and be made in writing and in such
manner as determined by the Committee (or its delegee) in advance of the day that the transaction becomes taxable.

 

18.2           Requirements of Law. The
granting of Awards and the issuance of Shares of Stock under this Plan shall be subject to all applicable laws, rules, and regulations,
and to such approvals by any governmental agencies or self regulatory organizations as may be required.

 

18.3           Effect of Plan. The establishment
of the Plan shall not confer upon any Key Employee, Non-Employee Director, Consultant or Advisor any legal or equitable right against
the Company, a Subsidiary or the Committee, except as expressly provided in the Plan. The Plan does not constitute an inducement
or consideration for the employment or service of any Key Employee, Non-Employee Director, Consultant or Advisor, nor is it a contract
between the Company or any of its Subsidiaries and any Key Employee, Non-Employee Director, Consultant or Advisor. Participation
in the Plan shall not give any Key Employee, Non-Employee Director, Consultant or Advisor any right to be engaged or retained in
the service of the Company or any of its Subsidiaries. No Key Employee, Non-Employee Director, Consultant or Advisor shall have
rights as a shareholder of the Company prior to the date Shares are issued to him pursuant to the Plan.

 

18.4           Creditors. The interests
of any Participant under the Plan or any Agreement are not subject to the claims of creditors and may not, in any way, be assigned,
alienated or encumbered.

 

    	 	16	 

     

    

 

18.5           Successors. All obligations
of the Company under the Plan, with respect to Awards granted hereunder, shall be binding on any successor to the Company, whether
the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially
all of the business and/or assets of the Company.

 

18.6           Securities Law Restrictions.  The
Committee may require each Participant purchasing or acquiring Shares pursuant to an Option or other Award to represent to and
agree with the Company in writing that such Participant is acquiring the Shares for investment and not with a view to the distribution
thereof.  All Shares delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the
Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any
national securities exchange or system on which the Stock is then listed or reported, and any applicable federal or state securities
laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such
restrictions or otherwise denote the Shares as being subject to such restrictions, if issued in book-entry or electronic form.
No Shares shall be issued hereunder unless the Company shall have determined that such issuance is in compliance with, or pursuant
to an exemption from, all applicable federal and state securities laws.

 

18.7           Governing Law. The Plan,
and all Agreements hereunder, shall be construed and administered in accordance with and governed by the laws of the Commonwealth
of Virginia and the intention of the Company is that ISOs granted under the Plan qualify as such under Code Section 422. The Plan
and Awards are subject to all present and future applicable provisions of the Code. If any provision of the Plan or an Award conflicts
with any such Code provision, the Committee shall cause the Plan to be amended, and shall modify the Award, so as to comply, or
if for any reason amendments cannot be made, that provision of the Plan or the Award shall be void and of no effect.

 

18.8           Severability. In the event
any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining
parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

 

18.9           Unfunded Status of Plan.
The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any
payments as to which a Participant has a fixed and vested interest but which are not yet made to a Participant by the Company,
nothing contained herein shall give any such Participant any rights that are greater than those of a general unsecured creditor
of the Company.

 

18.10          Share Certificates and Book Entry. To the
extent that the Plan provides for issuance of stock certificates to represent shares of Stock, the issuance may be effected on
a non-certificated basis to the extent permitted by applicable law and the applicable rules of any national securities exchange
or system on which the Stock is then listed or reported. Notwithstanding any provision of the Plan to the contrary, in its discretion
the Committee may satisfy any obligation to deliver Shares represented by stock certificates by delivering Shares in book-entry
or electronic form. If the Company issues any Shares in book-entry or electronic form that are subject to terms, conditions and
restrictions on transfer, a notation shall be made in the records of the transfer agent with respect to any such Shares describing
all applicable terms, conditions and restrictions on transfer. In the case of Restricted Stock granted under the Plan, such notation
shall be substantially in the form of the legend contained in Section 7.5.

 

18.11          Beneficiary Designations.
A Participant may designate a Beneficiary to receive any Options or SARs that may be exercised after his death or to receive any
other Award that may be paid after his death, as provided for in the Agreement. Such designation and any change or revocation of
such designation shall be made in writing in the form and manner prescribed by the Committee (or its delegee). In the event that
the designated Beneficiary dies prior to the Participant, or in the event that no Beneficiary has been designated, any Awards that
may be exercised or paid following the Participant’s death shall be transferred or paid in accordance with the Participant’s
will or the laws of descent and distribution. If the Participant and his Beneficiary shall die in circumstances that cause the
Committee (or its delegee), in its discretion, to be uncertain which shall have been the first to die, the Participant shall be
deemed to have survived the Beneficiary.

 

    	 	17	 

     

    

 

18.12          Electronic Transmissions and
Records. Subject to limitations under applicable law, the Committee (and its delegee) is authorized in its discretion to issue
Awards and/or to deliver and accept notices, elections, consents, designations and/or other forms or communications to or from
Participants by electronic or similar means, including, without limitation, transmissions through e-mail or specialized software,
recorded messages on electronic telephone systems, and other permissible methods, on such basis and for such purposes as it determines
from time to time, and all such communications will be deemed to be “written” for purposes of the Plan.

 

18.13          Clawback. All Awards (whether vested or
unvested) shall be subject to such recovery or clawback as may be required pursuant to any applicable federal or other law or regulation,
any applicable listing standard of any national securities exchange or system on which the Stock is then listed or reported or
the terms of the Company’s recoupment, clawback or similar policy as such may be in effect from time to time, which could
in certain circumstances require repayment or forfeiture of Awards or any Shares or other cash or property received with respect
to the Awards (including any value received from a disposition of the Shares acquired upon payment of the Awards).

 

18.14          Banking Regulatory Provision. All Awards
shall be subject to any condition, limitation or prohibition under any financial institution regulatory policy or rule to which
the Company or any subsidiary thereof is subject.

 

ARTICLE XIX

Omnibus Code Section 409A Provision

 

19.1           Intent of Awards. It is intended
that Awards that are granted under the Plan shall be exempt from treatment as “deferred compensation” subject to Code
Section 409A unless otherwise specified by the Committee.  Towards that end, all Awards under the Plan are intended to contain
such terms as will qualify the Awards for an exemption from Code Section 409A unless otherwise specified by the Committee. 
The terms of the Plan and all Awards granted hereunder shall be construed consistent with the foregoing intent.  Notwithstanding
any provision of the Plan to the contrary, the Committee may amend any outstanding Award without the Participant’s consent
if, as determined by the Committee, in its sole discretion, such amendment is required either to (a) confirm exemption under Code
Section 409A, (b) comply with Code Section 409A or (c) prevent the Participant from being subject to any tax or penalty under Code
Section 409A.  Notwithstanding the foregoing, however, neither the Company nor any of its Affiliates nor the Committee shall
be liable to the Participant or any other person or entity if an Award that is subject to Code Section 409A or the Participant
or any other person or entity is otherwise subject to any additional tax, interest or penalty under Code Section 409A.  Each
Participant is solely responsible for the payment of any tax liability (including any taxes, penalties and interest that may arise
under Code Section 409A) that may result from an Award.

 

19.2           409A Awards. The Committee
may grant an Award under the Plan that is subject to Code Section 409A and is intended to comply with Code Section 409A (a “409A
Award”).  The terms of such 409A Award, including any authority by the Company and the rights of the Participant with
respect to such 409A Award, will be subject to such rules and limitations and shall be interpreted in a manner as to comply with
Code Section 409A.

 

19.3           Time of Payment. The time
and form of payment of a 409A Award, including application of a six-month delay for specified employees in certain circumstances,
shall be as set forth in the applicable Agreement.  A 409A Award may only be paid in connection with a separation from service,
a fixed time, death, Disability, a Change of Control or an unforeseeable emergency within the meaning of Code Section 409A. 
The time of distribution of the 409A Award must be fixed by reference to the specified payment event.  Notwithstanding the
foregoing, if the time of distribution of the 409A Award is not set forth in the applicable Agreement, then the time of distribution
of the 409A Award shall be within two and one-half (21⁄2) months of the end of the later of the calendar year or the fiscal
year of the Company or Affiliate that employs the Participant in which the 409A Award becomes vested and no longer subject to a
substantial risk of forfeiture within the meaning of Code Section 409A.  For purposes of Code Section 409A, each installment
payment will be treated as the entitlement to a single payment. 

 

19.4           Acceleration or Deferral.
The Company shall have no authority to accelerate or delay or change the form of any distributions relating to 409A Awards except
as permitted under Code Section 409A.

 

    	 	18	 

     

    

 

19.5           Distribution Requirements.
Any distribution of a 409A Award triggered by a Participant’s termination of employment shall be made only at the time that
the Participant has had a separation from service within the meaning of Code Section 409A.  A separation from service shall
occur where it is reasonably anticipated that no further services will be performed after that date or that the level of bona fide
services the Participant will perform after that date (whether as an employee or independent contractor of the Company or an Affiliate)
will permanently decrease to less than twenty percent (20%) of the average level of bona fide services performed over the immediately
preceding thirty-six (36) month period.  Continued services solely as a director of the Company or an Affiliate shall not
prevent a separation from service from occurring by an employee as permitted by Code Section 409A.

 

19.6           Scope and Application of this
Provision. For purposes of this Article XIX, references to a term or event (including any authority or right of the Company
or a Participant) being “permitted” under Code Section 409A means that the term or event will not cause the Participant
to be deemed to be in constructive receipt of compensation relating to the 409A Award prior to the distribution of cash, Shares
or other property or to be liable for payment of interest or a tax penalty under Code Section 409A. 

 

Approved by the Board of Directors on March 24, 2016 and by
the shareholders on May 19, 2016.

 

 

 

 

 

 

 

 

 

 

 

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