Document:

Exhibit 10.12

 Exhibit 10.12 
 FIRST CAPITAL BANCORP 

SPLIT DOLLAR LIFE INSURANCE AGREEMENT 

Insurer: Gary L. Armstrong 
 Policy Number:

 Initial Face Amount of the Policy: $1,000,000 
 Life Insurance Death Benefit Payable to Beneficiary: $250,000 
 This Split Dollar
Life Insurance Agreement (“Agreement”) is made and entered into by and between First Capital Bancorp (the “Company”) and Gary Armstrong (the “Insured”). 

The purpose of this Agreement is for the Company to assist the Insured in establishing a life insurance program. To do so, the Company
has purchased a policy on the life of the Insured, as referenced above. The Respective rights and duties of the Company and the Insured in the above-referenced policy shall be pursuant to the terms set forth below: 

 DEFINITIONS 
 Premium as used in this Agreement shall mean that planned periodic premium selected by the parties subject to the Insurer’s minimum premium requirements. 

Death Proceeds as used in this Agreement shall mean the Face Amount minus the Company’s interest in the policy’s death
proceeds, which is the greater of premiums paid or cash values; 
 Cash Value as used in this Agreement shall mean:

 For Purposes Of Policy Surrender: The Cash Surrender Value as that term is defined in the policy contract. 

For Purposes Of Policy Transfer Of The Entire Contract Or An Undivided Interest Therein From the Company To The Insured: The Cash
Value (accumulation value or policy account value) shall be the life insurance contract’s fair market value as defined in Treasury Regulation Section 1.61-22(g)(2), which is the policy cash value and the value of all other rights under the
contract (including any supplemental agreements thereto and whether or not guaranteed), other than the value of current life insurance protection. 
 For Purposes Of Measuring Premium Payments And Obligations: The Policy’s Accumulation Value or Policy Account Value as that term is described in the policy contract. 

The respective rights and duties of the Company and the Insured in the subject policy shall be as defined in the following numbered
Articles: 
  

	I.	POLICY TITLE AND OWNERSHIP 

Title and ownership shall reside in the Company for its use and for the use of the Insured all in accordance with this Agreement. The
Company may, to the extent of its interest, exercise the right to borrow or withdraw upon the policy cash values. 
  

	II.	BENEFICIARY DESIGNATION RIGHTS 

 The Insured shall have the right and power to designate a beneficiary or beneficiaries to receive his/her share of the proceeds payable on his/her death and to elect and change a payment option for such
beneficiaries but subject to any right or interest the Company may have in such proceeds as provided in this Agreement. 

	III.	PREMIUM PAYMENT METHOD 

Premiums shall be paid annually as of the date of issue and upon each subsequent premium due date. The Company pays the entire premium and
the Insured recognizes the plan’s economic benefit as taxable income. 
  

	IV.	DIVISION OF DEATH PROCEEDS OF POLICY 

 The division of death proceeds of the policy is as follows: 
 A. The Company shall
be entitled to an amount equal to the cumulative premiums paid as of the date of death or, if greater, the policy’s cash value determined as of the date to which premiums are paid, less any indebtedness, and interest on such indebtedness
determined as of the date of death. Such cash value shall include any outstanding dividend accumulations or cash value of any paid-up additions and any postmortem dividends determined as of the date of death. 

B. The Insured’s beneficiary, designated in accordance with Article II, shall be entitled to the remainder of such proceeds.

 C. The Company and Insured’s beneficiary, shall share in any interest due on the death proceeds as their respective
share of the proceeds as above-defined bears to the total proceeds excluding any such interest. 
 D. Where there is a refund of
unearned premium as provided in the contract of insurance, any refund shall be apportioned as follows: 
 1.
Where the Insured has contributed to the policy premium at the last required premium interval, the refund of unearned premiums shall be divided between the Company and the Insured (or his/her assignee) as their respective share of the premium
payment obligation bears to the total required for such interval. 
 2. Where the Insured has not contributed to
the premium at the last required premium interval, the refund of unearned premium shall be refunded in total to the Company. 

	V.	DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY 

 If the policy is surrendered while this Agreement is in effect, the Company shall be entitled to an amount equal to the policy’s cash value, determined as of the date to which premiums are paid less
any indebtedness and interest on such indebtedness determined as of the date of surrender. Such cash value shall include any outstanding dividend accumulations or cash value of any paid-up additions determined as of the date of surrender.

  

	VI.	NONFORFEITURE DEATH PROCEEDS 

 The Company’s share of death proceeds payable on the Insured’s death while the policy is in force under any of its nonforfeiture provisions shall be an amount equal to the excess, if any, of the
Company’s share of the policy’s net cash value over any indebtedness against the policy at insured’s death. The designated beneficiary shall be entitled to any remainder of such proceeds. 

 

	VII.	NONFORFEITURE CASH VALUE 

The Company’s share of the cash value payable on surrender of the policy while it is in force under any of its nonforfeiture
provisions shall be an amount equal to the net cash value at date of surrender. Insured (or his/her assignee) shall be entitled to any remainder of such cash value. 
  

	VIII.	PREMIUM WAIVER 

 If the
policy contains a premium waiver provision, any premium waived shall be considered for all purposes of this Agreement as having been paid by the Company. 
  

	IX.	RIGHTS OF PARTIES WHERE POLICY ANNUITY ELECTION EXISTS 

 In the event the subject policy involves an annuity element, the Company’s right and interest in any annuity benefits, on expiration of the deferment period, shall be determined under the provisions
of this Agreement by regarding the commuted value of such annuity benefits as the policy’s net cash value. The Company’s right and interest in annuity benefits shall be fulfilled at the end of the annuity deferment period under either the
policy proper or under its settlement provisions. As contemplated herein, an annuity policy shall be considered to mature for its commuted value on the specific date stated in the policy on which benefits become payable or on a date elected by the
Company pursuant to the terms of the policy. 

	X.	TERMINATION OF AGREEMENT 

This Agreement shall terminate upon the Insured’s involuntary termination of employment for Cause. For purposes of this Agreement,
“Cause” shall have the same meaning as defined in the Insured’s Supplemental Executive Retirement Plan Agreement with the Company. 
 Upon such termination, Insured (or his/her assignee) shall have a 90-day option to receive from the Company an absolute assignment of the policy in consideration of a cash payment to the Company,
whereupon this Agreement shall terminate. Such cash payment shall be the greater of the Company’s share of the cash value of the policy on the date of such assignment as defined in this Agreement or the amount of the premiums which have been
paid by the Company prior to the date of such assignment. 
 Should Insured fail to exercise the option within the prescribed
90-day period, Insured agrees that the subject policy will be surrendered to the Insurer and the proceeds distributed to the Company as prescribed herein. 
  

	XI.	INSURED OR ASSIGNEE’S ASSIGNMENT RIGHTS 

 Insured may, at any time, assign to any individual, trust or other organization all right, title and interest in the subject policy and all rights, options, privileges and duties created under this
Agreement. 
  

	XII.	  AGREEMENT BINDING UPON PARTIES 

 This Agreement shall bind the Insured and the Company, their heirs, successors, personal representatives and assigns. 
  

	XIII.  	ERISA PROVISIONS 

 The
following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”): 
 A. Named Fiduciary and Plan Administrator. 

 The “Named Fiduciary and Plan Administrator” of this Split Dollar Agreement shall
be the Company. As Named Fiduciary and Plan Administrator, the Company shall be responsible for the management, control, and administration of this Split Dollar Agreement as established herein. The Named Fiduciary may delegate to others certain
aspects of the management and operation responsibilities of the Plan, including the employment of advisors and the delegation of any ministerial duties to qualified individuals. 

B. Funding Policy. 
 The funding policy for this Split Dollar Agreement shall be to maintain the subject policy in force by paying, when due, all premiums required. 

C. Basis of Payment of Benefits. 
 Direct payment by the Insurer is the basis of payment of benefits under this Agreement, with those benefits in turn being based on the payment of premiums as provided in this Agreement. 

D. Claim Procedure. 
 Claim forms or claim information as to the subject policy can be obtained by contacting the Company. When the Named Fiduciary has a claim which may be covered under the provisions described in the
insurance policy, they should contact the office named above, and they will either complete a claim form and forward it to an authorized representative of the Insurer or advise the named Fiduciary what further requirements are necessary. The Insurer
will evaluate and make a decision as to payment. If the claim is payable, a benefit check will be issued in accordance with the terms of this Agreement. 
 In the event that a claim is not eligible under the policy, the Insurer will notify the Named Fiduciary of the denial pursuant to the requirements under the terms of the policy. If the Named Fiduciary is
dissatisfied with the denial of the claim and wishes to contest such claim denial, they should contact the office named above and they will assist in making an inquiry to the Insurer. All objections to the Insurer’s actions should be in writing
and submitted to the office named above for transmittal to the Insurer. 

	XIV.  	AMENDMENT 

 This Agreement
may be amended at any time and from time to time by a written instrument executed by the Insured and the Company. 
  

	XV.  	INSURANCE COMPANY NOT A PARTY TO AGREEMENT 

 The Insurer shall not be deemed a party to this Agreement but will respect the rights of the parties as herein developed upon receiving an executed copy of this Agreement. Payment or other performance of
its contractual obligations in accordance with the policy provisions shall fully discharge the Insurer for any and all liability. 
  

	XVI.  	EFFECT OF INSURED’S SUICIDE 

 In the event Insured’s death occurs within two (2) years of the execution date of this Agreement and the Insured’s death is determined to have been caused by self-inflicted suicide, then in
such event, no death benefits of whatever nature, shall be payable to Insured’s beneficiary under this Agreement. 
  

	XVII.  	APPLICABLE LAW 

 This
Agreement shall be subject to and construed under the laws of the Commonwealth of Virginia. 
 IN WITNESS WHEREOF, the
Company and the Insured have duly executed this Agreement on this 1st day of February, 2011. 
 * * * * * * * * * * * * * * *

  

			
	FIRST CAPITAL BANCORP
		
	By:	 	John M. Presley
	
	INSURED
		
	By:	 	/s/    Gary Armstrong
		 	Gary L. ArmstrongExhibit 10.13

 Exhibit 10.13 
 FIRST CAPITAL BANCORP 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT

 FOR 
 GARY L. ARMSTRONG 
 Effective
February 1, 2011 

 INTRODUCTION 

This Supplemental Executive Retirement Plan Agreement (the “Agreement”) is between First Capital Bancorp (the
“Company”) and Gary L.Armstrong (the “Participant”), and is effective February 1, 2011. 
 The Company
desires to provide an unfunded, nonqualified supplemental retirement benefit to the Participant, who is a select management and highly compensated employee who contributes materially to the long-term stability and financial success of the Company.
Benefits under this Agreement are intended to supplement benefits under the Company’s tax-qualified retirement plan. The Board has determined that the benefits to be paid to the Participant constitute reasonable compensation for the services to
be rendered by the Participant. 
 ARTICLE I 
 DEFINITIONS 
 The following phrases or terms have the indicated meanings:

 1.01 Beneficiary. The person, persons, entity, entities or the estate of a Participant entitled to receive benefits under the
Agreement in accordance with a properly completed beneficiary designation form. If a Participant fails to complete a beneficiary designation form, or the form is incomplete, Beneficiary means the Participant’s surviving spouse if he is married
as of his date of death; otherwise, the Participant’s estate. A Participant may amend or change his Beneficiary designation in accordance with procedures established by the Board. 

1.02 Board. The Board of Directors of the Company. 
 1.03 Cause. Dishonesty, fraud, misconduct, gross incompetence, gross negligence, breach of a material fiduciary duty, material breach of an agreement with the Company, unauthorized use or
disclosure of confidential information or trade secrets, or conviction or confession of a crime punishable by law (except minor violations), in each case as determined by the Company, which determination shall be binding. Notwithstanding the
foregoing, if “Cause” is defined in an employment agreement between the Insured and the Company, “Cause” shall have the meaning assigned to it in such agreement. 

1.04 Committee. The Compensation Committee of the Company’s Board of Directors, or such other Committee of the Board as may be
delegated with the duty of administering and determiningParticipant eligibility under the Agreement. 
 1.05 Code. The Internal
Revenue Code of 1986, as amended. 
 1.06 Company. First Capital Bankcorp and its successors and assigns. 

 1.07 Disability. A Participant (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months
under an accident and health plan covering employees of the Company. 
 1.08 Key Employee. Any Participant who, with
respect to a publicly-traded company, is (i) one of the top-fifty most highly compensated officers with annual compensation in excess of $130,000 (as adjusted from time to time by Treasury regulations); (ii) a five percent owner of the
Company; or (iii) a one percent owner of the Company with annual compensation in excess of $150,000 (as adjusted from time to time by Treasury regulations). 
 1.09 Retirement. Separation from service with the Company on or after age 65. 

ARTICLE II 

PARTICIPATION 
 A Participant’s participation in the Agreement shall begin as of the date specified by the Committee. An individual shall remain a Participant until his designation as a Participant has been revoked
or rescinded. 
 ARTICLE III 
 BENEFITS 
 3.01 Retirement Benefit. Upon Retirement, a Participant shall be
entitled to a Retirement benefit equal to $250,000, payable in a single lump sum, except as otherwise provided in this Article III. 
 3.02 Timing of Payment. The payment of any benefit under this Article shall be made as of the first business day of the month following the date of the Participant’s separation from service;
provided, however, that payment to a Key Employee upon a separation from service other than for death shall not be made until the first business day of the seventh month following such separation. 

3.03 Vesting. The Participant’s Retirement benefit shall vest on the date the Participant attains age 60, provided the
Participant remains in full-time employment with the Company on such date. 
 3.04 Involuntary Termination of Employment.
If the Participant’s employment is involuntarily terminated by the Company without Cause, the Participant shall become fully vested in and entitled to payment of the Retirement benefit. 

3.05 Disability. If a Participant terminates employment with the Company due to Disability, he shall be entitled to receive his vested
Retirement benefit as determined pursuant to the vesting schedule in Section 3.02.] 

 3.06 Death Benefits. In the event of a Participant’s death prior to termination of
employment, the Participant shall become fully vested in, and entitled to the payment of the Retirement benefit. Payment shall be made to the Participant’s Beneficiary in a single lump sum commencing within 90 days following the
Participant’s death. 
 ARTICLE IV 
 GUARANTEES 
 The Company has only a contractual obligation to pay the
benefits described in Article III. All benefits are to be satisfied solely out of the general corporate assets of the Company which shall remain subject to the claims of its creditors. No assets of the Company need be segregated or committed to
the satisfaction of its obligations to any Participant or Beneficiary under this Agreement, although, in its sole discretion, the Company may segregate assets, in a trust or otherwise, for the purpose of paying benefits under the Agreement. If the
Company, in its sole discretion, elects to purchase life insurance on the life of a Participant in connection with the Agreement, the Participant must submit to a physical examination, if required by the insurer, and otherwise cooperate in the
issuance of such policy or his rights under the Agreement will be forfeited. 
 ARTICLE V 

TERMINATION OF EMPLOYMENT 
 5.01 No Guarantee of Employment. The Agreement does not in any way limit the right of the Company at any time and for any reason to terminate the Participant’s employment or such Participant’s
status as an eligible employee. In no event shall the Agreement, by its terms or by implication, constitute an employment contract of any nature whatsoever between the Company and a Participant. 

5.02 Termination of Employment. A Participant whose employment with the Company is terminated with Cause shall immediately cease to be a
Participant under this Agreement and shall forfeit all rights under this Agreement. A Participant on authorized leave of absence from the Company shall not be deemed to have terminated employment or lost his status as an eligible employee for the
duration of such leave of absence, provided he returns to employment on or before the date of the end of the leave period. 

ARTICLE VI 
 AMENDMENT OR TERMINATION OF PLAN 
 This Agreement may be amended or
terminated only by a written instrument executed by both the Participant and the Company. The rights of the Company set forth in this Article VI are subject to the condition that the Board or its delegate shall take no action to terminate the
Agreement or decrease the benefit that would become payable or is payable, as the case may be, with respect to a Participant who has become eligible for early, normal or postponed retirement under the Company’s tax-qualified retirement plan.
Upon the termination of this Agreement by the Board, the Agreement shall no longer be of any further force or effect, and neither the Company, nor the Participant shall have any further obligation or right under this Agreement. Likewise, the rights
of any individual who was a Participant and whose designation as a Participant is revoked or rescinded by the Board shall cease upon such action. 

 ARTICLE VII’ 

OTHER BENEFITS AND AGREEMENTS 
 The benefits provided for the Participant and his Beneficiary under the Agreement are in addition to any other benefits available to such Participant under any other plan or program of the Company for its
employees, and, except as may otherwise be expressly provided for, the Agreement shall supplement and shall not supersede, modify or amend any other plan or program of the Company in which a Participant is participating. 

ARTICLE VIII 
 RESTRICTIONS ON TRANSFER OF BENEFITS 
 No right or benefit under the
Agreement shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to do so shall be void. No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts,
liabilities, or torts of the person entitled to such benefit. If the Participant or Beneficiary under the Agreement should attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right to a benefit hereunder, then such right or
benefit, in the discretion of the Board, shall cease and terminate, and, in such event, the Board may hold or apply the same or any part thereof for the benefit of such Participant or Beneficiary, his or her spouse, children, or other dependents, or
any of them, in such manner and in such portion as the Board may deem proper. 
 ARTICLE IX 

ADMINISTRATION OF THE PLAN 
 9.01 General. The Agreement shall be administered by the Committee, in its sole and complete discretion. Subject to the provisions of the Agreement, the Committee may adopt such rules and regulations as
may be necessary to carry out the purposes hereof. The Committee’s interpretation and construction of any provision of the Agreement shall be final and conclusive. The Committee in its sole discretion may delegate ministerial duties with
respect to the administration of the Agreement to employees of the Company or to third parties. 
 9.02 Indemnification of the
Board. The Company shall indemnify and save harmless each member of the Committee against any and all expenses and liabilities arising out of membership on the Committee related to any shareholder or similar action involving the Agreement, excepting
only expenses and liabilities arising out of a member’s own willful misconduct. Expenses against which a member of the Committee shall be indemnified hereunder shall include without limitation, the amount of any settlement or judgment, costs,
counsel fees, and related charges reasonably incurred in connection with a claim asserted, or a proceeding brought or settlement thereof. The foregoing right of indemnification shall be in addition to any other rights to which any such member may be
entitled. 
 9.03 Powers of the Board. In addition to the powers hereinabove specified, the Committee shall have the power to
compute and certify the amount and kind of benefits from time to time payable to Participants and their Beneficiaries under the Agreement, to authorize all disbursements for such purposes, and to determine whether a Participant is entitled to a
benefit under Agreement section 3.01. 
 9.04 Information. To enable the Committee to perform its functions, the Company
shall supply full and timely information to the Committee on all matters relating to the compensation of all Participants, their retirement, death or other cause for termination of employment, and such other pertinent facts as the Committee may
require. 

 9.05 Claims Procedure. All claims for benefits shall be in writing in a form satisfactory to
the Committee. If the Committee wholly or partially denies a Participant’s or Beneficiary’s claim for benefits, the Board shall review the Participant’s claim in accordance with applicable procedures described in the Employee
Retirement Income Security Act of 1974. 
 9.06 Notice Requirement. 

Any notice which shall be or may be given under the Agreement shall be in writing and shall be mailed by United States mail, postage
prepaid. If notice is to be given to the Company such notice shall be addressed, to the attention of the Secretary, at: 

    First Capital Bancorp 
     4222 Cox Road, Suite 200 
     Glen
Allen, Virginia 23060 
 If notice is to be given to a Participant, such notice shall be addressed to the Participant’s
last known address on the records of the Company. 
 9.07 Code Section 409A. To the extent applicable, this
Agreement is intended to comply with Code Section 409A, and the Committee shall interpret and administer the Agreement in accordance therewith. In addition, any provision, including, without limitation, any definition, in this Agreement that is
determined to violate the requirements of Code Section 409A shall be void and without effect and any provision, including without limitation, any definition, that is required to appear in this Agreement under Code Section 409A that is not
expressly set forth shall be deemed to be set forth herein, and the Agreement shall be administered in all respects as if such provisions were expressly set forth. In addition, the timing of payment of the benefits provided for under this Agreement
shall be revised as necessary for compliance with Code Section 409A. 
 ARTICLE X 

MISCELLANEOUS 
 10.1 Binding Nature. The Agreement shall be binding upon the Company and its successors and assigns; subject to the powers set forth in Article VI, and upon the Participant, the Beneficiary, and
either of their assigns, heirs, executors and administrators. 
 10.2 Governing Law. To the extent not preempted by federal law,
the Agreement shall be governed and construed under the laws of the Commonwealth of Virginia (including its choice of law rules, except to the extent those rules would require the application of the law of a state other than Virginia) as in effect
at the time of their adoption and execution, respectively. 
 10.03 Construction. Masculine pronouns wherever used shall include
feminine pronouns and the use of the singular shall include the plural. 

 ARTICLE XI 

ADOPTION 
 As evidence of its adoption of the Agreement, the Company and the Participant have caused this document to be signed this 1st day of February 2011. 

 

			
	FIRST CAPITAL BANCORP
		
	By:	 	/s/    John M. Presley
		
	Its:	 	Managing Director & CEO
	
	PARTICIPANT
	
	/s/    Gary Armstrong
		
	By:	 	Gary L. Armstrong

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