Document:

EX-10.1

 Exhibit 10.1 

CONTRIBUTION AGREEMENT 

This Contribution Agreement (including all exhibits and schedules, this “Agreement”) is made and entered into as of
May 29, 2020 by and among NexPoint Real Estate Finance, Inc., a Maryland corporation (the “Company”), NexPoint Real Estate Finance Operating Partnership, LP, a Delaware limited partnership (the “Operating
Partnership”), and the entities listed under Contributor on Schedule A (the “Contributors”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms on
Exhibit A. 
 RECITALS 

WHEREAS, the Contributors own membership interests (the “Interests”) in NexPoint Buffalo Pointe Holdings, LLC, a
Delaware limited liability company (“Buffalo Pointe”); and 
 WHEREAS, the Contributors desire to transfer all of
their Interests in Buffalo Pointe to the Operating Partnership (the “Contribution”). The Contributors will receive units of the Operating Partnership (“OP Units”) in connection with the Contribution.

 AGREEMENT 
 NOW,
THEREFORE, for and in consideration of the foregoing premises, and the mutual undertakings set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as
follows: 
 ARTICLE 1 

CONTRIBUTION OF INTERESTS 
 1.1
Contribution Transaction. At the Closing (as defined below), the Contributors shall contribute, transfer, assign, convey and deliver to the Operating Partnership, and the Operating Partnership shall assume, free and clear of all Liens, except
as provided below in Section 1.3, all of the Contributors’ right, title and interest in and to the Interests and the obligations with respect thereto. The contribution of the Interests shall be evidenced by the
Transfer Documents (as defined below). 
 1.2 Consideration for the Interests. The Contributors will receive OP units as set forth on
Schedule B for their contribution of the Interests to the Operating Partnership. 
 1.3 Existing Loans. As of the date hereof,
the properties owned by Buffalo Pointe are encumbered by liens, assignments and security interests securing the indebtedness under the loan documents set forth on Schedule C (collectively, the “Existing Loan
Documents”; the loans evidenced by the Existing Loan Documents, the “Existing Loans”; and the lenders of the Existing Loans, the “Existing Lenders”). The properties owned by Buffalo Pointe
will continue to be subject to the Existing Loans and Existing Loan Documents after Closing. 
 1.4 Company Limitations. Upon the
exercise of a Redemption Right (as such term is defined in the partnership agreement of the Operating Partnership in effect as of the date hereof) by any of the Contributors in connection with the OP Units granted under this Agreement, the Company
agrees that it will be prohibited from issuing REIT Shares (as such term is defined in the partnership agreement of the Operating Partnership in effect as of the date hereof) to such Contributors, until the stockholders of the Company have approved
the issuance of REIT Shares to the Contributors. The Company agrees that it will also be prohibited from permitting any of the Contributors to exercise a Redemption Right in connection with the OP Units granted under this Agreement before such time
as the OP Units granted under this Agreement have been outstanding for one year. 

 ARTICLE 2 

CLOSING 
 2.1 Conditions
Precedent. 
 (a) The obligations of the Company and the Operating Partnership to effect the transactions contemplated
hereby shall be subject to each of the following conditions: 
 (i) the delivery of good, marketable title to the
Contributors’ Interests to the Operating Partnership on or prior to the Closing Date (as defined below); 
 (ii) the
representations and warranties of the Contributors contained in this Agreement shall have been true and correct in all material respects on the date such representations and warranties were made, and shall be true and correct in all material
respects on the Closing Date as if made at and as of such date; 
 (iii) each obligation of the Contributors contained in
this Agreement shall have been duly performed on or before the Closing Date, and each of the Contributors shall not have materially breached any of the covenants contained herein; 

(iv) concurrently with the Closing, the Contributors shall have executed and delivered to the Operating Partnership the
documents required to be delivered pursuant to Section 2.3(a); 
 (v) all necessary consents or
approvals of governmental authorities or third parties, including the Existing Lenders, to the consummation of the transactions contemplated herein shall have been obtained, but only to the extent such consents or approvals are the responsibility of
the Contributors in the context of this Agreement; and 
 (vi) no order, statute, rule, regulation, executive order,
injunction, stay, decree or restraining order shall have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or Governmental Authority or regulatory authority or instrumentality that prohibits the consummation of
any of the transactions contemplated herein, and no litigation or governmental proceeding seeking such an order shall be pending. 
 In the
event the foregoing conditions precedent have not been satisfied as of the Closing, the Company and the Operating Partnership may either: (a) waive such conditions precedent and proceed to Closing in accordance with the terms and provisions
hereof; (b) terminate this Agreement, and upon such termination, all rights, liabilities and obligations of the parties under this Agreement shall expire, except as otherwise expressly set forth herein, or (c) extend the date for Closing
for up to 30 days (and the Contributors’ failure to satisfy the terms and conditions of this Agreement by such extended closing schedule shall create a further right to terminate this Agreement and the parties hereto shall have the rights and
obligations described in the immediately preceding (a) and (b) with respect to such termination). 
 (b) The
obligations of the Contributors to effect the transactions contemplated hereby shall be subject to the following conditions: 

(i) the representations and warranties of the Company and the Operating Partnership contained in this Agreement shall have been
true and correct in all material respects on the date such representations and warranties were made, and shall be true and correct in all material respects on the Closing Date as if made at and as of such date; 

  
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 (ii) each obligation of the Company and the Operating Partnership contained
in this Agreement shall have been duly performed on or before the Closing Date, and each of the Company and the Operating Partnership shall not have materially breached any of its covenants contained herein; 

(iii) concurrently with the Closing, the Company and the Operating Partnership and their assignee shall have executed and
delivered the documents required to be delivered pursuant to Section 2.3(b); 
 (iv) all necessary
consents or approvals of governmental authorities or third parties, including the Existing Lenders, to the consummation of the transactions contemplated herein shall have been obtained, but only to the extent such consents or approvals are the
responsibility of the Company and the Operating Partnership in the context of this Agreement; and 
 (v) no order, statute,
rule, regulation, executive order, injunction, stay, decree or restraining order shall have been enacted, entered, promulgated or enforced by any court of competent jurisdiction, Governmental Authority or regulatory authority or instrumentality that
prohibits the consummation of the transactions contemplated herein, and no litigation or governmental proceeding seeking such an order shall be pending. 

In the event the foregoing conditions precedent have not been satisfied as of the Closing, the Contributors may either: (a) waive such
conditions precedent and proceed to Closing in accordance with the terms and provisions hereof; (b) terminate this Agreement, and upon such termination, all rights, liabilities and obligations of the parties under this Agreement shall expire,
except as otherwise expressly set forth herein, or (c) extend the date for Closing for up to 30 days (and the failure to satisfy the terms and conditions of this Agreement by the Company and the Operating Partnership by such extended closing
schedule shall create a further right to terminate this Agreement and the parties hereto shall have the rights and obligations described in the immediately preceding (a) and (b) with respect to such termination). 

2.2 Date, Time and Place of Closing. The date, time and place of the closing of the transactions contemplated hereunder shall be on or
before May 29, 2020 at 5:00 p.m. Central time, subject to any extension pursuant to Section 2.1 above (the “Closing” or “Closing Date”). If the transfer of any of the
Interests at Closing causes a breach of, constitutes a default under or with the passage of time or notice would cause a breach of or constitute a default under any of the Existing Loan Documents, the transfer of such Interests will be delayed until
the necessary consents or approvals are received. 
 2.3 Closing Deliveries. 

(a) At Closing, the Contributors shall deliver, or shall cause to be delivered, the following: 

(i) all Transfer Documents for the conveyance of the Contributors’ Interests. “Transfer Documents”
shall mean an assignment of any certificate evidencing a Contributor’s Interests or other assignment document to effectuate the transfer of a Contributor’s Interests, and any other documents necessary to effectuate the conveyance of a
Contributor’s Interests, including any transfer tax forms, FIRPTA certificates and amendments to Buffalo Pointe’s governing documents to effectuate the removal of the Contributors and the substitution of the Operating Partnership as
members of Buffalo Pointe. 

  
 3 

 (ii) an investor representation letter, in the form set forth on Exhibit
B, executed by each entity receiving OP Units; 
 (iii) all books and records, bank accounts, title insurance policies,
leases, lease files, contracts, stock certificates, original promissory notes, or other indicia of ownership with respect to Buffalo Pointe which are in the Contributors’ possession or which can be obtained through the Contributors’
reasonable efforts; and 
 (iv) such other instruments as are reasonably required for Closing in accordance with the terms
hereof. 
 (b) At Closing, the Company and the Operating Partnership shall deliver or file, or shall cause to be delivered
or filed, the following: 
 (i) any necessary counterpart signatures to the Transfer Documents; and 

(ii) such other instruments as are reasonably required for Closing in accordance with the terms hereof. 

2.4 Closing Costs. Each of Contributors and the Company shall pay the fees and expenses of any counsel representing such party in
connection with the transaction contemplated by this Agreement. All other costs and expenses incident to the transaction contemplated by this Agreement and the Closing shall be paid by the party incurring same. 

ARTICLE 3 
 REPRESENTATIONS AND
WARRANTIES, RELEASES AND INDEMNITIES 
 3.1 Representations and Warranties of the Company and the Operating Partnership. Each of the
Company and the Operating Partnership hereby represents and warrants to the statements set forth on Schedule D to the Contributors as of the date hereof and as of the Closing Date. 

3.2 Representations and Warranties of the Contributors. Each of the Contributors hereby represents and warrants to the statements set
forth on Schedule E to the Company and the Operating Partnership as of the date hereof and as of the Closing Date. For purposes of Schedule E, “Contributors’ knowledge” is defined as the actual knowledge, without
investigation, of Matt McGraner. 
 3.3 Survival; Limitations. 

(a) The representations and warranties of each of the parties will survive the Closing for 12 months following the Closing Date
(the “Survival Date”). 
 (b) As to any claim by the Company or the Operating Partnership against one
or more of the Contributors for breach of a representation or warranty made hereunder, the Company or the Operating Partnership must: (i) notify the Contributor(s) of the existence of the claim in question prior to the Survival Date, which
notification (“Claim Notice”) shall contain a description of the nature of the claim or the facts, circumstances, conditions or events then known to the Company or the Operating Partnership which give rise to the claim in
question; and (ii) institute legal proceedings in a court of competent jurisdiction within 60 days after the Survival Date (“Judicial Proceedings Date”). If a Claim Notice is not delivered by the Company or the Operating
Partnership to the Contributor(s) on or prior to the Survival Date or for which legal proceedings are not instituted on or prior to the Judicial Proceedings Date, then such claim shall be deemed to have been waived by the Company and the Operating
Partnership and rendered null and void and of no further force or effect. The Contributors’ total liability in the aggregate for all claims shall not exceed $1,000,000. The Contributors shall not be liable for any claim(s) which, when taken in
the aggregate with all other Claims timely asserted, do(es) not exceed $50,000. 

  
 4 

 3.4 General Release. As of the Closing, the Contributors irrevocably waive, release
and forever discharge the Company, the Operating Partnership, Buffalo Pointe and the properties which Buffalo Pointe owns and their affiliates, partners, agents, attorneys, successors and assigns of and from, any and all charges, complaints, claims,
liabilities, damages, actions, causes of action, losses and costs of any nature whatsoever (collectively, “Contributors Claims”), known or unknown, suspected or unsuspected, arising out of or relating to any of the Company,
the Operating Partnership, Buffalo Pointe, the properties which Buffalo Pointe owns or any other matter which exists at the Closing, except for claims arising from the breach of any representation, warranty, covenant or obligation by the Company or
the Operating Partnership under this Agreement or any agreement contemplated hereby. 
 3.5 Indemnification. 

(a) Subject to Section 3.3, the Company and the Operating Partnership shall indemnify and hold
harmless the Contributors and the Contributors’ partners, members, directors, officers, employees, agents, representatives, beneficiaries and affiliates (each, an “Indemnified Contributor Party”) from and against any and
all Losses arising out of or relating to, asserted against, imposed upon or incurred by the Indemnified Contributor Party in connection with any breach of a representation or warranty or covenant or other agreement of the Company contained in this
Agreement. Notwithstanding anything contained herein to the contrary, no Indemnified Contributor Party shall have the right to receive or recover special, compensatory or punitive damages against the Company and the Operating Partnership and hereby
waives any and all rights to receive such special, compensatory or punitive damages. 
 (b) Subject to
Section 3.3, the Contributors shall indemnify and hold harmless the Company and the Operating Partnership and each of its partners, members, directors, officers, employees, agents, representatives, beneficiaries and
affiliates (collectively, the “Indemnified Company and OP Parties,” each, an “Indemnified Company and OP Party”) from and against any and all Losses arising out of or relating to, asserted against,
imposed upon or incurred by the Indemnified Company and OP Party in connection with any breach of a representation or warranty or covenant or other agreement of the Contributors contained in this Agreement. Notwithstanding anything contained herein
to the contrary, no Indemnified Company and OP Party shall have the right to receive or recover special, compensatory or punitive damages against the Contributors and hereby waives any and all rights to receive such special, compensatory or punitive
damages. 
 ARTICLE 4 
 COVENANTS
OF CONTRIBUTOR 
 4.1 Covenants. 

(a) From the date hereof through the Closing Date, the Contributors shall, conduct and operate the Buffalo Pointe and its
properties in the ordinary course of business, consistent with past practice, and shall, to the extent within its control, not, without the prior written consent of the Company and the Operating Partnership: 

(i) sell or transfer (or agree to sell or transfer) or otherwise dispose of, or cause the sale, transfer or disposition of, its
Interests; 
 (ii) mortgage, pledge or encumber (or permit to become encumbered) Buffalo Pointe, Buffalo Pointe’s
properties or its Interests; 

  
 5 

 (iii) enter into any material transaction not in the ordinary course of
business of the operation of Buffalo Pointe or its properties; 
 (iv) terminate or amend any existing insurance policies
affecting Buffalo Pointe or its properties that results in a material reduction in insurance coverage; 
 (v) knowingly cause
or permit Buffalo Pointe or its properties to violate or fail to use commercially reasonable efforts to cure any violation of any applicable Laws; or 

(vi) take any action that would render any of its representations or warranties set forth herein untrue, incomplete or
misleading in any material respect. 
 (b) Subject to Section 2.1 hereof, the Contributors shall
use commercially reasonable efforts to obtain any approvals, waivers or other consents of third parties, Governmental Authorities and agencies required to permit it to effect the transactions contemplated by this Agreement. 

(c) [Reserved.] 

(d) The Contributors shall take any and all actions necessary in order to comply with the provisions of any transfer tax laws
and regulations applicable to this Agreement or the conveyance of its Interests, including the payment of any transfer tax which may be determined to be due in respect of such Interests under any such law or regulation and the preparation, execution
and filing of any and all affidavits and questionnaires required by any such law or regulation. The Contributors shall pay any such tax which may be determined to be due under any such law or regulation. 

ARTICLE 5 
 TAX MATTERS 

5.1 [Reserved.] 
 5.2
[Reserved.] 
 ARTICLE 6 

MISCELLANEOUS 
 6.1 Notice.
All notices, demands and requests which may be given or which are required to be given by any party to another, and any exercise of a right of termination provided by this Agreement, shall be in writing and shall be deemed effective: (a) on the
date personally delivered to the intended recipient’s address below, as evidenced by written receipt therefor, whether or not actually received by the Person to whom addressed; (b) on the 3rd Business Day after being sent, by certified or
registered United States Postal Service mail, postage prepaid, return receipt requested, addressed to the intended recipient at the address specified below; (c) on the 1st Business Day after being deposited into the custody of a nationally
recognized overnight delivery service such as FedEx or UPS, addressed to the intended recipient at the address specified below; or (d) on the same day as delivered by electronic mail pursuant to the email addresses below (for the Company and
the Operating Partnership) or on the signature pages (for the Contributors). For purposes of this Section 6.1, the addresses of the parties for all notices are as set forth below (unless changed by similar notice in writing
given by the particular Person whose address is to be changed). 

  
 6 

 To the Company and/or Operating Partnership: 

Brian Mitts 
 300 Crescent
Court, Suite 700 
 Dallas, Texas 75201 

Email: bmitts@nexpointsecurities.com 

To a Contributor: 
 As set forth
on that Contributor’s Investor Representation Letter. 
 6.2 Further Assurances. The Contributors shall take such other actions
and execute and deliver such additional documents following the Closing as the Company and the Operating Partnership may reasonably request in order to effect the transactions contemplated hereby (subject to the Contributors’ reasonable
approval as to the form and substance of such documents). 
 6.3 Counterparts. This Agreement may be executed in one or more
counterparts and by facsimile and/or scanned and emailed, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

6.4 Governing Law. This Agreement shall be governed by the internal laws of the State of Delaware, without regard to the principles of
conflict of laws. 
 6.5 Amendment; Waiver. Any amendment hereto shall be in writing and signed by all parties hereto. No waiver of
any provisions of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. 
 6.6
Entire Agreement. This Agreement and all related agreements referred to herein constitute the entire agreement and supersede conflicting provisions set forth in all other prior agreements and understandings, both written and oral, among the
parties with respect to the subject matter hereof. 
 6.7 Assignability. This Agreement shall be binding upon, and shall be
enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of law) by any party without
the prior written consent of the other party, and any attempted assignment without such consent shall be void and of no effect. 
 6.8
Titles. The titles and captions of the Articles, Sections and paragraphs of this Agreement are included for convenience of reference only and shall have no effect on the construction or meaning of this Agreement. 

6.9 Severability. If any provision of this Agreement, or the application thereof, is for any reason held to any extent to be invalid or
unenforceable, the remainder of this Agreement and application of such provision to other persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto. The parties further agree to replace such void or
unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provision and to execute any amendment, consent or
agreement deemed necessary or desirable by the parties to effect such replacement. 
 6.10 Survival. The provisions of
Section 1.4 of this Agreement will survive Closing and will remain in effect until such provisions are no longer applicable. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

			
	COMPANY:
	
	 NEXPOINT REAL ESTATE FINANCE, INC.,

a Maryland corporation

		
	By:	 	 /s/ Brian Mitts

	Name:	 	Brian Mitts
	Title:	 	Chief Financial Officer, Executive Vice President-Finance, Secretary and Treasurer

  

					
	OPERATING PARTNERSHIP:
	
	 NEXPOINT REAL ESTATE FINANCE

OPERATING PARTNERSHIP, L.P.,
 a Delaware limited
partnership

		
	By:	 	 /s/ Brian Mitts

	Name:	 	Brian Mitts
	Title:	 	Chief Financial Officer, Executive Vice President-Finance, Secretary and Treasurer

  
 [Contribution Agreement]

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

					
	CONTRIBUTORS:
	
	THE DUGABOY INVESTMENT TRUST
		
	By:	 	 /s/ Nancy Dondero

	Name:	 	Nancy Dondero
	Title:	 	Family Trustee
	
	TWENTYSIX INVESTMENT TRUST
		
	By:	 	 /s/ Matt McGraner

	Name:	 	Matt McGraner
	Title:	 	Trustee
	
	 HIGHLAND CAPITAL MANAGEMENT

REAL ESTATE HOLDINGS II, LLC,
 a Nevada limited liability
company

		
	By:	 	 CEV Holdings, LLC,
 its
manager

			
		 	By:	 	 /s/ Matt DiOrio

		 	Name:	 	Matt DiOrio 
		 	Title:	 	Manager

  
 [Contribution Agreement]

 EXHIBIT A 

DEFINITIONS 

“Business Day” shall mean a day on which commercial banks are not authorized or not required by applicable law to
close in New York. 
 “Code” shall mean the Internal Revenue Code of 1986. 

“Governmental Authority” shall mean any and all applicable courts, boards, agencies, commissions, offices or
authorities of any nature whatsoever for any governmental or quasi- governmental unit (federal, state, county, township, district, municipal, city, departmental or otherwise) whether now or hereafter in existence. 

“Laws” shall mean all laws, statutes, ordinances, codes, rules, decrees and regulations of the United States of
America or any state, commonwealth, city, county, township, municipality or department or agency thereof, or of any other Governmental Authority. 

“Liens” means all mortgages, deeds of trust, pledges, liens, options, charges, security interests, restrictions, prior
assignments, encumbrances, covenants, encroachments, assessments, purchase rights, rights of others, licenses, easements, voting agreements, liabilities or claims of any kind or nature whatsoever, direct or indirect, including, without limitation,
interests in or claims to revenues. 
 “Losses” shall mean any and all claims, suits, liabilities (including,
without limitation, strict liabilities), actions, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, judgments, awards, amounts paid in settlement of whatever kind or nature (including but not limited
to legal fees and other costs of defense). 
 “Person” means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization or governmental entity. 

“Taxes” means any federal, state, local or foreign income, gross receipts, branch profits, license, payroll,
employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security, unemployment, disability, real property, personal property, sales, use,
transfer, registration, ad valorem, value added, escheat, alternative or add -on minimum or estimated tax or other tax of any kind whatsoever, including any interest, penalty or addition thereto, whether disputed or not, including any liability
for any of the foregoing arising as a result of being or having been a member of an affiliated, consolidated, combined or unitary group, or a party to any tax sharing, tax indemnity, or other agreement or arrangement. 

  
 A-1 

 EXHIBIT B 

FORM OF INVESTOR REPRESENTATION LETTER 

NexPoint Real Estate Finance, Inc. 
 NexPoint Real Estate Finance
Operating Partnership, LP. 
 300 Crescent Court, Suite 700 

Dallas, Texas 75201 
 Attention: Matt McGraner
(mmcgraner@nexpointadvisors.com) 
 In connection with the acquisition by the undersigned (the “Investor”) of the limited
partnership units of NexPoint Real Estate Finance Operating Partnership, L.P. (the “OP”), which may be redeemed for shares of common stock (together with the OP units, the “Securities”) of NexPoint
Real Estate Finance, Inc. (the “Company”) pursuant to the terms of the OP partnership agreement, the Investor hereby certifies to the Company and the OP, as of the date indicated on the signature page below, as follows: 

 

	 	1.	 The Investor is an “accredited investor” as defined in Rule 501(a) under the Securities Act of 1933
(the “Securities Act”). 

  

	 	2.	 The Investor has such knowledge and experience in financial, business and investment matters that it is capable
of evaluating the merits and risks of acquiring the Securities, and it has the ability to bear the economic risk of investment in the Securities. 

  

	 	3.	 The Purchaser is acquiring the Securities for its own account and not with a view to their distribution.

  

	 	4.	 The Securities were offered to the Investor without the use of general advertising or a general solicitation
(within the meaning of Rule 502(c) under the Securities Act). 

  

	 	5.	 The Investor understands that the Securities have not been registered under the Securities Act or any
applicable state securities laws and may not be sold or transferred in the absence of an effective registration statement under the Securities Act or an available exemption from registration thereunder. 

 

	 	6.	 The Investor acknowledges that a notation will be affixed to the certificate or book entry designation
representing the Investor’s Securities substantially as follows: 

 “THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), OR ANY OTHER APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN
AVAILABLE EXEMPTION FROM REGISTRATION THEREUNDER.” 
  

	 	7.	 Either (a) no portion of the assets used by the Investor to acquire or hold the Securities constitutes the
assets of any (i) employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to Title I of ERISA, (ii) plan, individual
retirement account or other arrangement to which Section 4975 of the Internal Revenue Code of 1986 (the “Code”) applies, (iii) entity whose underlying assets include “plan assets” by

  
 B-1 

	 	
reason of any such employee benefit plan or plan’s investment in such entity, or (iv) governmental plan (as defined in Section 3(32) of ERISA), church plan (as defined in
Section 3(33) of ERISA) that has not made an election under Section 410(d) of the Code, or non-U.S. plan, or (b) the acquisition and holding of the Securities by the Investor will not constitute
a non-exempt prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code or a similar violation under any federal, state, local,
non-U.S. or other laws, rules or regulations that regulate a governmental plan, church plan or non-U.S. plan’s investment in the Securities. 

The Investor understands that the Company, OP and/or its counsel will be relying on this letter of representation on or after the date hereof. 

  
 B-2 

 Signature Page to Investor Representation Letter 

 

			
	Very truly yours,
	
	Investor
	
	  

	Name of Investor
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	cc:	 	Winston & Strawn LLP
		 	2121 North Pearl Street, Suite 900
		 	Dallas, Texas 75201
		 	Attention: Charles Haag (chaag@winston.com)

  

			
	Date:	 	
		
	Address of Investor:	 	  

		
	Telephone Number of Investor:	 	  

		
	Facsimile Number of Investor:	 	  

		
	Email Address of Investor:	 	  

		
	Contact Person at Investor:	 	  

  
 B-3 

 SCHEDULE A 

CONTRIBUTION DETAILS 
  

			
	Contributor	  	Interests
	The Dugaboy Investment Trust	  	70% Preferred Membership Interests
	TwentySix Investment Trust	  	25% Preferred Membership Interests
	Highland Capital Management Real Estate Partners II, LLC	  	5% Preferred Membership Interests

  
 Schedule A - 1 

 SCHEDULE B 

CONSIDERATION 
  

			
	Contributor	  	Consideration
	The Dugaboy Investment Trust	  	395,033.86 OP Units
	TwentySix Investment Trust	  	141,083.52 OP Units
	Highland Capital Management Real Estate Partners II, LLC	  	28,216.70 OP Units

  
 Schedule B - 1 

 SCHEDULE C 

LOAN DOCUMENTS 
  

	1.	 Multifamily Loan and Security Agreement, dated May 1, 2020, in the original principal amount of
$37,000,000, made by Jones Lang LaSalle Multifamily, LLC, a Delaware limited liability company, to NexPoint Buffalo Pointe, LLC, a Delaware limited liability company and wholly owned subsidiary of Buffalo Pointe. 

  
 Schedule C - 1 

 SCHEDULE D 

REPRESENTATIONS AND WARRANTIES 

OF THE COMPANY AND THE OPERATING PARTNERSHIP 

(a) Organization; Authority. It has been duly organized or formed, as applicable, and is validly existing under the laws of the state
of its organization or formation, as applicable, and has all requisite corporate or limited partnership power, as applicable, and authority to enter this Agreement and all agreements contemplated hereby and to carry out the transactions contemplated
hereby and thereby, and the requisite approval of such transactions. The persons and entities executing this Agreement on its behalf have, and the persons and entities that will execute all agreements contemplated hereby on its behalf will have, the
power and authority to enter into this Agreement or such other contemplated agreements, as applicable. 
 (b) Due Authorization. The
execution, delivery and performance of this Agreement has been duly and validly authorized by all necessary action. This Agreement and each agreement, document and instrument executed and delivered by or on its behalf pursuant to this Agreement
constitutes, or when executed and delivered will constitute a legal, valid and binding obligation, enforceable against it in accordance with its terms, as such enforceability may be limited by bankruptcy or the application of equitable principles.

 (c) Non-Contravention and Consent. The execution, delivery and performance of its
obligations under this Agreement and all agreements contemplated hereby will not contravene any provision of applicable Laws, its organizational documents, or any agreement or other instrument binding upon it or any applicable Laws, judgment, order
or decree of any governmental body, agency or court having jurisdiction over it, and no consent, approval, authorization or order of or qualification with any governmental body or agency is required for the performance of its obligations under this
Agreement and all other agreements contemplated hereby. 
 (d) No Brokers. It has not entered into, and covenants that it will not
enter into, any agreement, arrangement or understanding with any person or firm that will result in the obligation of the Contributors to pay any finder’s fee, brokerage commission or similar payment in connection with the transactions
contemplated hereby. 
 (e) Consents and Approvals. No consent, waiver, approval or authorization of any third party, including any
Governmental Authority, is required to be obtained by it in connection with the execution, delivery and performance of the Agreement, the documents required pursuant thereto and the transactions contemplated hereby and thereby. 

(f) No Violation. None of the execution, delivery or performance of the Agreement, the documents required pursuant thereto and the
transactions contemplated hereby and thereby does or will, with or without the giving of notice, lapse of time, or both, contravene, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of
termination, cancellation or amendment of (i) its organizational documents, (ii) any material agreement, document or instrument to which it is a party or by which it or any of its assets or properties are bound or (iii) to its
knowledge, any applicable Law, or term or provision of any judgment, order, writ, injunction, or decree of any Governmental Authority or regulatory authority, which is binding on it or by which it or any of its respective assets or properties are
bound or subject. 

  
 Schedule D - 1 

 SCHEDULE E 

REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTORS 

(a) Organization, Power and Authority. It is duly organized or formed, as applicable, validly existing and in good standing under the
laws of its state of organization or formation, as applicable, with full power and authority to execute, deliver and perform this Agreement, the Transfer Documents and all other documents required to be delivered at Closing (together with the
Transfer Documents, the “Closing Documents”). 
 (b) Binding Agreement. The execution, delivery and performance of this
Agreement, and each of the Closing Documents to which it is a party, has been duly and validly authorized by all necessary action (including any necessary approvals of the equity holders of the Contributors) on its part. This Agreement has been, and
the Closing Documents, as applicable, will be duly executed and delivered by it. This Agreement constitutes, and when so executed and delivered the Closing Documents, as applicable, will constitute a legal, valid and binding obligation, enforceable
against it in accordance with its terms, as such enforceability may be limited by bankruptcy or the application of equitable principles. 

(c) No Violation. None of the execution, delivery or performance of the Agreement, the documents required pursuant thereto and the
transactions contemplated hereby and thereby does or will, with or without the giving of notice, lapse of time, or both, contravene, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of
termination, cancellation or amendment of (i) its organizational documents, (ii) any material agreement, document or instrument to which Buffalo Pointe or its properties are a party or by which it, Buffalo Pointe or its properties or any
of their assets or properties are bound or (iii) to its knowledge, any applicable Law, or term or provision of any judgment, order, writ, injunction, or decree of any Governmental Authority or regulatory authority, which is binding on it or by
which it or any of its respective assets or properties are bound or subject. 
 (d) Title to Interests. It owns good title to the
Interests free and clear of all Liens, claims and encumbrances, except for any Liens created by the existing Loan Documents. There are no outstanding agreements (written or oral) pursuant to which it has agreed to sell or has granted an option, call
or right of first refusal or first or last offer to purchase its Interests except as set forth in Buffalo Pointe’s governing documents. 

(e) Third Party Consents and Approval. Except for the Existing Lenders, if any, no approval, consent, waiver, filing, registration or
qualification of or with any third party, including, but not limited to, any Governmental Authority is required to be made, obtained or given for the execution, delivery and performance of this Agreement. 

(f) No Bankruptcy. It is not in the hands of a receiver; it has not filed a petition for relief, or been the subject of the filing of a
petition for relief, under the United States Bankruptcy Code or state insolvency law; and no order for creditors’ relief has been entered with respect to it. 

(g) No Brokers. Neither it nor any of its respective officers, directors or employees has employed or made any agreement with any
broker, finder or similar agent or any person or firm that will result in the obligation of the Company, the Operating Partnership or any of its affiliates to pay any finder’s fee, brokerage fees or commissions or similar payment in connection
with the transactions contemplated by this Agreement. 
 (h) Non-Foreign Status. It is not a
foreign person for purposes of Section 1445(a) of the Code, and is, therefore, not subject to the provisions of the Code relating to the withholding of sales proceeds to foreign persons. 

  
 Schedule E - 1 

 (i) Buffalo Pointe Agreement. The limited liability company agreement of Buffalo
Pointe (the “Buffalo Pointe Agreement”) is in full force and effect. There are no defaults under the Buffalo Pointe Agreement and no event has occurred which but for the passage of time, or notice, or both would constitute a
default under the Buffalo Pointe Agreement. All capital contributions and other sums due and payable under the Buffalo Pointe Agreement have been paid in full. No party under the Buffalo Pointe Agreement has commenced any action or has given or
received any notice for the purpose of terminating the Buffalo Pointe Agreement. 
 (j) Litigation. To Contributors’ knowledge,
there are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency now pending or threatened against or affecting Buffalo Pointe or its properties, which actions, suits or proceedings, if
determined against Buffalo Pointe or its properties, might materially adversely affect the condition (financial or otherwise) or business of Buffalo Pointe or its properties. 

(k) Compliance With Law. To Contributors’ knowledge, Buffalo Pointe and the properties which it owns comply in all material
respects with all applicable Laws, including, without limitation, all environmental laws, building and zoning ordinances and codes. Neither Buffalo Pointe or its properties, is in default or violation of any order, writ, injunction, decree or demand
of any Governmental Authority. 
 (l) Change in Facts or Circumstances. To Contributors’ knowledge, all information submitted by
Buffalo Pointe and its properties to the Company and the Operating Partnership in the ordinary course of business and in all financial statements, rent rolls, reports, certificates and other documents submitted to the Company and the Operating
Partnership in the ordinary course of business are accurate, complete and correct in all material respects. To Contributors’ knowledge, Buffalo Pointe and its properties have provided to the Company and the Operating Partnership the financial
statements of Buffalo Pointe and its properties as of and for the most recent quarter end. To Contributors’ knowledge, Buffalo Pointe and its properties have provided to the Company and the Operating Partnership the rent rolls for the
properties which Buffalo Pointe owns as of the most recent month end. To Contributors’ knowledge, there has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate,
incomplete or otherwise misleading in any material respect or that otherwise materially and adversely affects or might materially and adversely affect the use, operation or value of the properties Buffalo Pointe owns. To Contributors’
knowledge, it has disclosed to the Company and the Operating Partnership all material facts and has not failed to disclose any material fact that could cause any information described in this representation or warranty materially misleading. 

(m) Insurance. To Contributors’ knowledge, Buffalo Pointe and its properties now have in force normal and customary insurance
policies. Neither Buffalo Pointe nor its properties have received any written notice of cancellation or non-renewal with respect to, or disallowance of any claim for any matter under its insurance policies. To
Contributors’ knowledge, neither Buffalo Pointe nor its properties have been refused any insurance nor has the coverage of Buffalo Pointe or its properties been limited by any insurance carrier to which either of them has applied for insurance
or with which either of them has carried insurance during the last five years (or any shorter period of time, as the case may be, in which it has held an interest in Buffalo Pointe or its properties). 

(n) Conduct of Business. To Contributors’ knowledge, Buffalo Pointe and its properties have all the certificates, licenses and
permits which are required for the lawful ownership, use, occupancy, operation, maintenance or other conduct of its business. To Contributors’ knowledge, Buffalo Pointe and its properties have not incurred any liabilities or entered into any
material leases, loans or other agreements since the last balance sheet date except as previously disclosed to the Company and the Operating Partnership or which were incurred in the ordinary course of the business of Buffalo Pointe or its
properties. To Contributors’ knowledge, none of the employees at Buffalo Pointe or its properties are employed by 

  
 Schedule E - 2 

 
Buffalo Pointe or its properties. To Contributors’ knowledge, all such employees are employed by it or its affiliates. To Contributors’ knowledge, none of Buffalo Pointe or the
properties Buffalo Pointe owns now has, and at no time ever had, any employees. 
 (o) Taxes. 

(i) No Contributor has any liability for unpaid Taxes that are or could become an encumbrance on the Interests or any asset of
Buffalo Pointe, and to Contributors’ knowledge there are no liens for Taxes on the assets and properties of Buffalo Pointe, except in either case, liens for current Taxes not yet due and payable. 

(ii) To Contributors’ knowledge, Buffalo Pointe has filed all federal, state and local Tax returns required by law, which
returns are complete and accurate in all material respects. To Contributors’ knowledge, Buffalo Pointe has timely paid all Taxes that are due and payable for all Tax periods, whether or not shown on any return. To Contributors’ knowledge,
Buffalo Pointe has timely and properly withheld and paid all Taxes required to have been withheld and paid in connection with any amounts paid or owing to any employee, independent contractor, creditor, equity holder, or other third party, and has
complied in all material respects with all laws relating to the payment, reporting and withholding of Taxes. 
 (iii) To
Contributors’ knowledge, there are no existing or, to the knowledge of the Contributors, proposed penalty, interest or deficiency assessments in respect to any Tax returns filed by Buffalo Pointe. 

(iv) To Contributors’ knowledge, Buffalo Pointe (a) has not waived any statute of limitations in respect of income
Taxes or agreed to any extension of time for the assessment of any Tax, (b) is not currently under audit or investigation by any Taxing authority, and (c) has not received written notice of any actual or proposed deficiencies or
assessments for Taxes. To Contributors’ knowledge, no claim has ever been made by a governmental entity in a jurisdiction in which Buffalo Pointe does not file a Tax return that it or any of its interest holders is or may be subject to Tax by
that jurisdiction. 
 (v) To Contributors’ knowledge, Buffalo Pointe has not participated in a listed transaction as
defined in Treasury Regulation Section 1.6011-4(b)(2). 
 (vi) To
Contributors’ knowledge, Buffalo Pointe has been properly classified as a partnership for federal, state and local income tax purposes at all times since its formation. To Contributors’ knowledge, Buffalo Pointe has never made an election
to be classified as an association taxable as a corporation for federal income tax purposes. 
 (vii) To Contributors’
knowledge, Buffalo Pointe does not hold, or has not held, equity interests in any entity that is classified as a corporation for federal income tax purposes. 

(viii) To Contributors’ knowledge, Buffalo Pointe is not the beneficiary of any tax holiday or other tax incentive,
including any property tax reduction or exemption, that would terminate or be subject to recapture or clawback by reason of the transactions contemplated hereby. 

(ix) To Contributors’ knowledge, no asset of Buffalo Pointe is tax-exempt use
property under Code Section 168(h). No portion of the cost of any asset of Buffalo Pointe has been financed directly or indirectly from the proceeds of any tax-exempt state or local government obligation
described in Code Section 103(a). 

  
 Schedule E - 3EX-4.1

 Exhibit 4.1 

FORM OF SUBORDINATED NOTE 

BLUE RIDGE BANKSHARES, INC. 

6.000% FIXED TO FLOATING RATE SUBORDINATED NOTE DUE JUNE 1, 2030 

THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT
AGENCY OR FUND. 
 THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED NOTE IS SUBORDINATED AND JUNIOR IN RIGHT OF PAYMENT TO SENIOR INDEBTEDNESS (AS DEFINED IN
SECTION 3 (SUBORDINATION) OF THIS SUBORDINATED NOTE) OF BLUE RIDGE BANKSHARES, INC., A VIRGINIA CORPORATION (THE “COMPANY”), INCLUDING OBLIGATIONS OF THE COMPANY TO ITS GENERAL AND SECURED CREDITORS AND IS UNSECURED. IT IS
INELIGIBLE AS COLLATERAL FOR ANY EXTENSION OF CREDIT BY THE COMPANY OR ANY OF ITS SUBSIDIARIES. 
 IN THE EVENT OF LIQUIDATION, ALL HOLDERS OF SENIOR
INDEBTEDNESS OF THE COMPANY SHALL BE ENTITLED TO BE PAID IN FULL WITH SUCH INTEREST AS MAY BE PROVIDED BY LAW BEFORE ANY PAYMENT SHALL BE MADE ON ACCOUNT OF PRINCIPAL OF OR INTEREST ON THIS SUBORDINATED NOTE. AFTER PAYMENT IN FULL OF ALL SUMS OWING
TO SUCH HOLDERS OF SENIOR INDEBTEDNESS, THE HOLDER OF THIS SUBORDINATED NOTE, TOGETHER WITH THE HOLDERS OF ANY OBLIGATIONS OF THE COMPANY RANKING ON A PARITY WITH THE SUBORDINATED NOTES, SHALL BE ENTITLED TO BE PAID FROM THE REMAINING ASSETS OF THE
COMPANY THE UNPAID PRINCIPAL AMOUNT OF THIS SUBORDINATED NOTE PLUS ACCRUED AND UNPAID INTEREST THEREON BEFORE ANY PAYMENT OR OTHER DISTRIBUTION, WHETHER IN CASH, PROPERTY OR OTHERWISE, SHALL BE MADE (I) WITH RESPECT TO ANY OBLIGATION THAT BY
ITS TERMS EXPRESSLY IS JUNIOR IN THE RIGHT OF PAYMENT TO THE SUBORDINATED NOTES, (II) WITH RESPECT TO ANY INDEBTEDNESS BETWEEN THE COMPANY AND ANY OF ITS SUBSIDIARIES OR AFFILIATES OR (III) ON ACCOUNT OF ANY SHARES OF CAPITAL STOCK OF THE
COMPANY. 
 THIS SUBORDINATED NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND MULTIPLES OF $1,000 IN EXCESS
THEREOF. ANY ATTEMPTED TRANSFER OF THIS SUBORDINATED NOTE IN A DENOMINATION OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SUBORDINATED
NOTE FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON THIS SUBORDINATED NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SUBORDINATED NOTE. 

  
 1 

 THIS SUBORDINATED NOTE MAY BE SOLD ONLY IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS.
THIS SUBORDINATED NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SUBORDINATED NOTE NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. 
 CERTAIN ERISA CONSIDERATIONS: 

THE HOLDER OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE
BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) (EACH, A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD
THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS
SUBORDINATED NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO
HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER: (I) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH
EMPLOYEE BENEFIT PLAN OR OTHER PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH PLAN OR OTHER PLAN TO FINANCE SUCH PURCHASE OR (II) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION. 

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL
PRIOR TO ACQUIRING THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN. 

  
 2 

			
	No. [    ]	  	CUSIP Accredited Investors: 095825 AC9 / US095825AC90
		  	CUSIP QIBs: 095825 AD7 / US095825AD73

 BLUE RIDGE BANKSHARES, INC. 

6.000% FIXED TO FLOATING RATE SUBORDINATED NOTE DUE JUNE 1, 2030 

1. Subordinated Notes. This subordinated note is one of an issue of notes of Blue Ridge Bankshares, Inc., a Virginia
corporation (the “Company”), designated as the “6.000% Fixed to Floating Rate Subordinated Notes due June 1, 2030” (the “Subordinated Notes”) issued pursuant to that Subordinated Note Purchase
Agreement, dated as of the date upon which this Subordinated Note was originally issued (the “Issue Date”), between the Company and the one or more purchasers of the Subordinated Notes identified in the signature pages thereto (the
“Purchase Agreement”). 
 2. Payment. The Company, for value received, promises to pay to
[                ], or its registered assigns, the principal sum of Fifteen Million Dollars (U.S.) ($15,000,000.00), plus accrued but unpaid interest on
June 1, 2030 (the “Maturity Date”) and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding June 1, 2025 or the earlier redemption date contemplated by
Section 4 (Redemption) of this Subordinated Note (the “Fixed Rate Period”), at the rate of 6.000% per annum, computed on the basis of a 360-day year consisting of
twelve 30-day months and payable semi-annually in arrears on June 1 and December 1 of each year (each payment date, a “Fixed Interest Payment Date”), beginning December 1, 2020,
and (ii) from and including June 1, 2025 to but excluding the Maturity Date or earlier redemption date contemplated by Section 4 (Redemption) of this Subordinated Note (the “Floating Rate
Period”), at the rate per annum, reset quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined below) of the applicable interest period plus 587 basis points,
computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears (each quarterly period, a “Floating Interest Period”) on March 1,
June 1, September 1 and December 1 of each year (each payment date, a “Floating Interest Payment Date”). Dollar amounts resulting from this calculation shall be rounded to the nearest cent, with one-half cent being rounded up. The term “Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation Agent (as defined below)
pursuant to the Three-Month Term SOFR Conventions (as defined below). 
 (a) An “Interest Payment Date” is either a Fixed
Interest Payment Date or a Floating Interest Payment Date, as applicable. 
 (b) The “Floating Interest Rate” means: 

(i) initially Three-Month Term SOFR (as defined below). 

(ii) Notwithstanding the foregoing clause (i) of this Section 2(b): 

(1) If the Calculation Agent determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition Event and its
related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-

  
 3 

 
Month Term SOFR, then the Company shall promptly provide notice of such determination to the Noteholders, and Section 2(c) (Effect of Benchmark Transition Event) will
thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a relevant Floating Interest Period. 

(2) However, if the Calculation Agent, determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Interest Period will be equal
to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation Agent. 

(iii) If the then-current Benchmark (as defined below) is Three-Month Term SOFR and any of the foregoing provisions concerning the
calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Company, then the relevant Three-Month Term SOFR Conventions will
apply. 
 (c) Effect of Benchmark Transition Event. 

(i) If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to
the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the
relevant Floating Interest Period in respect of such determination on such date and all determinations on all subsequent dates. 
 (ii) In
connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Noteholders
(as defined below) or any other party. 
 (iii) Any determination, decision or election that may be made by the Company or by the
Calculation Agent pursuant to the benchmark transition provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,
circumstance or date, and any decision to take or refrain from taking any action or any selection: 
 (1) will be conclusive and binding
absent manifest error; 
 (2) if made by the Company, will be made in the Company’s sole discretion; 

(3) if made by the Calculation Agent, will be made after consultation with the Company, and the Calculation Agent will not make any such
determination, decision or election to which the Company reasonably objects; and 

  
 4 

 (4) notwithstanding anything to the contrary in this Subordinated Note or the Purchase
Agreement, shall become effective without consent from the relevant Noteholders (as defined below) or any other party. 
 (iv) For the
avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, interest payable on this Subordinated Note for the Floating Rate Period will be an annual rate equal to the sum of the applicable
Benchmark Replacement and the spread specified on the face hereof. 
 (v) As used in this Subordinated Note, the following terms have the
meanings as set forth below: 
 (1) “Benchmark” means, initially, Three-Month Term SOFR; provided that if a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

(2) “Benchmark Replacement” means the Interpolated Benchmark (as defined below) with respect to the then-current Benchmark;
provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first
alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date: 
 a. The
sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment (as defined below); 
 b. the sum of: (i) the
alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment; 

c. the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment; 

d. the sum of: (i) the alternate rate of interest that has been selected by the Company as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the
Benchmark Replacement Adjustment. 

  
 5 

 (3) “Benchmark Replacement Adjustment” means the first alternative set
forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date: 
 a. the spread
adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark
Replacement; 
 b. if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback
Adjustment; 
 c. the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company giving
due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar
denominated floating rate notes at such time. 
 (4) “Benchmark Replacement Conforming Changes” means, with respect to any
Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to each Floating Interest Period
and making payments of interest, rounding of amounts or tenors and other administrative matters) that the Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market
practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the
Company determines is reasonably necessary). 
 (5) “Benchmark Replacement Date” means the earliest to occur of the
following events with respect to the then-current Benchmark: 
 a. in the case of clause (a) of the definition of “Benchmark
Transition Event,” the relevant Reference Time in respect of any determination; 
 b. in the case of clause (b) or
(c) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the
Benchmark permanently or indefinitely ceases to provide the Benchmark; or 
 c. in the case of clause (d) of the definition of
“Benchmark Transition Event,” the date of such public statement or publication of information referenced therein. 
 For
the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior
to the Reference Time for purposes of such determination. 

  
 6 

 (6) “Benchmark Transition Event” means the occurrence of one or more of
the following events with respect to the then-current Benchmark: 
 a. if the Benchmark is Three-Month Term SOFR, (i) the Relevant
Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or
selected by the Relevant Governmental Body is not complete or (iii) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; 

b. a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

c. a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for
the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or
resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark; or 
 d. a public statement or publication of
information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. 

(7) “Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the Company) as may be
appointed by the Company to act as Calculation Agent for the Subordinated Notes during the Floating Rate Period. 
 (8) “Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company or its designee in accordance with: 

a. the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for
determining compounded SOFR; provided that: 
 b. if, and to the extent that, the Company or its designee determines that Compounded
SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company or its designee giving due consideration to any
industry-accepted market practice for U.S. dollar denominated floating rate notes at such time. 
 For the avoidance of doubt, the calculation of Compounded
SOFR will exclude the Benchmark Replacement Adjustment. 

  
 7 

 (9) “Corresponding Tenor” with respect to a Benchmark Replacement means a
tenor (including overnight) having approximately the same length (disregarding Business Day adjustment) as the applicable tenor for the then-current Benchmark. 

(10) “FRBNY” means the Federal Reserve Bank of New York. 

(11) “FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor source. 

(12) “Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by
interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is
available) that is longer than the Corresponding Tenor. 
 (13) “ISDA” means the International Swaps and Derivatives
Association, Inc. or any successor thereto. 
 (14) “ISDA Definitions” means the 2006 ISDA Definitions published by the
ISDA or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

(15) “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would
apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

(16) “ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to
be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

(17) “Reference Time” with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term
SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the
Benchmark Replacement Conforming Changes. 
 (18) “Relevant Governmental Body” means the Board of Governors of the Federal
Reserve System (the “Federal Reserve”) and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or any successor thereto. 

(19) “SOFR” means the daily Secured Overnight Financing Rate provided by the FRBNY, as the administrator of the benchmark
(or a successor administrator), on the FRBNY’s Website. 

  
 8 

 (20) “Term SOFR” means the forward-looking term rate for the Corresponding
Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 (21) “Term SOFR
Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator). 

(22) “Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR
Administrator at the Reference Time for any Floating Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. 

(23) “Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical,
administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Floating Interest Period”, timing and frequency of determining Three-Month
Term SOFR with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company decides may be appropriate to reflect the use of Three-Month Term SOFR as the
Benchmark in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for the use of
Three-Month Term SOFR exists, in such other manner as the Company determines is reasonably necessary). 
 (24) “Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 
 (d) In the event that any
Fixed Interest Payment Date during the Fixed Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional interest shall
accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to
the next day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement would cause the day to fall in the next calendar month during the Floating Interest Period, the Floating Interest
Payment Date shall instead be brought forward to the immediately preceding Business Day. The term “Business Day” means any day other than a Saturday or Sunday or any other day on which banking institutions in the Commonwealth of Virginia
are generally authorized or required by law or executive order to be closed. 
 3. Subordination. 

(a) The indebtedness of the Company evidenced by this Subordinated Note, including the principal and interest on this Subordinated Note, shall
be subordinate and junior in right of payment to the prior payment in full of all existing claims of creditors of the Company whether now outstanding or subsequently created, assumed, guaranteed or incurred (collectively,

  
 9 

 
“Senior Indebtedness”), which shall consist of principal of (and premium, if any) and interest, if any, on: (i) all indebtedness and obligations of, or guaranteed or assumed
by, the Company for money borrowed, whether or not evidenced by bonds, debentures, securities, notes or other similar instruments; (ii) any deferred obligations of the Company for the payment of the purchase price of property or assets acquired
other than in the ordinary course of business; (iii) all obligations, contingent or otherwise, of the Company in respect of any letters of credit, bankers’ acceptances, security purchase facilities and similar direct credit substitutes;
(iv) any capital lease obligations of the Company; (v) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements, currency future or option
contracts, commodity contracts and other similar arrangements or derivative products; (vi) all obligations that are similar to those in clauses (i) through (v) of other Persons for the payment of which the Company is responsible or liable
as obligor, guarantor or otherwise arising from an off-balance sheet guarantee; (vii) all obligations of the types referred to in clauses (i) through (vi) of other Persons secured by a lien on any
property or asset of the Company; and (viii) in the case of (i) through (vii) above, all amendments, renewals, extensions, modifications and refundings of such indebtedness and obligations; except “Senior Indebtedness”
does not include (A) the Subordinated Notes, (B) any obligation that by its terms expressly is junior to, or ranks equally in right of payment with, the Subordinated Notes, or (C) any indebtedness between the Company and any of its
subsidiaries or Affiliates. This Subordinated Note is not secured by any assets of the Company or any of its subsidiaries or Affiliates. The term “Affiliate(s)” means, with respect to any Person, such Person’s immediate family
members, partners, members or parent and subsidiary corporations, and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective Affiliates. The term “Person” as
used in this Subordinated Note means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization, a government or any department or
agency thereof or any other entity or organization. The term “control” (including the terms “controlling,” “controlled by,” and “under common control with”) means the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise. 

(b) In the event of any liquidation of the Company, holders of Senior Indebtedness of the Company shall be entitled to be paid in full with
such interest as may be provided by law before any payment shall be made on account of principal of or interest on this Subordinated Note. Additionally, in the event of any insolvency, dissolution, assignment for the benefit of creditors or any
liquidation or winding up of or relating to the Company, whether voluntary or involuntary, holders of Senior Indebtedness shall be entitled to be paid in full before any payment shall be made on account of the principal of or interest on the
Subordinated Notes, including this Subordinated Note. In the event of any such proceeding, after payment in full of all sums owing with respect to the Senior Indebtedness, the registered holders of the Subordinated Notes from time to time (each a
“Noteholder” and, collectively, the “Noteholders”), together with the holders of any obligations of the Company ranking on parity with the Subordinated Notes, shall be entitled to be paid from the remaining assets
of the Company the unpaid principal thereof, and the unpaid interest thereon before any payment or other distribution, whether in cash, property or otherwise, shall be made (i) with respect to any obligation that by its terms expressly is
junior to in the right of payment to the Subordinated Notes, (ii) with respect to any indebtedness between the Company and any of its subsidiaries or Affiliates or (iii) on account of any capital stock. 

  
 10 

 (c) If there shall have occurred and be continuing (i) a default in any payment with
respect to any Senior Indebtedness or (ii) an event of default with respect to any Senior Indebtedness as a result of which the maturity thereof is accelerated, unless and until such payment default or event of default shall have been cured or
waived or shall have ceased to exist, no payments shall be made by the Company with respect to the Subordinated Notes. The provisions of this paragraph shall not apply to any payment with respect to which the immediately preceding paragraph of this
Section 3 (Subordination) would be applicable. 
 (d) Nothing herein shall act to prohibit, limit or impede the
Company from issuing additional debt of the Company having the same rank as the Subordinated Notes or which may be junior or senior in rank to the Subordinated Notes. Each Noteholder, by its acceptance hereof, further acknowledges and agrees that
the foregoing subordination provisions are, and are intended to be, an inducement and a consideration for each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of the
Subordinated Notes, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to
hold or in continuing to hold such Senior Indebtedness. 
 4. Redemption. 

(a) Redemption Prior to Fifth Anniversary. This Subordinated Note shall not be redeemable by the Company in whole or in part prior to
June 1, 2025, except in the event of a: (i) Tier 2 Capital Event (as defined below); (ii) Tax Event (as defined below); or (iii) Investment Company Event (as defined below). Upon the occurrence of a Tier 2 Capital Event, a Tax Event
or an Investment Company Event, the Company may redeem this Subordinated Note, subject to Section 4(f) (Regulatory Approvals) hereof, in whole or in part at any time, upon giving not less than 10 Business Days’ notice
to the holder of this Subordinated Note at an amount equal to 100% of the outstanding principal amount being redeemed plus accrued but unpaid interest, to but excluding the redemption date. “Tier 2 Capital Event” means the receipt
by the Company of an opinion of counsel to the Company to the effect that there is, or within one hundred twenty (120) days after receipt of such opinion there will be, a material risk that this Subordinated Note does not qualify as “Tier
2” Capital (as defined by the Federal Reserve) (or its then equivalent) as a result of a change in law or regulation, or interpretation or application thereof, by any judicial, legislative or regulatory authority that becomes effective after
the date of issuance of this Subordinated Note. “Tax Event” means the receipt by the Company of an opinion of counsel to the Company that as a result of any amendment to, or change (including any final and adopted (or enacted)
prospective change) in, the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting
or applying such laws or regulations, there exists a material risk that interest payable by the Company on the Subordinated Notes is not, or within one hundred twenty (120) days after the receipt of such opinion will not be, deductible by the
Company, in whole or in part, for United States federal income tax purposes. “Investment Company Event” means the receipt by the Company of an opinion of counsel to the Company to the effect that there is a material risk that the
Company is or, within one hundred twenty (120) days after the receipt of such opinion will be, required to register as an investment company pursuant to the Investment Company Act of 1940, as amended. 

  
 11 

 (b) Redemption on or after Fifth Anniversary. On or after June 1, 2025, subject
to the provisions of Section 4(f) (Regulatory Approvals) hereof, this Subordinated Note shall be redeemable at the option of and by the Company, in whole or in part from time to time upon any Interest Payment Date, at an
amount equal to 100% of the outstanding principal amount being redeemed plus accrued but unpaid interest, to but excluding the redemption date, but in all cases in a principal amount with integral multiples of $1,000. In addition, the Company may
redeem all or a portion of the Subordinated Notes, at any time upon the occurrence of a Tier 2 Capital Event, Tax Event or an Investment Company Event. The redemption referenced in this Section 4(b) (Redemption on or after
Fifth Anniversary) shall be subject to the receipt of any required regulatory approval. 
 (c) Partial Redemption. If less than the
then-outstanding principal amount of this Subordinated Note is redeemed, (i) a new Subordinated Note shall be issued representing the unredeemed portion without charge to the holder thereof and (ii) such redemption shall be effected on a
pro rata basis as to the Noteholders. For purposes of clarity, upon a partial redemption, a like percentage of the principal amount of every Subordinated Note held by every Noteholder shall be redeemed and, to the extent applicable and for purposes
of a redemption processed through The Depository Trust Company, such redemption shall be made on a “Pro Rata Pass-Through Distribution of Principal” basis, among all of the Subordinated Notes outstanding at the time thereof. 

(d) No Redemption at Option of Noteholder. This Subordinated Note is not subject to redemption at the option of the holder of this
Subordinated Note. 
 (e) Effectiveness of Redemption. If notice of redemption has been duly given and notwithstanding that this
Subordinated Note has been called for redemption but has not yet been surrendered for cancellation, on and after the date fixed for redemption interest shall cease to accrue on the portion of this Subordinated Note called for redemption, this
Subordinated Note shall no longer be deemed outstanding with respect to the portion called for redemption and all rights with respect to the portion of this Subordinated Note called for redemption shall forthwith on such date fixed for redemption
cease and terminate unless the Company shall default in the payment of the redemption price, except only the right of the holder hereof to receive the amount payable on such redemption, without interest. 

(f) Regulatory Approvals. Any such redemption shall be subject to receipt of any and all required federal and state regulatory
approvals or non-objections, including, but not limited to, the consent of the Federal Reserve. In the case of any redemption of this Subordinated Note pursuant to paragraphs (b) or (c) of this
Section 4, the Company will give the holder hereof notice of redemption, which notice shall indicate the aggregate principal amount of Subordinated Notes to be redeemed, not less than thirty (30) nor more than
forty-five (45) calendar days prior to the redemption date. 
 (g) Purchase and Resale of the Subordinated Notes. Subject to any
required federal and state regulatory approvals and the provisions of this Subordinated Note, the Company shall have the right to purchase any of the Subordinated Notes at any time in the open market, private transactions or otherwise. If the
Company purchases any Subordinated Notes, it may, in its discretion, hold, resell or cancel any of the purchased Subordinated Notes. 

  
 12 

 5. Events of Default; Acceleration. 

Each of the following events shall constitute an “Event of Default”: 

(a) the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary case
or proceeding under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, and such decree or order will have continued unstayed and in effect for a period
of sixty (60) consecutive calendar days; 
 (b) the commencement by the Company of a voluntary case under any applicable bankruptcy,
insolvency or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary case or proceeding under any such
law; 
 (c) the Company (i) becomes insolvent or is unable to pay its debts as they mature, (ii) makes an assignment for the
benefit of creditors, (iii) admits in writing its inability to pay its debts as they mature or (iv) ceases to be a bank holding company under the Bank Holding Company Act of 1956, as amended; 

(d) the failure of the Company to pay any installment of interest on any of the Subordinated Notes as and when the same will become due and
payable, and the continuation of such failure for a period of fifteen (15) calendar days; 
 (e) the failure of the Company to pay all
or any part of the principal of any of the Subordinated Notes as and when the same will become due and payable; 
 (f) the liquidation of
the Company (for the avoidance of doubt, “liquidation” does not include any merger, consolidation, sale of equity or assets or reorganization (exclusive of a reorganization in bankruptcy) of the Company or any of its subsidiaries); 

(g) the failure of the Company to perform any other covenant or agreement on the part of the Company contained in this Subordinated Note, and
the continuation of such failure for a period of thirty (30) days after the date on which notice specifying such failure, stating that such notice is a “Notice of Default” hereunder and demanding that the Company remedy the same, will
have been given, in the manner set forth in Section 21 (Notices), to the Company by a Noteholder; or 
 (h) the
default by the Company under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company having an aggregate principal amount outstanding of at least $1,000,000, whether such indebtedness now exists or is created or
incurred in the future, which default (i) constitutes a failure to pay any portion of the principal of such indebtedness when due and payable after the expiration of any applicable grace period or (ii) results in such indebtedness becoming
due or being declared due and payable prior to the date on which it otherwise would have become due and payable without, in the case of clause (i), such indebtedness having been discharged or, in the case of clause (ii), without such indebtedness
having been discharged or such acceleration having been rescinded or annulled. 

  
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 Unless the principal amount of this Subordinated Note already shall have become due and
payable, if an Event of Default set forth in Section 5(a) or Section 5(b) above shall have occurred and be continuing, then the principal amount of this Subordinated Note, and accrued and unpaid
interest, if any, on the Subordinated Note will become and be immediately due and payable without any declaration or other act on the part of the Noteholder, and the Company waives demand, presentment for payment, notice of nonpayment, notice of
protest, and all other notices. Notwithstanding the foregoing, because the Company treats the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in
Section 5(a) or Section 5(b), no Noteholder may accelerate the Maturity Date of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the Subordinated Notes,
immediately due and payable. The Company, within forty-five (45) calendar days after the receipt of written notice from any Noteholder of the occurrence of an Event of Default with respect to this Subordinated Note, shall mail to all
Noteholders, at their addresses shown on the Security Register (as defined in Section 13 (Registration of Transfer, Security Register) below), such written notice of Event of Default, unless such Event of Default shall have
been cured or waived before the giving of such notice as certified by the Company in writing. 
 6. Failure to Make
Payments. In the event of an Event of Default under Section 5(d) or Section 5(e) above, the Company will, upon demand of the Noteholder, pay to the Noteholder the amount then due and
payable on this Subordinated Note for principal and interest (without acceleration of the Subordinated Note in any manner), with interest on the overdue principal and interest at the per annum rate borne by this Subordinated Note, to the extent
permitted by applicable law. If the Company fails to pay such amount upon such demand, the Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to
judgment or final decree and may enforce the same against the Company and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Company. 

Upon the occurrence of a failure by the Company to make any required payment of principal or interest on this Subordinated Note or an Event
of Default, until such failure or Event of Default is cured by the Company or waived by the Noteholders in accordance with Section 17 (Waiver and Consent) hereof, except as may be required by any federal or state bank
regulatory agency, the Company shall not: (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock; (b) make any payment of
principal or interest or premium, if any, on or repay, repurchase or redeem any indebtedness of the Company that ranks equal with or junior to the Subordinated Notes; or (c) make any payments under any guarantee that ranks equal with or junior
to the Subordinated Notes, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of the Company’s common stock; (ii) any declaration of a non-cash dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant
thereto; (iii) as a result of a reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of the Company’s capital stock;
(iv) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of
the Company’s common stock related to the issuance of common stock or rights under 

  
 14 

 
any benefit plans for the Company’s directors, officers or employees or any of the Company’s dividend reinvestment plans (including, without limitation, any repurchases or acquisitions
in connection with the forfeiture of any stock award, cashless or net exercise of any option, or acceptance of common stock in lieu of an award recipient’s tax obligations under any equity award) (the foregoing clauses (i) through (v) are
collectively referred to as the “Permitted Dividends”). 
 7. Affirmative Covenants of the Company.

 (a) Notice of Certain Events. To the extent permitted by applicable statute, rule or regulation, the Company shall provide
written notice to the Noteholder, at its addresses shown on the Security Register (as defined in Section 13 (Registration of Transfer, Security Register) below), of the occurrence of any of the following events as soon as
practicable, but in no event later than fifteen (15) Business Days following the Company becoming aware of the occurrence of such event: 

(i) The total risk-based capital ratio, Tier 1 risk-based capital ratio, common equity Tier 1 risk-based capital ratio or leverage ratio of
Blue Ridge Bank, National Association, the Company’s subsidiary bank (the “Bank”), becomes less than ten percent (10.0%), eight percent (8.0%), six and one-half percent (6.50%) or five percent
(5.0%), respectively, as of the end of any calendar quarter (provided, that, to the extent the Bank has opted into the community bank leverage ratio framework, no notice need be given until the Bank ceases to be a qualifying community banking
organization, as defined under 12 CFR § 3.12); 
 (ii) The Company, or any of the Company’s subsidiaries, or any officer of the
Company (in such capacity), becomes subject to any formal, written regulatory enforcement action (as defined by the applicable state or federal bank regulatory authority); 

(iii) The ratio of non-performing assets to total assets of the Bank, as calculated by the Company in
the ordinary course of business and consistent with past practices, becomes greater than five percent (5.0%), as of the end of any calendar quarter; or 

(iv) There is a known change in ownership of twenty-five percent (25.0%) or more of the outstanding securities of the Company entitled to
vote for the election of directors. 
 (b) Payment of Principal and Interest. The Company covenants and agrees for the benefit of
the Noteholder that it will duly and punctually pay the principal of, and interest on, this Subordinated Note, in accordance with the terms hereof. 

(c) Maintenance of Office. The Company will maintain an office or agency in Page County, Virginia, where Subordinated Notes may be
surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Subordinated Notes may be served. 

The Company may also from time to time designate one or more other offices or agencies where the Subordinated Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission 

  
 15 

 
will in any manner relieve the Company of its obligation to maintain an office or agency in the Commonwealth of Virginia. The Company will give prompt written notice to the Noteholders of any
such designation or rescission and of any change in the location of any such other office or agency. 
 (d) Corporate Existence.
Except as contemplated by Section 8(b), the Company will do or cause to be done all things necessary to preserve and keep in full force and effect: (i) the corporate existence of the Company; (ii) the existence
(corporate or other) of each subsidiary; and (iii) the rights (constituent governing documents and statutory), licenses and franchises of the Company and each of its subsidiaries; provided, however, that the Company will not be required
to preserve the existence (corporate or other) of any of its subsidiaries or any such right, license or franchise of the Company or any of its subsidiaries if the Board of Directors of the Company determines that the preservation thereof is no
longer desirable in the conduct of the business of the Company and its subsidiaries taken as a whole and that the loss thereof will not be disadvantageous in any material respect to the Noteholders. 

(e) Maintenance of Properties. The Company will, and will cause each subsidiary to, cause all its properties used or useful in the
conduct of its business to be maintained and kept in good condition, repair and working order, ordinary wear and tear excepted, and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this
Section 7(e) will prevent the Company or any subsidiary from discontinuing the operation and maintenance of any of their respective properties if such discontinuance is, in the reasonable judgment of the Board of Directors
of the Company or of any subsidiary, as the case may be, desirable in the conduct of its business. 
 (f) Waiver of Certain
Covenants. The Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 7(c) (Maintenance of Office), Section 7(d) (Corporate Existence),
or Section 7(e) (Maintenance of Properties) above, with respect to this Subordinated Note if before the time for such compliance the Noteholders of at least a majority in aggregate principal amount of the outstanding
Subordinated Notes, by act of such Noteholders, either will waive such compliance in such instance or generally will have waived compliance with such term, provision or condition, but no such waiver will extend to or affect such term, provision or
condition except to the extent so expressly waived, and, until such waiver will become effective, the obligations of the Company in respect of any such term, provision or condition will remain in full force and effect. 

(g) Tier 2 Capital. If all or any portion of the Subordinated Notes ceases to qualify for inclusion as Tier 2 Capital, other than due
to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, the Company will immediately notify the Noteholders and thereafter the Company
and the Noteholders will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital;
provided, however, that nothing contained in this Section 7(g) (Tier 2 Capital) shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event pursuant to
Section 4(a) (Redemption Prior to Fifth Anniversary) or Section 4(b) (Redemption on or after Fifth Anniversary). 

  
 16 

 (h) Compliance with Laws. The Company shall comply with the requirements of all
laws, regulations, orders and decrees applicable to it or its properties, except for such noncompliance that would not reasonably be expected to have a Material Adverse Effect (as such term is defined in the Purchase Agreement). 

(i) Taxes and Assessments. The Company shall punctually pay and discharge all material taxes, assessments, and other governmental
charges or levies imposed upon it or upon its income or upon any of its properties; provided, that no such taxes, assessments or other governmental charges need be paid if they are being contested in good faith by the Company. 

(j) Financial Statements; Access to Records. 

(i) Not later than forty-five (45) days following the end of each of the quarterly periods ended March 31, June 30 and
September 30 for which the Company has not timely filed a Quarterly Report on Form 10-Q with the SEC, upon request, the Company shall provide the Noteholder with a copy of the Company’s unaudited
consolidated balance sheet and statement of income (loss) for and as of the end of such immediately preceding fiscal quarter, prepared in accordance with past practice. Quarterly financial statements, if required herein, shall be unaudited and need
not comply with GAAP. 
 (ii) Not later than one hundred twenty (120) days from the end of each fiscal year for which the Company has
not filed an Annual Report on Form 10-K with the SEC, upon request the Company shall provide the Noteholder with copies of the Company’s audited financial statements consisting of the consolidated balance
sheet of the Company as of the fiscal year end and the related statements of income (loss) and retained earnings, stockholders’ equity and cash flows for the fiscal year then ended. Such financial statements shall be prepared in accordance with
GAAP applied on a consistent basis throughout the period involved. 
 (k) Company Statement as to Compliance. The Company will
deliver to Noteholder, within 120 days after the end of each fiscal year, an Officer’s Certificate covering the preceding calendar year, stating whether or not, to the best of his or her knowledge, the Company is in default in the performance
and observance of any of the terms, provisions and conditions of this Subordinated Note (without regard to notice requirements or periods of grace) and if the Company will be in default, specifying all such defaults and the nature and status thereof
of which he or she may have knowledge. 
 8. Negative Covenants of the Company. 

(e) Limitation on Dividends. The Company shall not declare or pay any dividend or make any distribution on capital stock or other
equity securities of any kind of the Company if the Company is not “well capitalized” (as that term is defined in 12 C.F.R. Part 225.2(r)) immediately prior to the declaration of such dividend or distribution, except for Permitted
Dividends. 

  
 17 

 (f) Merger, Share Exchange or Sale of Assets. The Company shall not merge into
another entity, consummate a share exchange or convey, transfer or lease substantially all of its properties and assets to any Person, unless: 

(i) the continuing entity into which the Company is merged, the acquiring entity in connection with a share exchange or the Person which
acquires by conveyance or transfer or which leases substantially all of the properties and assets of the Company shall be a corporation, association or other legal entity organized and existing under the laws of the United States of America, any
State thereof or the District of Columbia and expressly assumes the due and punctual payment of the principal of and any premium and interest on the Subordinated Notes according to their terms, and the due and punctual performance of all covenants
and conditions hereof on the part of the Company to be performed or observed; provided, however, that no express assumption shall be required by any successor by merger to the Company to the extent such legal successor assumes the
Company’s obligations hereunder by operation of law; and 
 (ii) immediately after giving effect to such transaction, no Event of
Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing. 

(g) Continuance of Business. Other than in connection with a transaction which complies with Section 8(b), the Company shall not
take any action, omit to take any action or enter into any other transaction that would have the effect of: (i) the Company ceasing to be a bank holding company under the Bank Holding Company Act of 1956, as amended (provided, however,
for the avoidance of doubt, nothing herein is intended to prohibit the Company from electing to be a financial holding company or, following such an election, exiting financial holding company status), (ii) the liquidation or dissolution of the
Company or the Bank, (iii) the Bank ceasing to be an “insured depository institution” under Section 3(c)(2) of the Federal Deposit Insurance Act, as amended, or (iv) the Company owning less than fifty percent (50%) of the
capital stock of the Bank. 
 9. Denominations. The Subordinated Notes are issuable only in registered form without
interest coupons in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. 
 10. Charges and
Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for
other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from
the Noteholder requesting such transfer or exchange. 
 11. Payment Procedures. Payment of the principal and interest
payable on the Maturity Date will be made by check, by wire transfer or by Automated Clearing House (“ACH”) transfer in immediately available funds to a bank account in the United States designated by the

  
 18 

 
registered Noteholder if such Noteholder shall have previously provided wire or ACH instructions to the Company, upon presentation and surrender of this Subordinated Note at the Payment Office
(as defined in Section 21 (Notices) below) or at such other place or places as the Company shall designate by notice to the registered Noteholders as the Payment Office, provided that this Subordinated Note is presented to
the Company in time for the Company to make such payments in such funds in accordance with its normal procedures. Payments of interest (other than interest payable on the Maturity Date) shall be made on each Interest Payment Date by wire transfer in
immediately available funds or check mailed to the registered Noteholder, as such Person’s address appears on the Security Register (as defined in Section 13 below). Interest payable on any Interest Payment Date shall
be payable to the Noteholder in whose name this Subordinated Note is registered at the close of business on the fifteenth (15th) calendar day prior to the applicable Interest Payment Date, without
regard to whether such date is a Business Day, except that interest not paid on the Interest Payment Date, if any, will be paid to the holder in whose name this Subordinated Note is registered at the close of business on a special record date fixed
by the Company (a “Special Record Date”), notice of which shall be given to the Noteholder not less than ten (10) calendar days prior to such Special Record Date. To the extent permitted by applicable law, interest shall
accrue, at the rate at which interest accrues on the principal of this Subordinated Note, on any amount of principal or interest on this Subordinated Note not paid when due. All payments on this Subordinated Note shall be applied first against costs
and expenses of the Noteholder, if any, for which the Company is liable under this Subordinated Note; then against interest due hereunder; and then against principal due hereunder. The Noteholder acknowledges and agrees that the payment of all or
any portion of the outstanding principal amount of this Subordinated Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Subordinated Notes. In the event that the Noteholder receives
payments in excess of the Noteholder’s pro rata share of the Company’s payments to the holders of all of the Subordinated Notes, then the Noteholder shall hold in trust all such excess payments for the benefit of the other Noteholders and
shall pay such amounts held in trust to such other holders upon demand by such holders. 
 12. Form of Payment.
Payments of principal and interest on this Subordinated Note shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. 

13. Registration of Transfer, Security Register. Except as otherwise provided herein, or in the Purchase Agreement
between Noteholder and the Company, and subject to limitations on transfer under applicable state and federal securities laws, this Subordinated Note is transferable in whole or in part, and may be exchanged for a like aggregate principal amount of
Subordinated Notes of other authorized denominations, by the Noteholder in person, or by its attorney duly authorized in writing, at the Payment Office or the offices of the Registrar. The Company or its agent (the “Registrar”)
shall maintain a register providing for the registration of the Subordinated Notes and any exchange or transfer thereof (the “Security Register”). Upon surrender or presentation of this Subordinated Note for exchange or registration
of transfer, the Company or the Registrar shall execute and deliver in exchange therefor a Subordinated Note or Subordinated Notes of like aggregate principal amount, each in a minimum denomination of $100,000 or any amount in excess thereof which
is an integral multiple of $1,000 (and, in the absence of an opinion of counsel satisfactory to the Company to the contrary, bearing the restrictive legend(s) set forth hereinabove) and that is or are registered in such name or names requested by

  
 19 

 
the Noteholder. Any Subordinated Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed and accompanied by a written instrument of transfer in such form
as is attached hereto and incorporated herein, duly executed by the Noteholder or its attorney duly authorized in writing, with such tax identification number (including, without limitation, an appropriate and properly executed Internal Revenue
Service Form W-9 or appropriate type of Form W-8) or other information for each Person in whose name a Subordinated Note is to be issued, and accompanied by evidence of
compliance with any restrictive legend(s) appearing on such Subordinated Note or Subordinated Notes as the Company may reasonably request to comply with applicable law. No exchange or registration of transfer of this Subordinated Note shall be made
on or after (i) the fifteenth (15th) day immediately preceding the Maturity Date or (ii) the due delivery of notice of redemption. 

14. Successors and Assigns. This Subordinated Note shall be binding upon the Company and inure to the benefit of the
Noteholder and its respective successors and permitted assigns. The Noteholder may assign all, or any part of, or any interest in, the Noteholder’s rights and benefits hereunder only to the extent and in the manner permitted by the terms of
this Subordinated Note, the Purchase Agreement, and under applicable securities laws and regulations. To the extent of any such assignment, such assignee shall have the same rights and benefits against the Company and shall agree to be bound by and
to comply with the terms and conditions of the Purchase Agreement as it would have had if it were the Noteholder hereunder. 
 15.
Priority. The Subordinated Notes rank pari passu among themselves and pari passu, in the event of any insolvency proceeding, dissolution, assignment for the benefit of creditors, reorganization, restructuring of debt,
marshaling of assets and liabilities or similar proceeding or any liquidation or winding up of the Company, with all other present or future unsecured subordinated debt obligations of the Company, except any unsecured subordinated debt that,
pursuant to its express terms, is senior or subordinate in right of payment to the Subordinated Notes. 
 16.
Ownership. Prior to due presentment of this Subordinated Note for registration of transfer, the Company may treat the holder in whose name this Subordinated Note is registered in the Security Register as the absolute owner of this
Subordinated Note for receiving payments of principal and interest on this Subordinated Note and for all other purposes whatsoever, whether or not this Subordinated Note be overdue, and the Company shall not be affected by any notice to the
contrary. 
 17. Waiver and Consent. 

(a) This Subordinated Note may be amended or waived pursuant to, and in accordance with, the provisions set forth herein and as set forth in
Section 7.3 of the Purchase Agreement. Any such consent or waiver given by the Noteholder shall be conclusive and binding upon such Noteholder and upon all subsequent holders of this Subordinated Note and of any Subordinated Note issued upon
the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated Note. No delay or omission of the Noteholder to exercise any right or remedy accruing
upon any Event of Default shall impair such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Any insured depository institution that shall be a Noteholder or that otherwise shall have any beneficial
ownership interest in this Subordinated Note shall, by its acceptance of such Subordinated Note (or beneficial interest therein), be deemed to have waived any right of offset with respect to the indebtedness evidenced thereby. 

  
 20 

 (b) No waiver or amendment of any term, provision, condition, covenant or agreement in the
Subordinated Notes shall be effective except with the consent of the Noteholders holding more than fifty percent (50%) in aggregate principal amount (excluding any Subordinated Notes held by the Company or any of its Affiliates) of the Subordinated
Notes at the time outstanding; provided, however, that without the consent of each Noteholder of an affected Subordinated Note, no such amendment or waiver may: (i) reduce the principal amount of the Subordinated Note;
(ii) reduce the rate of or change the time for payment of interest on any Subordinated Note; (iii) extend the maturity of any Subordinated Note; (iv) change the currency in which payment of the obligations of the Company under the
Subordinated Notes are to be made; (v) lower the percentage of aggregate principal amount of outstanding Subordinated Notes required to approve any amendment of the Subordinated Notes; (vi) make any changes to Section 4(c) (Partial
Redemption), Section 5 (Events of Default; Acceleration), Section 6 (Failure to Make Payments), Section 15 (Priority), or Section 17 (Waiver and Consent) of the Subordinated Notes that adversely affects the rights of any
Noteholder; or (vii) disproportionately and adversely affect the rights of any of the holders of the then outstanding Subordinated Notes. Notwithstanding the foregoing, the Company may amend or supplement the Subordinated Notes without the
consent of the Noteholders to cure any ambiguity, defect or inconsistency or to provide for uncertificated Subordinated Notes in addition to or in place of certificated Subordinated Notes, or to make any change that does not adversely affect the
rights of any Noteholder of any of the Subordinated Notes. No failure to exercise or delay in exercising, by any Noteholder of the Subordinated Notes, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right or remedy provided by law. The rights and remedies provided in this Subordinated Note are cumulative and not
exclusive of any right or remedy provided by law or equity. No notice or demand on the Company in any case shall, in itself, entitle the Company to any other or further notice or demand in similar or other circumstances or constitute a waiver of the
rights of the Noteholders to any other or further action in any circumstances without notice or demand. No consent or waiver, express or implied, by the Noteholders to or of any breach or default by the Company in the performance of its obligations
hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of the same or any other obligations of the Company hereunder. Failure on the part of the Noteholders to complain of any acts or
failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall not constitute a waiver by the Noteholders of their rights hereunder or impair any rights, powers or remedies on account of any breach or
default by the Company. 
 18. Absolute and Unconditional Obligation of the Company. No provisions of this Subordinated
Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal and interest on this Subordinated Note at the times, places and rate, and in the coin or currency, herein prescribed. 

19. No Sinking Fund; Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This
Subordinated Note is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any subsidiary of the Company. 

  
 21 

 20. No Recourse Against Others. No recourse under or upon any
obligation, covenant or agreement contained in this Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder, employee, officer, or director, as such, of the
Company or of any predecessor or successor, either directly or through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released by the acceptance of this Subordinated Note by the Noteholder and as part of the consideration for the issuance of this Subordinated Note. 

21. Notices. All notices to the Company under this Subordinated Note shall be in writing and addressed to the Company at
Blue Ridge Bankshares, Inc., 17 West Main Street, Luray, Virginia 22835, Attention: Brian K. Plum, or to such other address as the Company may notify to the Noteholder (the “Payment Office”). All notices to the Noteholders shall be
in writing and sent by first-class mail to each Noteholder at his or its address as set forth in the Security Register. 
 22.
Further Issues. The Company may, without the consent of the Noteholders, create and issue additional notes having the same terms and conditions of the Subordinated Notes (except for the Issue Date and issue price) so that such further
notes shall be consolidated and form a single series with the Subordinated Notes. 
 23. Governing Law; Interpretation.
THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NORTH CAROLINA AND WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES
THEREOF. IT IS INTENDED THAT THIS SUBORDINATED NOTE SHALL MEET THE CRITERIA FOR QUALIFICATION OF THE OUTSTANDING PRINCIPAL AS TIER 2 CAPITAL UNDER THE REGULATORY GUIDELINES OF THE FEDERAL RESERVE, AND THE TERMS HEREOF SHALL BE INTERPRETED IN A
MANNER TO SATISFY SUCH INTENT. 
 [Signature Page Follows] 

  
 22 

 IN WITNESS WHEREOF, the undersigned has caused this Subordinated Note to be duly executed
and attested. 
  

			
	BLUE RIDGE BANKSHARES, INC.
		
	 By:
	 	  

	Name:	 	Brian K. Plum
	Title:	 	President and Chief Executive Officer

  

			
	 ATTEST:

	
	  

	 Name:
	 	  

	 Title:
	 	  

  
 23 

 ASSIGNMENT FORM 

[Capitalized terms used herein but not defined have the meanings assigned in the Subordinated Note] 

To assign this Subordinated Note of Blue Ridge Bankshares, Inc., a Virginia corporation, fill in the form below: (I) or (we) assign and transfer this
Subordinated Note to: 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s social security or tax I.D.
No.) 
 and irrevocably appoint
                         agent to transfer this Subordinated Note on the books of the Company. The agent may substitute
another to act for him. 
  

							
	 Date:
	 	  
	 	Your signature:	 	  

	 	 	 	 	 	 	(Sign exactly as your name appears on the face of this
Subordinated Note)
			
		 		 	FOR EXECUTION BY AN ENTITY:
				
		 		 	Entity name:	 	  

				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

				
		 		 	Tax Identification No:	 	  

  

			
	Signature Guarantee:	 	  

 (Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and
credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).

 The undersigned certifies that he/she/it [is / is not] (circle one) an Affiliate of the Company and that, to its knowledge,
the proposed transferee [is / is not] (circle one) an Affiliate of the Company. 
 In connection with any transfer or exchange of
this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of
the Company, the undersigned confirms that this Subordinated Note is being: 

  
 24 

 CHECK ONE BOX BELOW: 
  

					
	 ☐
	 	 (1)
	  	acquired for the undersigned’s own account, without transfer;
	 ☐
	 	 (2)
	  	transferred to the Company;
	 ☐
	 	 (3)
	  	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
	 ☐
	 	 (4)
	  	transferred under an effective registration statement under the Securities Act;
	 ☐
	 	 (5)
	  	transferred in accordance with and in compliance with Regulation S under the Securities Act;
	 ☐
	 	 (6)
	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act);
	 ☐
	 	 (7)
	  	transferred to an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), not referred to in item (6) that has been provided with the information designated under Section 4(d) of the
Securities Act; or
	 ☐
	 	 (8)
	  	transferred in accordance with another available exemption from the registration requirements of the Securities Act.

 Unless one of the boxes is checked, the Company will refuse to register this Subordinated Note in the name of any person other
than the registered holder thereof; provided, however, that if box (5), (6), (7) or (8) is checked, the Company may require, prior to registering any such transfer of this Subordinated Note, in its sole discretion, such legal opinions,
certifications and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act such as the
exemption provided by Rule 144 under such Act. 
  

			
	 Signature:
	 	  

		 	(Sign exactly as your name appears on the face of this Subordinated Note)

  

			
	 FOR EXECUTION BY AN ENTITY:

		
	 Entity name:
	 	  

 
			
		
	 By:
	 	  

	Name:	 	  

	Title:	 	  

 
			
		
	Tax Identification No.:	 	  

  

			
	Signature Guarantee:	 	  

  
 25 

 (Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and
loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-l5). 

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	 Date:
	 	  
	 	 Signature:
	 	  

		 		 	 Print name:
	 	  

			
		 		 	 FOR EXECUTION BY AN ENTITY:

				
		 		 	 Entity name:
	 	  

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	  

		 		 	 Title:
	 	  

				
		 		 	 Tax Identification No.:
	 	  

  
 26

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