Document:

EX-10.1

 Exhibit 10.1 

EXECUTIVE EMPLOYMENT CONTRACT 

MADE this 24th day of March 2014, by and between CNB
Financial Corporation, a Pennsylvania business corporations and CNB BANK, a state banking institution organized under the laws of the Commonwealth of Pennsylvania, with principal office at One South Second Street, P.O. Box 42, Clearfield,
Pennsylvania, 16830, (hereinafter collectively referred to as “CNB”); 
  

									
		  	A	  		  		  	
		  		  	N	  		  	
		  		  		  	D	  	

 BRIAN W. WINGARD., an adult individual, residing at 307 Walnut Street, Curwensville, Pennsylvania,
16833, (hereinafter “MR.WINGARD”). 
 WHEREAS, MR.WINGARD has been employed by CNB as a Executive; and, 

WHEREAS, the Parties wish to memorialize their contractual relationship. 

NOW WITNESSETH: 
 The
Parties for themselves, their heirs, successors and assigns, in consideration of their mutual promises contained herein, intending to be legally bound, hereby agree to the following terms and conditions. 

1. PRIOR AGREEMENTS: The Parties terminate all prior employment agreements, verbal or written, between them effective on the date
hereof. 
 2. EMPLOYMENT: CNB will employ MR.WINGARD as a Senior Vice President and Chief Financial Officer at CNB BANK and as
Principal Accounting Officer at CNB Financial Corporation, MR.WINGARD agrees to serve in that capacity. MR.WINGARD promises that during the term of this Agreement he shall dedicate his full time, attention and energies to his employment with CNB.
MR.WINGARD further promises that he will report to CNB’s President and CEO, carry out his decisions and otherwise abide by and enforce the policies of CNB. 

 MR.WINGARD shall also perform such other reasonable duties as may hereafter be assigned to him by
CNB consistent with his abilities and position, including but not limited to services to CNB’s parent CNB Financial Corporation and its other subsidiaries. 

MR.WINGARD will not engage in any other employment during the term of this Agreement, nor shall he engage in self-employed activities. 

MR.WINGARD also recognizes that CNB’s success and recognition depend on his involvement with charitable and social organizations. In this
regard, MR.WINGARD agrees to engage in such social and charitable activities or organizations as are consistent with his personal responsibilities and with his position with CNB. 

MR.WINGARD shall also comply with all other CNB procedures and polices now or hereafter in effect. 

MR.WINGARD further agrees that he and the members of his family shall comport themselves at all times in a manner that reflects upon CNB in a
positive fashion. 
 3. TERM: The term of this Agreement shall be for three (3) years commencing on 1st day of January,2014 and
ending on December 31, 2017, unless terminated sooner pursuant to the other provisions of this Agreement. 
 The Parties agree that
this contract shall automatically renew itself for successive terms of one (1) year unless either party gives the other ninety (90) days written notice of his or its intent not to renew the contract prior to the end of the then current
term. 

  
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 However, the provisions of paragraphs 6 and 7 shall continue inforce and in accordance with the
provisions therein and shall survive the expiration or terminatation of the term of employment. 
 4. COMPENSATION: MR.WINGARD’s
shall be paid a base salary to be established annually by the Board of Directors. MR. WINGARD may also receive such annual increases, stock, stock rights and bonuses as may from time to time be awarded by the Board of Directors. 

CNB will also provide MR. WINGARD with a family membership at Eagles Ridge Golf Club. 

5. OTHER BENEFITS: MR. WINGARD shall participate in CNB’s retirement plan, health insurance plan, life insurance plan and receive
such other benefits as CNB from time to time may provide to its employees. 
 MR. WINGARD shall also be entitled to 22 days paid vacation
time off as he may reasonable and actually require, both of which are upon condition that, consistent with the past practice of senior executives at CNB and upon condition that, in the opinion of the Board of Directors the amount and timing of his
vacation does not unreasonably interfere with or detract from the fulfillment of his duties under this agreement. 
 MR. WINGARD shall be
entitled to breavement and such other employee benefits as now or hereafter granted by CNB’s personnel policies. 
 6. CONFIDENTIAL
INFORMATION: MR. WINGARD acknowledges and agrees that as an inducement to CNB to employ him and enter this written contract with him, that he shall not disclose, directly or indirectly, intentionally or unintentionally, during the term of this
contract or at any time after its termination, any of CNB’s proprietary information, financial 

  
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information or reports, account information, customer lists, customer information, policies, pricing, strategy, codes, strategic plan, plans for expansion or business development or other
information of a confidential nature (hereinafter referred to as “Confidential Information”), whatsoever regarding CNB without first obtaining the prior, written consent from CNB’s Chairperson of the Board that such disclosure is
authorized. Communications with CNB’s employees, customers and business relations are excepted from the foregoing prohibition during the term of this Agreement to the extent that such communications are consistent with MR. WINGARD’s
duties. 
 Confidential Information shall include all information recorded, memorialized or communicated in any form whether written,
printed, verbal, video, photographic, electronic, magnetic, digital or otherwise. This shall also include such confidential information as MR. WINGARD may have memorized or remembered notwithstanding Pennsylvania or other law to the contrary. 

Upon termination of this contract for any reason, MR. WINGARD promises that he shall promptly return to CNB or its designated representative
any Confidential Information, automobile, insurance cards, owner’s cards, keys, credit cards, or other CNB property, in his possession. 

MR. WINGARD further promises that he will not take, keep, or record copies, duplications or reproductions of the Confidential Information or
other property subject to this Agreement after termination of this Agreement. 
 7. COVENANT NOT TO COMPETE: As additional
consideration to CNB for entering this Agreement, and for granting the severance benefits described in paragraph 8 below which are a new benefit, MR. WINGARD covenants that he shall not compete against CNB, its parent, affiliates or subsidiaries,
either directly or indirectly, by taking employment, gratuitously 

  
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assisting or serving as an independent contractor, consultant, partner, director or officer with a competitor of CNB, or starting his own business which would compete directly or indirectly with
CNB, or have a material interest in any business, corporation, partnership, LLC, savings and loan, bank, financial institution, brokerage, or other venture which competes directly or indirectly with CNB while he is employed by CNB and until the
earlier of the following: (i) the expiration of a period of three (3) years following the date on which MR. WINGARD is last employed by CNB or (ii) the date of a change in control of CNB, as defined in Section 8. For the purpose
of defining and enforcing this covenant, CNB’s competitors will be identified at the time it seeks enforcement of this covenant. This determination shall be based on CNB’s market area and CNB’s plans for expansion or acquisition into
other market areas at the time enforcement of this covenant is sought. 
 The Parties also agree that indirect competition shall include the
instances stated above but involving MR. WINGARD’s spouse or children. 
 The Parties further agree that MR. WINGARD’s covenant
not to compete shall apply in the event of his regular retirement or voluntary termination of his employment hereunder. MR. WINGARD agrees in this regard that the security provided by this Agreement is adequate consideration for his covenant not to
compete. 
 MR. WINGARD agrees that the relevant public policy and legal aspects of covenants not to compete have been discussed with him
and that every effort has been made to limit the restrictions placed upon MR. WINGARD to those that are reasonable and necessary to protect CNB’s legitimate interests. MR. WINGARD acknowledges that, based upon his education, experience, and
training, the non-compete and non-solicitation provisions of this Section 7 will not prevent MR. WINGARD from earning a livelihood and supporting MR. WINGARD and his family during the relevant time period. 

  
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 The existence of a claim, charge, or cause of action by MR. WINGARD against CNB or any of its
affiliates shall not constitute a defense to the enforcement by CNB of the foregoing restrictive covenants, but such claim, charge, or cause of action shall be litigated separately. 

If any restriction set forth in this Section 7 is found by any court of competent jurisdiction to be unenforceable because it extends for
too long a period of time or over too great a range of actitives or in too broad a geographic area, the court is hereby expressly authorized to modify this Agreement or to interpret this Agreement to extend only over the maximum period of time,
range of actitives, or geographic areas as to which it may be enforceable. 
 8. SEVERANCE PAY: If MR. WINGARD’s employment is
terminated without cause, whether or not a change in control of CNB has occurred, MR. WINGARD shall be entitled to severance benefits equal to 2.50 times his base salary for the year in which his employment ends plus 2.50 times the average of
MR. WINGARD’s incentive pay bonuses for the three (3) years preceding the year in which his employment is terminated hereunder. This severance pay shall be tendered to MR. WINGARD in cash in lump sum following the end of his employment
with CNB. Mr. WINGARD shall also be entitled to this severance pay if he voluntarily terminates his employment with CNB after a change in control for any of the following reasons after providing CNB notice within ninety (90) days of the
occurrence of the event and a thirty (30) day opportunity to cure: 
  

	 	A.	Reduction in title or responsibilities; 

  

	 	B.	Assignment of duties or responsibilities inconsistent with MR. WINGARD’S status as Senior Vice President and Chief Financial Officer; 

 

	 	C.	A reduction in salary or other benefits; and, or, 

  

	 	D.	Reassignment to a location greater than 25 miles from the location of MR. WINGARD’s office on the date of change and control. 

  
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 For the purposes of this Agreement, a “change in control” shall include but not be
limited to the following: 
  

	 	1.	Sale of all or substantially all of CNB’s or CNB Financial Corporation’s stock; 

  

	 	2.	Sale of all or substantially all of CNB’s or CNB Financial Corporation’s assets; 

  

	 	3.	Acquisition by a third party or group acting in concert of stock sufficient to elect a majority of directors to the Board of CNB or CNB Financial Corporation; or, 

 

	 	4.	Ownership of more than 50% of CNB Financial Corporation stock by a single person or entity or more than one person or entity acting as a group. 

Notwithstanding anything in this Agreement to the contrary, it will be a condition to MR. WINGARD’s right to receive any severance
benefits under this Section 8 that he execute and deliver to CNB no later than fifty-three (53) days following the date of termination and not revoke a release of claims in favor of CNB in the form as may be reasonably prescribed by CNB.
Severance payments and benefits will commence following the expiration of the sixty (60) day period following termination of employment, provided that MR. WINGARD has executed and delivered and not revoked the release no later than fifty-three
(53) days following the date of termination and such release is effective upon the sixtieth (60th) day following termination of employment. 

A form of the release which MR. WINGARD will be required to sign in order to receive the foregoing benefits is attached hereto incorporated in
this Agreement as Exhibit A, and MR. WINGARD hereby expressly approves it. 

  
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 9. TERMINATION: This Agreement may be terminated on the occurrence of any of the following
events and if terminated under this paragraph, MR. WINGARD shall not be entitled to severance benefits under Paragraph 8: 
  

	 	A.	The execution of a written agreement between CNB and MR. WINGARD to terminate this Agreement; 

  

	 	B.	MR. WINGARD’s death; 

  

	 	C.	MR. WINGARD’s breach of any term or condition of this Agreement; 

  

	 	D.	MR. WINGARD’ s failure or refusal to comply with such reasonable policies, directions, standards and regulations that CNB may establish from time to time; 

 

	 	E.	MR. WINGARD’s inability to fully and competently perform his duties hereunder for a period of 180 continuous days due to physical, mental or psychological illness, injury or condition; or, 

 

	 	F.	MR. WINGARD ceases to qualify for his offices and responsibilities under this Agreement pursuant to any statute or regulation, now or hereafter issued by the United States of America, the Federal Reserve, the Office of
the Comptroller of Currency, the Pennsylvania Department of Banking or other regulatory agency or body duly invested with authority over CNB, its parent or affiliate(s). 

10. NOTICES: All notices or communications required by or bearing upon this Agreement or between the Parties shall be in writing and
sent by First Class Mail to the Parties as follows unless otherwise specified above: 
  

					
	CNB Financial Corporation	  		  	Brian W. Wingard
	CNB Bank	  		  	307 Walnut Street
	Attention: President and CEO	  		  	Curwensville, PA 16833
	One South Second Street, P.O. Box 42	  		  	
	Clearfield, PA 16830	  		  	

 11. NON-ASSIGNMENT: The Parties acknowledge the unique nature of services to be provided by MR. WINGARD
under this Agreement, the high degree of responsibility borne by him and the personal nature of his relationship to CNB’S Board of Directors, CNB’s Executive Officers, its other employees and customers. Therefore, the Parties agree that
MR. WINGARD may not assign this Agreement. 
 12. ARBITRATION: The Parties agree that all disputes or questions arising under this
Agreement or because of their employment relationship shall be submitted to arbitration by 

  
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three {3) arbitrators. Each Party shall select one (1) arbitrator, and then those two (2) arbitrators shall select a third (3) arbitrator. The arbitrators’ decision need not
be unanimous. Arbitration shall be conducted at a private location in Clearfield County convenient to the parties. The arbitrators must reach and give notice of their decision within five (5) days after completion of an arbitration. The
Pennsylvania Uniform Arbitration Act, 42 Pa.C.S.A. §57301 et sec. shall govern arbitrations hereunder. CNB shall compensate the arbitrators and stenographer if used. CNB shall also pay for the arbitration room. Each party shall pay their
attorney fees and other costs. 
 13. LIMITATION ON PAYMENTS: In the event that the severance and other benefits provided for in this
Agreement or otherwise payable to MR. WINGARD (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) but for this
Section 13, would be subject to the excise tax imposed by Section 4999 of the Code, than MR. WINGARD’s severance benefits shall be either: 
  

	 	A.	delivered in full (the “Full Amount”), or 

  

	 	B.	delivered as to such lesser extent which would result in no portion of such severance benefits being subject to the excise tax under Section 4999 of the Code (the “Reduced Amount”). 

MR. WINGARD shall only be entitled to delivery of the Full Amount if, on an after-tax basis after taking into account the applicable federal,
state and local income taxes and the excise tax imposed by Section 4999, payment of the Full Amount would result in MR. WINGARD receiving an amount equal to or greater than 110% of the Reduced Amount. If MR. WINGARD is entitled to receive the
Reduced Amount, the payments and/or benefits to be provided under this Agreement shall be reduced, but not below zero, by first reducing or eliminating those payments or benefits which are not payable in cash and then by reducing or eliminating cash
payments. Unless CNB and MR. WINGARD otherwise agree in writing, any determination required under this 

  
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Section 13 shall be made in writing by CNB’s independent public accountants, whose determination shall be conclusive and binding upon CNB and MR. WINGARD for all purposes. For purposes
of making the calculations required by this Section 13, the accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections
280G and 4999 of the Code. CNB and MR. WINGARD shall furnish such information and documents as the accountants may reasonably request in order to make a determination under this Section. CNB shall bear all costs the accountants may reasonably incur
in connection with any calculations contemplated by this Section 13. 
 14. COMPLIANCE WITH SECTION 409A OF THE CODE: MR.
WINGARD and CNB acknowledge that each of the payments and benefits promised to MR. WINGARD under this Agreement must either comply with the requirements of Section 409A of the Code (“Section 409A”), and the regulations thereunder or
qualify for an exception from compliance. To that end, MR. WINGARD and CNB agree that the payment described in section 8 is intended to be excepted from compliance with Section 409A as a short-term deferral pursuant to Treasury Regulation
Section 1.409A-1(b)(4). 
 In the case of a payment that is not excepted from compliance with Section 409A, and that is not
otherwise designated to be paid immediately upon a permissible payment event within the meaning of Treasury Regulation Section 1.409A-3(a), the payment shall not be made prior to, and shall, if necessary, be deferred to and paid on the later of
the date sixty (60) days after MR. WINGARD’s earliest separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)) and, if MR. WINGARD is a specified employee (within the meaning of Treasury Regulation
Section 1.409A-1(i)) on the date of his separation from service, the first day of the 

  
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seventh month following MR. WINGARD’s separation from service. Furthermore, this Agreement shall be construed and administered in such manner as shall be necessary to effect compliance with
Section 409A. 
 15. INJUNCTIVE RELIEF: MR. WINGARD acknowledges and accepts that his compliance with his Agreements in Sections
6, 7 and/or 8 is an integral part of the consideration to be received by CNB and is necessary to protect the equity value, business and goodwill and other proprietary interests of CNB. MR. WINGARD acknowledges that a breach of his Agreements in
Sections 6, 7 and/or 8 will result in irreparable and continuing damage to CNB and the business of CNB for which the remedies at law will be inadequate, and agrees that, in the event of any breach of the aforesaid Agreements, CNB and its successors
and assigns shall be entitled to seek injunctive relief and to any such other and further relief as may be proper. 
 16. ENFORCEABILITY:
If any provision of this Agreement shall be found by a court with proper jurisdiction to be invalid or unenforceable, in whole or in part, then such provision shall be deemed to be modified, narrowed, or restricted only to the limited extent and
in the manner necessary to render the same valid and enforceable, as the case may require, and this Agreement shall be construed and enforced to the maximum extent permitted by law as if such provision had been originally incorporated herein as so
modified, narrowed, or restricted. 
 17. GENERAL PROVISIONS: 

 

	 	A.	This Agreement shall be governed by the laws of Pennsylvania; 

  

	 	B.	In construing or interpreting this Agreement, “CNB” and “MR. WINGARD” shall mean, wherever applicable, the singular or plural, the masculine or the feminine, individual, individuals, partnership or
corporation, as the case may be; 

  

	 	C.	This Agreement represents the sole agreement of the parties on these subjects and supersedes all prior communications, representations and negotiations, whether oral or written; 

  
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	 	D.	This Agreement can only be modified or amended by the prior written consent of both parties hereto; 

  

	 	E.	Jurisdiction and venue shall rest in the Court of Common Pleas of Clearfield, Pennsylvania, for all suits, claims and causes of action whatsoever; 

 

	 	F.	Failure by either Party to pursue remedies or assert rights under this Agreement shall not be construed as waiver of that party’s rights or remedies, nor shall a party’s failure to demand strict compliance
with the terms and conditions of this Agreement prohibit or estop that party from insisting upon strict compliance in the future; and 

  

	 	G.	The Parties deem that the terms of this Agreement are unique, and in addition to their other rights and remedies at law, and at equity, either Party shall have the right to specifically enforce the terms of this
Agreement. 

  

	 	H.	This Agreement shall bind the Parties’ heirs, successors, representatives, related corporations and assigns. 

  

	 	I.	Notwithstanding anything herein contained to the contrary, and payment to MR. WINGARD by CNB, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k)
of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and any regulations promulgated thereunder. 

 IN
WITNESS WHEREOF, the parties have executed this Agreement on the date written above for the purposes herein contained. 
 CNB Financial Corporation 

 

									
	By:	 	 /s/ Joseph B. Bower, Jr.
	 		 		 	
		 	Joseph B. Bower, Jr., President	 		 		 	
			
	 CNB BANK
	 		 	 MR. WINGARD

					
	By:	 	 /s/ Joseph B. Bower, Jr.
	 		 	By:	 	 /s/ Brian W. Wingard

		 	Joseph B. Bower, Jr., President	 		 		 	Brian W. Wingard

  
 12Exhibit 10.1

 Exhibit 10.1 

EXECUTION VERSION 
 VOTING
AGREEMENT 
 This VOTING AGREEMENT (this “Agreement”), dated as of March 20, 2014 among Xenith Bankshares, Inc., a
Virginia corporation (“Parent”), and each of the undersigned, a list of which is set forth on Exhibit A attached hereto (each, a “Shareholder”). 

WHEREAS, in order to induce Parent to enter into an Agreement of Merger, dated as of the date hereof (the “Merger
Agreement”), between Colonial Virginia Bank, a Virginia banking corporation (“CVB”), Parent and Xenith Bank, a Virginia banking corporation and a wholly-owned subsidiary of Parent (“Xenith Bank”), Parent
has requested each Shareholder, and each Shareholder has agreed, to enter into this Agreement with respect to all shares of common stock, par value $5.00 per share, of CVB that such Shareholder beneficially owns and either (i) holds jointly
with another Shareholder, (ii) holds through an investment entity over which such Shareholder has sole or shared control or (iii) with respect to which such Shareholder has sole voting power (with respect to each Shareholder, the
“Shares”) (as used herein, the term “Shares” shall mean (A) all securities of CVB (including all shares of CVB capital stock and all options, warrants and other rights to acquire shares of CVB capital stock)
owned by a Shareholder as of the date of this Agreement and either (i) held jointly with another Shareholder, (ii) held through an investment entity over which such Shareholder has sole or shared control or (iii) with respect to which
such Shareholder has sole voting power, all as indicated on the signature page hereto, and (B) all additional securities of CVB (including all additional shares of CVB capital stock and all additional options, warrants and other rights to
acquire shares of CVB capital stock) of which a Shareholder acquires beneficial ownership during the period commencing on the execution and delivery of this Agreement until termination of this Agreement in accordance with Section 5.02 hereof,
but excluding in either case any Shares Transferred (as defined below) by a Shareholder to any Person (other than another Shareholder) in accordance with the terms of this Agreement).  

NOW, THEREFORE, the parties hereto agree as follows: 

ARTICLE 1 
 GRANT
OF PROXY; VOTING AGREEMENT 
 Section 1.01. Voting Agreement.
Each Shareholder hereby agrees to vote or exercise its right to consent with respect to all Shares that such Shareholder is entitled to vote at the time of any vote or action by written consent to approve and adopt the Merger Agreement, the Merger,
the Plan of Merger and all agreements related to the Merger and any actions related thereto at any meeting of the shareholders of CVB, and at any adjournment thereof, at which such Merger Agreement, Plan of Merger and other related agreements (or
any amended version  

 
thereof), or such other actions, are submitted for the consideration and vote of the shareholders of CVB. Each Shareholder hereby agrees that, for so long as this Agreement is in effect, it will
not vote any Shares in favor of, or consent to, and will vote such Shares against and not consent to, the approval of any (i) Acquisition Proposal, (ii) reorganization, recapitalization, liquidation or winding-up of CVB or any other
extraordinary transaction involving CVB, other than to vote in favor of, or consent to, the Merger Agreement, the Merger and the Plan of Merger, (iii) corporate action the consummation of which may frustrate the purposes, or prevent or delay
the consummation of, the transactions contemplated by the Merger Agreement or (iv) other matter relating to, or in connection with, any of the foregoing matters. 

Section 1.02. Irrevocable Proxy. Each Shareholder hereby revokes any and all previous proxies granted with respect to such
Shareholder’s Shares. By entering into this Agreement, each Shareholder hereby grants a proxy appointing Parent as such Shareholder’s attorney-in-fact and proxy, with full power of substitution, for and in such Shareholder’s name, to
vote, express consent or dissent, or otherwise to utilize such voting power in the manner contemplated by Section 1.01 above as Parent or its proxy or substitute shall, in Parent’s sole discretion, deem proper with respect to such
Shareholder’s Shares. The proxy granted by each Shareholder pursuant to this Article 1 is irrevocable and is granted in consideration of Parent entering into this Agreement and the Merger Agreement and incurring certain related fees and
expenses. The proxy granted by each Shareholder shall be revoked upon termination of this Agreement in accordance with its terms. 

Section 1.03. No Ownership Interest. Except as set forth in Section 1.02, nothing contained in this Agreement shall be
deemed to vest in Parent any direct or indirect ownership or incidence of ownership of or with respect to any Shares. All rights, ownership and economic benefits of and relating to the Shares shall remain and belong to the Shareholders, and Parent
shall have no authority to manage, direct, superintend, restrict, regulate, govern or administer any of the policies or operations of CVB or exercise any power or authority to direct the Shareholders in the voting of any of the Shares, except as set
forth in Section 1.02 or as otherwise expressly provided herein, or the performance of its duties or responsibilities as a shareholder of CVB.  

Section 1.04. Other Agreements. Prior to the termination of this Agreement in accordance with Section 5.02 hereof,
each of the Shareholders shall not enter into any agreement or understanding with any person to vote or give instructions in any manner inconsistent with this Article 1. 

  
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 ARTICLE 2 

REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS

 Each Shareholder severally represents and warrants to Parent that: 

Section 2.01. Authorization. Such Shareholder has duly executed and delivered this Agreement and the execution, delivery
and performance by such Shareholder of this Agreement and the consummation by such Shareholder of the transactions contemplated hereby are within the powers and legal capacity of such Shareholder and have been duly authorized by all necessary
action. Assuming due authorization, execution and delivery by Parent, this Agreement is a valid and binding agreement of such Shareholder. If such Shareholder is married and the Shares set forth on the signature page hereto opposite such
Shareholder’s name constitute community property under applicable laws, this Agreement has been duly authorized, executed and delivered by, and constitutes the valid and binding agreement of, such Shareholder’s spouse.  

Section 2.02. Non-Contravention. The execution, delivery and performance by such Shareholder of this Agreement and the
consummation of the transactions contemplated hereby do not and will not (i) violate any law, rule, regulation, judgment, injunction, order or decree applicable to or binding upon the Shareholder, (ii) require any consent or other action
by any Person under, constitute a default under, or give rise to any right of termination, cancellation or acceleration or to a loss of any benefit to which such Shareholder is entitled under any provision of any agreement or other instrument
binding on such Shareholder or (iii) result in the imposition of any Lien on any asset of such Shareholder. 

Section 2.03. Ownership of Shares. Except for the Shares identified as held “jointly with spouse” on the
signature page, such Shareholder is the record and beneficial owner of such Shareholder’s Shares, free and clear of any Lien and any other limitation or restriction (including any restriction on the right to vote or otherwise dispose of such
Shares). The Shareholders jointly hold the Shares identified as held “jointly with spouse” on the signature page, free and clear of any Lien and any other limitation or restriction (including any restriction on the right to vote or
otherwise dispose of such Shares). None of such Shareholder’s Shares is subject to any voting trust or other agreement or arrangement with respect to the voting of such Shares. 

Section 2.04. Total Shares. Except for the Shares and the options to acquire Shares set forth on the signature page hereto,
such Shareholder does not beneficially own or have sole voting power with respect to any (i) shares of capital stock or voting securities of CVB, (ii) securities of CVB convertible into or exchangeable for shares of capital stock or voting
securities of CVB or (iii) options or other rights to acquire from CVB any capital stock, voting securities or securities convertible into or exchangeable for capital stock or voting securities of CVB. 

Section 2.05. Finder’s Fees. Except as provided in Section 5.17 of the Merger Agreement, no investment banker,
broker, finder or other intermediary is entitled to a fee or commission from CVB in respect of this Agreement as a result of any arrangement or agreement made by or on behalf of such Shareholder. 

  
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 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF PARENT 

Parent represents and warrants to each Shareholder that: 

Section 3.01 Valid Existence; Authorization. Parent is duly incorporated as a corporation, validly existing and in good
standing under the laws of the Commonwealth of Virginia and has all corporate powers and all governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. The execution, delivery and
performance by Parent of this Agreement and the consummation by Parent of the transactions contemplated hereby are within the corporate powers of Parent and have been duly authorized by all necessary corporate action on the part of Parent. This
Agreement has been duly and validly authorized, executed and delivered by Parent and constitutes a valid and binding agreement of Parent (assuming the due authorization, execution and delivery hereof by the Shareholders).  

Section 3.02 Non-Contravention. The execution, delivery and performance by Parent of this Agreement and the consummation of
the transactions contemplated hereby do not and will not (i) violate any applicable law, rule, regulation, judgment, injunction, order or decree, (ii) require any consent or other action by any Person under, constitute a default under, or
give rise to any right of termination, cancellation or acceleration or to a loss of any benefit to which Parent is entitled under any provision of any agreement or other instrument binding on Parent or (iii) result in the imposition of any Lien
on any asset of Parent. 
 ARTICLE 4 

COVENANTS OF THE SHAREHOLDERS 

Each Shareholder hereby severally covenants and agrees that so long as this Agreement is in effect: 

Section 4.01. No Proxies for or Encumbrances on Shares. Except pursuant to the terms of this Agreement, such Shareholder
shall not, without the prior written consent of Parent, directly or indirectly, (i) grant any proxies or enter into any voting trust or other agreement or arrangement with respect to the voting of any of such Shareholder’s Shares or
(ii) acquire, Transfer, encumber or otherwise dispose of, or enter into any contract, option or other arrangement or understanding with respect to the direct or indirect acquisition or Transfer, encumbrance or other disposition of, any Shares,
prior to the termination of this Agreement. Such Shareholder shall not seek or solicit any such acquisition or Transfer, encumbrance or other disposition or any such contract, option or other arrangement or understanding and agrees to notify Parent
promptly, and to provide all details requested by Parent, if such Shareholder shall be approached or solicited, directly or indirectly, by any Person with respect to any of the  

  
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foregoing. In the event that pursuant to Section 7.05(b)(i) of the Merger Agreement the Board of Directors of CVB engages in negotiations or discussions with a Third Party that has made a
written bona fide Acquisition Proposal that the Board of Directors of CVB determines will lead to a Superior Proposal, subject to compliance by CVB with the terms of the Merger Agreement, including without limitation Section 7.05 thereof, and
subject to compliance by such Shareholder with the terms of this Agreement, nothing in the immediately preceding sentence shall prohibit such Shareholder from engaging in negotiations or discussions with such Third Party regarding such Shareholder
entering into (concurrently with or subsequent to the termination of the Merger Agreement pursuant to Section 11.01(d)(i) thereof) (i) a voting agreement, (ii) an agreement with respect to granting a proxy or (iii) an agreement
with respect to the sale of such Shareholder’s Shares, in each case with respect to such Acquisition Proposal. As used herein, the term “Transfer” shall mean, with respect to any security, the direct or indirect assignment,
sale, transfer, tender, pledge, hypothecation, or the gift or other disposition of such security (excluding transfers by testamentary or intestate succession or otherwise by operation of law) or any right, title or interest therein (including, but
not limited to, any right or power to vote to which the holder thereof may be entitled, whether such right or power is granted by proxy or otherwise), or the record or beneficial ownership thereof. 

Section 4.02. Other Offers. Subject to Section 5.11, such Shareholder shall not directly or indirectly take any action
that is prohibited under Section 7.05(a)(i) or (ii) of the Merger Agreement with respect to actions to be taken by CVB. Such Shareholder will promptly advise and update Parent after receipt by such Shareholder of an Acquisition Proposal
related to the Shares in accordance with the notice provisions applicable to CVB as set forth in Section 7.05 of the Merger Agreement. 

Section 4.03. Stop Transfer. Each Shareholder agrees with, and covenants to, Parent that such Shareholder will not request
that CVB register the transfer (book-entry or otherwise) of any certificate or uncertificated interest representing any of the Shares, unless such transfer is made in compliance with this Agreement or to CVB. 

ARTICLE 5 

MISCELLANEOUS 

Section 5.01. Further Assurances. Parent and each Shareholder will each execute and deliver, or cause to be executed and
delivered, all further documents and instruments and use its best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations, to consummate and
make effective the transactions contemplated by this Agreement. 

  
 5 

 Section 5.02. Amendments; Termination. Any provision of this Agreement may be
amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement or, in the case of a waiver, by the party against whom the waiver is to be effective. This
Agreement shall terminate upon the earliest of (a) the Effective Time and (b) termination of the Merger Agreement in accordance with its terms, and all rights or obligations of the parties under this Agreement shall immediately terminate,
except as provided in Section 5.11 hereof.  
 Section 5.03. Expenses. All costs and expenses incurred in
connection with this Agreement shall be paid by the party incurring such cost or expense. 
 Section 5.04. Successors
and Assigns; Obligations of Shareholders. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that no party may assign, delegate or
otherwise transfer any of its rights or obligations under this Agreement without the consent of the other parties hereto, except that Parent may transfer or assign its rights and obligations to any Affiliate of Parent.  

Section 5.05. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the
Commonwealth of Virginia. 
 Section 5.06. Counterparts; Effectiveness. This Agreement may be signed in any number
of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective as between Parent, on the one hand, and a Shareholder, on the
other hand, when each such party shall have received counterparts hereof signed by each such other party. 

Section 5.07. Severability. If any term, provision or covenant of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions and covenants of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 

Section 5.08. Specific Performance; Injunctive Relief. The parties hereto agree that Parent would suffer irreparable damage
and that there will be no adequate remedy at law (including monetary damages) in the event any provision of this Agreement is not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the
terms hereof, injunctive relief and any other remedy to which they are entitled at law or in equity. 
 Section 5.09.
Capitalized Terms. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Merger Agreement. 

Section 5.10. Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in
writing and shall be deemed given if delivered personally or sent by overnight courier (providing proof of  

  
 6 

 
delivery) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): (i) if to Parent, to the appropriate address for notice
thereto set forth in the Merger Agreement and (ii) if to a Shareholder, to the appropriate address set forth underneath such Shareholder’s name on the signature pages hereto. 

Section 5.11. Shareholder Capacity. No person executing this Agreement who is or becomes during the term hereof a director
or officer of CVB makes any agreement or understanding herein in his capacity as such director or officer. Each Shareholder signs solely in his capacity as the record holder and beneficial owner of such Shareholder’s Shares and nothing in this
Agreement shall limit or affect any actions taken by any Shareholder in his capacity as an officer or director of CVB. This Section 5.11 shall survive termination of this Agreement. 

  
 7 

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

					
	XENITH BANKSHARES, INC.
		
	By:	 	 /s/ T. Gaylon Layfield, III

		 	Name:	 	T. Gaylon Layfield, III
		 	Title:	 	President & Chief Executive Officer

 
	
	 /s/ Robert L. Bailey

	Robert L. Bailey
	
	 Number of Shares with regard to which Mr. Bailey has sole voting power:

	
	 3,850 (3,600 owned in an IRA account)

	
	 Number of Shares held jointly with spouse or another shareholder:

	
	 None

	
	 Number of shares held through an investment entity over which Mr. Bailey has sole or shared control:

	
	 None

	
	Number of Options:
	
	 4,500

 
	
	 /s/ Kenneth E. Smith

	Kenneth E. Smith
	
	 Number of Shares with regard to which Mr. Smith has sole voting power:

	
	 8,750 (IRA accounts)

	
	 Number of Shares held jointly with spouse or another shareholder:

	
	 None

	
	 Number of shares held through an investment entity over which Mr. Smith has sole or shared control:

	
	 None

	
	Number of Options:
	
	 6,500

  
 10 

 
	
	 /s/ Charles F. Dawson

	Charles F. Dawson
	
	 Number of Shares with regard to which Mr. Dawson has sole voting power:

	
	 5,613

	
	 Number of Shares held jointly with spouse or another shareholder:

	
	 None

	
	 Number of shares held through an investment entity over which Mr. Dawson has sole or shared control:

	
	 None

	
	 Number of Options:

	
	 2,500

  
 11 

 
	
	 /s/ David G. Walker

	David G. Walker
	
	 Number of Shares with regard to which Mr. Walker has sole voting power:

	
	 500 (spouse’s trust account)

	
	 Number of Shares held jointly with spouse or another shareholder:

	
	 None

	
	 Number of shares held through an investment entity over which Mr. Walker has sole or shared control:

	
	 None

	
	 Number of Options:

	
	 2,500

  
 12 

 
	
	 /s/ Joseph F. Fary

	Joseph F. Fary
	
	 Number of Shares with regard to which Mr. Fary has sole voting power:

	
	 650

	
	 Number of Shares held jointly with spouse or another shareholder:

	
	 1,219 (includes the 269 shares held in the Francis R. Fary Marital Trust and the 950 shares held jointly with Mrs. Fary)

	
	 Number of shares held through an investment entity over which Mr. Fary has sole or shared control:

	
	 None

	
	Number of Options:
	
	 1,580

  
 13 

 
	
	 /s/ Walter B. Hurley, Jr.

	Walter B. Hurley, Jr.
	
	 Number of Shares with regard to which Mr. Hurley has sole voting power:

	
	 44,988 (1,500 as Custodian for his minor children)

	
	 Number of Shares held jointly with spouse or another shareholder:

	
	 None

	
	 Number of shares held through an investment entity over which Mr. Hurley has sole or shared control:

	
	 None

	
	 Number of Options:

	
	 None

  
 14 

 
	
	 /s/ Joseph A. Lombard, Jr.

	Joseph A. Lombard, Jr.
	
	 Number of Shares with regard to which Mr. Lombard has sole voting power:

	
	 3,400 (IRA account)

	
	 Number of Shares held jointly with spouse or another shareholder:

	
	 None

	
	 Number of shares held through an investment entity over which Mr. Lombard has sole or shared control:

	
	 None

	
	 Number of Options:

	
	 2,500

  
 15 

 
	
	 /s/ William D. Fary

	William D. Fary
	
	 Number of Shares with regard to which Mr. Fary has sole voting power:

	
	 None

	
	 Number of Shares held jointly with spouse or another shareholder:

	
	 None

	
	 Number of shares held through an investment entity over which Mr. Fary has sole or shared control:

	
	 7,025 (5,300 William D. Fary Revocable Trust, 1,100 Mobjack Development, Ltd., 625 Pike’s Timber Land Trust)

	
	 Number of Options:

	
	 2,500

  
 16 

 
	
	 /s/ Walter H. Graham

	Walter H. Graham
	
	 Number of Shares with regard to which Mr. Graham has sole voting power:

	
	 1,000 (IRA account)

	
	 Number of Shares held jointly with spouse or another shareholder:

	
	 None

	
	 Number of shares held through an investment entity over which Mr. Graham has sole or shared control:

	
	 None

	
	 Number of Options:

	
	 None

  
 17 

 
	
	 /s/ Hal D. Bourque

	Hal D. Bourque
	
	 Number of Shares with regard to which Mr. Bourque has sole voting power:

	
	 3,160 (owned in an IRA account)

	
	 Number of Shares held jointly with spouse or another shareholder:

	
	 None

	
	 Number of shares held through an investment entity over which Mr. Bourque has sole or shared control:

	
	 None

	
	 Number of Options:

	
	 2,224

  
 18 

 Exhibit A 

SHAREHOLDERS 
 Robert L. Bailey

 Hal D. Bourque 
 Charles F. Dawson 

Joseph F. Fary 
 William D. Fary 

Walter H. Graham 
 Walter B. Hurley, Jr. 

Joseph A. Lombard, Jr. 
 Kenneth E. Smith 

David G. Walker

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