Document:

Document

VOTING AGREEMENT
 
This Voting Agreement (this “Voting Agreement”), dated April 25, 2022, is being delivered to you in connection with an understanding by and between Salarius Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the person or persons named on the signature pages hereto (collectively, the “Holder”).
 
Reference is hereby made to the public offering (the “Offering”) of securities of the Company, including shares (“Shares”) of common stock, par value $0.0001 per share, of the Company (the “Common Stock”) pursuant to the registration statement on Form S-3 (File No. 333-231010) (“Registration Statement”) and unregistered common stock purchase warrants (the “Warrants” and collectively with the Shares, the “Securities”) pursuant to the Purchase Agreement. The Company is requiring a Voting Agreement in substance the same as this Voting Agreement from all purchasers of Securities in the Offering (each, a “Purchaser”).
 
The Holder agrees solely with the Company that, from the public announcement of the final pricing of the Offering (the “Effective Date”) and ending at 11:59 pm (New York City time) on April 26, 2022 (such date, the “Record Date” and such period, the “Restricted Period”), neither the Holder, nor any affiliate of the Holder (“Affiliate”) which (x) had or has knowledge of the transactions contemplated by the Offering, (y) has or shares discretion relating to the Holder’s investments or trading or information concerning the Holder’s investments, including in respect of the Shares, or (z) is subject to the Holder’s review or input concerning such Affiliate’s investments or trading (together, the “Holder’s Trading Affiliates”), collectively, shall sell, dispose or otherwise transfer, directly or indirectly, (including, without limitation, any sales, short sales, swaps or any derivative transactions that would be equivalent to any sales or short positions) on any trading day on the primary trading market of the Company during the Restricted Period, shares of Common Stock, including the Shares, beneficially owned by the Holder during the Restricted Period.

Additionally, the Holder agrees to vote all shares of Common Stock it beneficially owns on and after the Record Date, including the Shares (the “Voting Shares”), at the Company’s next meeting of its stockholders, including at every adjournment or postponement thereof, or any subsequent meeting of its stockholders duly called for the same or similar purpose (the “Annual Meeting”), with respect to all of the proposals presented by the Company to the stockholders at the Annual Meeting as described in the Company’s definitive proxy statement on Schedule 14A, to be filed by the Company with the U.S. Securities and Exchange Commission following the Record Date, which Annual Meeting is currently scheduled to take place on June 15, 2022.  For clarity, the Holder’s agreement to vote its Voting Shares in accordance with the immediately preceding sentence, does not require the Holder to vote its shares for or against any particular proposal or proposals, whether or not such proposal or proposals are recommended by the Company’s board of directors.

     Notwithstanding anything herein to the contrary, during the Restricted Period, the Holder may, directly or indirectly, sell or transfer all, or any part, of the Restricted Shares to any third party (an “Assignee”) in a transaction which does not need to be reported on the Nasdaq consolidated tape, without complying with (or otherwise limited by) the restrictions set forth in this Voting Agreement; provided that, in connection with and prior to any such sale or transfer, an authorized signatory of the Company and such Assignee duly execute and deliver a Voting Agreement in the form of this Voting Agreement (an “Assignee Agreement”, and each such transfer, a “Permitted Transfer”).
 
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Voting Agreement must be in writing and shall be delivered to the Holder at the e-mail address or facsimile number on the signature page hereto.
   
   
 

 
This Voting Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations, letters and understandings relating to the subject matter hereof and are fully binding on the parties hereto.
  
This Voting Agreement may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. This Voting Agreement may be executed and accepted by facsimile or PDF signature and any such signature shall be of the same force and effect as an original signature.
 
The terms of this Voting Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective successors and assigns.
 
This Voting Agreement may not be amended or modified except in writing signed by each of the parties hereto.
 
All questions concerning the construction, validity, enforcement and interpretation of this Lockup and Voting Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.
 
Each party hereto acknowledges that, in view of the uniqueness of the transactions contemplated by this Voting Agreement, the other party or parties hereto will not have an adequate remedy at law for money damages in the event that this Voting Agreement has not been performed in accordance with its terms, and therefore agrees that such other party or parties shall be entitled to seek specific enforcement of the terms hereof in addition to any other remedy it may seek, at law or in equity.
 
The obligations of the Holder under this Voting Agreement are several and not joint with the obligations of any other holder of any of the Shares issued under the Registration Statement and the prospectus supplement related to the Offering (each, an “Other Holder”), and the Holder shall not be responsible in any way for the performance of the obligations of any Other Holder under any such other agreement. Nothing contained in this Voting Agreement, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and Other Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holder and the Other Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Voting Agreement and the Company acknowledges that the Holder and the Other Holders are not acting in concert or as a group with respect to such obligations or the transactions contemplated by this Voting Agreement or any other agreement. The Company and the Holder confirm that the Holder has independently participated in the negotiation of the transactions contemplated hereby with the advice of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Voting Agreement, and it shall not be necessary for any Other Holder to be joined as an additional party in any proceeding for such purpose. This Voting Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any person.
 
The Company hereby represents and warrants as of the date hereof and covenants and agrees from and after the date hereof that none of the terms offered to any Other Holder with respect to any restrictions on the sale of Shares substantially in the form of this Voting Agreement (or any amendment, modification, waiver or release thereof) (each an “Other Agreement”), is or will be more favorable to such Other Holder than those of the Holder and 
   
   
 

this Voting Agreement, and the Company agrees to use reasonable best efforts to enforce the terms of any Other Agreement. If, and whenever on or after the date hereof, the Company enters into an Other Agreement with terms that are materially different from this Voting Agreement, then (i) the Company shall provide notice thereof to the Holder promptly following the occurrence thereof and (ii) the terms and conditions of this Voting Agreement shall be, without any further action by the Holder or the Company, automatically amended and modified in an economically and legally equivalent manner such that the Holder shall receive the benefit of the more favorable terms and/or conditions (as the case may be) set forth in such Other Agreement; provided that, upon written notice to the Company, at any time the Holder may elect not to accept the benefit of any such amended or modified term or condition, in which event the term or condition contained in this Voting Agreement shall apply to the Holder as it was in effect immediately prior to such amendment or modification as if such amendment or modification never occurred with respect to the Holder. The provisions of this paragraph shall apply similarly and equally to each Other Agreement.
 
[The remainder of the page is intentionally left blank]
 
   
   
 

 
 
The parties hereto have executed this Voting Agreement as of the date first set forth above.
 
									
	SALARIUS PHARMACEUTICALS, INC.	 
	 	               	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	E-mail:	 	 

 
[Signature Page to SLRX Voting Agreement]
 
   
   
 

 
 
The parties hereto have executed this Voting Agreement as of the date first set forth above.
 
									
	Agreed to and Acknowledged:
	 	        	 
	HOLDER	 
	 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	E-mail:	 	 
	Facsimile:	 	 

 
[Signature Page to SLRX Voting Agreement]EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT 
 This
Amended and Restated Employment Agreement (this “Agreement”) is dated as of April 20, 2022 (the “Effective Date”), by and among Blue Ridge Bankshares, Inc., a Virginia corporation (the
“Company”), Blue Ridge Bank, National Association, a national banking association (the “Bank” and, collectively with the Company, the “Employer”), and Judy C. Gavant (the
“Executive”). 
 WHEREAS, the Bank is the wholly-owned national banking association subsidiary of the Company; and 

WHEREAS, Executive is a valuable executive of the Company and the Bank, and the Company and the Bank wish for Executive to continue her
services in her current roles and to secure her services as President of the Bank; and 
 WHEREAS, the Company and Bank desire to provide
substantial benefits to Executive to which Executive would not be otherwise entitled and to obtain from Executive covenants protecting the Company’s and Bank’s customer relationships, confidential information and trade secrets, and
Executive desires to obtain such benefits and is willing to enter into such covenants; and 
 WHEREAS, Executive is willing to make her
services available to the Bank and the Company on the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, the parties,
intending to be legally bound, agree as follows: 
 1. Employment and Acceptance. Effective as of the Effective Date, Executive shall
be employed as the President and Chief Financial Officer of the Bank and as the Executive Vice President and Chief Financial Officer of the Company. Executive will also be nominated for membership on the Board of Directors of the Bank annually, and
the Company, as the sole shareholder of the Bank, will vote to elect Executive as a director of the Bank during (or for each term of service as a director that begins during) the Employment Period (as defined below). Executive shall have the duties
and responsibilities that are commensurate with such positions and shall also render such other services and duties as may be reasonably assigned Executive from time to time by the Employer, consistent with Executive’s positions with the
Employer. Executive accepts and agrees to such employment and agrees to carry out her duties and responsibilities to the best of her ability in a competent, efficient and businesslike manner. Executive further agrees to comply with all the policies,
standards and codes of conduct of the Employer now or hereafter adopted. 
 2. Term. This Agreement is effective on the Effective
Date and shall end on the second anniversary of the date thereof and the term hereof will be automatically extended for an additional year beginning on the day after such anniversary date and any anniversary date thereafter, unless terminated as
provided herein. The term of this Agreement will not be extended if either party gives written notice to the other stating its intention to terminate such term at least 90 days before the second or any succeeding anniversary of the Effective Date.
The initial term of this Agreement and any extension of such term is referred to as the “Employment Period.” 

 3. Compensation. 

(a) Base Salary. During the Employment Period, Executive shall receive for Executive’s services an annual base salary (the
“Base Salary”) in an amount to be determined by the Employer in accordance with the salary administration program of the Employer as it may from time to time be in effect. The Base Salary will be reviewed annually and may be
adjusted upward or downward in the sole discretion of the Employer. In no event, however, will the Base Salary be less than the gross amount of $360,000. The Base Salary will be subject to all applicable withholdings and deductions required by
federal and state law. 
 (b) Annual Bonus; Other Incentives. During the Employment Period, Executive will be entitled to receive
annual cash bonus payments as may be determined by the Employer pursuant to its bonus program for officers of the Employer; provided that (i) Executive will be paid an annual cash bonus for any year for which the Chief Executive Officer of the
Bank is awarded an annual cash bonus and (ii) such annual bonus will be based on metrics, standards and parameters that are the same as metrics, standards and parameters for the annual bonus of the Chief Executive Officer of the Bank and will
provide for a payment of up to 30% of the Base Salary. Any such annual cash bonus will be paid to Executive no later than two and one-half months after the end of the year for which the annual bonus is awarded. To be eligible to receive any cash
bonus, Executive must be actively employed by the Employer on the date such bonus is accrued. The bonus will be subject to all applicable withholdings and deductions required by federal and state law. During the Employment Period, Executive also
will be eligible to receive other cash- or stock-based incentives in such amounts and on such terms and conditions as established by the Board of Directors of the Employer, or by the compensation committee of the applicable Board, as applicable;
provided that each year during the Employment Period, Executive will be eligible for a long-term incentive award (which may take the form or an annual equity or equity-based grant) of up to 30% of the Base Salary. 

(c) Benefits. Executive will be entitled to participate in those retirement, life insurance, medical, sick leave, vacation, paid time
off and other employee benefit plans and programs of the Employer that may be in effect from time to time, to the extent Executive is eligible under the terms of those plans and programs. The Employer reserves the right to modify, add or eliminate
benefits for its employees at any time as it deems appropriate. 
 (d) Business Expenses. The Employer will pay on Executive’s
behalf (or promptly reimburse Executive for) reasonable expenses incurred by Executive at the request of, or on behalf of, the Employer in the performance of Executive’s duties pursuant to this Agreement, in accordance with the Employer’s
policies as in effect from time to time. 
 (e) Fringe Benefits. During the Employment Period, the Employer shall provide Executive a
Bank-owned vehicle and cell phone for Executive’s use. 

  
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 4. Termination and Termination Benefits. Notwithstanding the provisions of
Section 2, and in addition to the expiration of the term of this Agreement, Executive’s employment will terminate under the following circumstances and will be subject to the following provisions: 

(a) Termination as a Consequence of Death or Disability. If Executive dies while employed by the Employer, the Employer will pay
Executive’s beneficiary designated in writing (provided such writing is executed and dated by Executive and delivered to the Employer in a form acceptable to the Employer prior to Executive’s death) or, if none, Executive’s estate,
the Base Salary through the end of the calendar month in which Executive’s death occurs. If Executive becomes “disabled” (as defined below), the Employer may give Executive written notice of its intention to terminate Executive’s
employment, in which event Executive’s employment with the Employer will terminate on the 30th day after receipt of such notice by Executive. Notwithstanding any other provision of this
Agreement to the contrary, if Executive’s employment is terminated under the preceding sentence, no payments shall be made under Section 4(c) or 4(d); provided that Executive shall be paid the Base Salary for services performed through the
date of termination, and any other amounts required to be paid by law. 
 For purposes of this Section 4, Executive is
“disabled” if Executive is entitled to receive long-term disability benefits under the Employer’s long-term disability plan, or, if there is no such plan, Executive’s inability to perform any of Executive’s essential
job functions, which disability lasts for an uninterrupted period of at least 180 days or a total of at least 240 days out of any consecutive 360 day period, as a result of Executive’s incapacity due to physical or mental illness (as determined
by the opinion of an independent physician selected by the Employer). 
 (b) Termination for Cause. Executive’s employment may
be terminated for Cause at any time. If the Employer terminates Executive’s employment for Cause, Executive shall have no right to render services or to receive compensation or other benefits under this Agreement for any period after such
termination. Only the following shall constitute “Cause” for such termination: 
 (i) deliberate neglect by
Executive in the performance of Executive’s material duties and responsibilities as established from time to time by the Employer or Executive’s willful failure to follow reasonable instructions or policies of the Employer; 

(ii) Executive’s continued failure to satisfactorily perform Executive’s job duties after being advised in writing of
such failure and being given a reasonable opportunity and period to remedy such failure; 
 (iii) conviction of or entering
of a guilty plea or plea of no contest with respect to a felony, a crime of moral turpitude or any other crime with respect to which imprisonment is a possible punishment, or the commission of an act of embezzlement or fraud against the Employer or
an Affiliate (as defined below); 
 (iv) any breach by Executive of a material term of this Agreement, or violation in any
material respect of any code or standard of behavior generally applicable to officers of the Employer, after being advised in writing of such breach or violation and being given a reasonable opportunity and period to remedy such breach or violation;
or 

  
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 (v) the willful engaging by Executive in conduct that is reasonably likely
to result, or has resulted, in material injury to the Employer, reputational, financial or otherwise. 
 All determinations made in interpreting and
implementing the foregoing definition of Cause shall be made by the Employer in its sole, reasonable discretion, and shall be binding on the Employer and Executive. 

(c) Termination by the Employer Without Cause. Executive’s employment may be terminated by the Employer without Cause at any time
upon written notice to Executive, which termination will be effective immediately or on such later date as specified in the written notice. In the event Executive’s employment is terminated without Cause before, or more than one year after, a
Change in Control shall have occurred, Executive shall receive any unpaid Base Salary through the date of termination within 30 days after the date of termination. In addition, Executive shall receive the following benefits, provided Executive signs
a release and waiver of claims in favor of the Employer, any business entity that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the Employer (each, an
“Affiliate”), and their respective officers and directors in a form provided by the Employer no later than the date of termination (the “Release”) and the Release has become effective within 30 days after the date
of termination: 
 (i) For the greater of the number of months remaining in the Employment Period or 12 months (such number
of months, the “Severance Period”), the Employer will continue to pay Executive’s Base Salary in effect on the date of termination, such payments to be made on the same periodic dates as salary payments would have been made to
Executive had Executive’s employment not been terminated, subject to compliance with Section 9(i) of this Agreement regarding the requirements of Section 409A (“Section 409A”) of the Internal Revenue Code of 1986 (the
“Code”); and 
 (ii) Executive will receive a welfare continuance benefit in an amount equal to the product
of (x) the number of months in the Severance Period times (y) the excess of the monthly premium that would apply as of Executive’s date of termination for continued health, dental and vision plan coverage for Executive and
Executive’s “qualified beneficiaries” (as defined in Section 4980B of the Code) over the monthly amount that Executive paid for such coverage immediately before Executive’s termination. Such payment will be made only for
individuals (including Executive) who are covered under such plan or plans immediately prior to Executive’s termination, but without regard to whether an election for coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 is
made. Such payment will be made in a lump sum on the 30th day after date of termination of Executive’s employment, net of employment and income tax withholding. 

  
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 Notwithstanding the foregoing, Executive shall not be entitled to any further payment under this
Section 4(c) or under Section 4(d) of this Agreement in the event the Employer determines that Executive has breached any of the covenants set forth in Section 5 of this Agreement and files an action to enforce the covenants or gives
Executive a notice that a claim is being initiated under Section 6 of this Agreement. Further, in such a proceeding, the Employer shall seek, and Executive shall be liable to return to the Employer, any payments made to Executive under this
Section 4 dating back to the date of the original breach.. 
 (d) Termination by Executive for Good Reason. Executive may
voluntarily terminate Executive’s employment under this Agreement for Good Reason at any time before, or more than one year after, a Change in Control shall have occurred and be entitled to receive the compensation and other benefits set forth
in Section 4(c) relating to a termination without Cause, provided Executive signs the Release and it becomes effective within 30 days after the date of termination of Executive’s employment. Executive must provide written notice to the
Employer of the existence of the event or condition constituting such Good Reason within 90 days of the initial occurrence of the event or condition alleged to constitute Good Reason. Upon delivery of such notice by Executive, the Employer shall
have a period of 30 days during which it may remedy in good faith the event or condition constituting Good Reason, and Executive’s employment shall continue in effect during such time so long as the Employer is making diligent efforts to cure.
In the event the Employer shall remedy in good faith the event or condition constituting Good Reason during such 30 day period, then such notice of termination shall be null and void, and the Employer shall not be required to pay the amount due to
Executive under this Section 4(d). 
 For purposes of this Agreement, “Good Reason” shall mean: 

(i) a material diminution in any of Executive’s positions under Section 1 or Executive’s authority, duties or
responsibilities in any of such positions; 
 (ii) the relocation of Executive’s primary office at which Executive must
perform the services to be provided by Executive pursuant to this Agreement by more than 20 miles from its location in Richmond, Virginia as of the Effective Date without Executive’s consent; 

(iii) the failure of the Employer to comply with the provisions of Section 3 or a material breach by the Employer of any
other provision of this Agreement.; or 
 (iv) any limitation imposed by the Employer upon Executive’s performance of
Executive’s duties that substantially impairs Executive’s ability to perform Executive’s duties in compliance with the Exchange Act (as defined below) or applicable bank holding company or bank laws and regulations. 

Notwithstanding the above, Good Reason shall not include any resignation by Executive where Cause for Executive’s termination by the Employer exists and
has been asserted by the Employer. Executive and the Employer agree that this Section 4(d) shall not apply to a termination for Good Reason in connection with a Change in Control and that Section 4(g) shall apply in such a circumstance.

  
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 (e) Resignation of All Other Positions. Effective upon the termination of
Executive’s employment for any reason, Executive shall be deemed to have resigned from all positions that Executive holds as an officer or an employee of the Company or the Bank or as a member of the Board of Directors (or committee thereof) of
the Bank or any of its Affiliates. 
 (f) Change in Control. For purposes of this Agreement, a Change in Control means any of the
following actions identified in clauses (i), (ii) or (iii) below: 
 (i) The acquisition by any Person (as defined
below) of beneficial ownership of 50% or more of the then outstanding shares of common stock of the Company, provided that it shall not constitute a Change in Control if (a) the acquisition is directly from the Company (excluding an acquisition
by virtue of the exercise of a conversion privilege) or (b) individuals who constitute the Incumbent Board (as defined below) immediately prior to the acquisition continue to constitute a majority of the Company’s Board of Directors for
the 12-month period immediately after the acquisition. 
 (ii) Individuals who constitute the Board of Directors of the
Company on the Effective Date (the “Incumbent Board”) cease to constitute a majority of the Company’s Board of Directors within a 12-month period, provided that any director whose nomination was approved by a vote of at least
two-thirds of the directors then comprising the Incumbent Board will be considered a member of the Incumbent Board, but excluding any such individual whose initial assumption of office is in connection with an actual or threatened election contest
relating to the election of the directors of the Company. 
 (iii) Consummation of a reorganization, merger, share exchange
or consolidation involving the Company (a “Reorganization”), unless each of the following conditions is satisfied: (a) at least 40% of the then outstanding shares of common stock of the corporation resulting from the
Reorganization is beneficially owned by all or substantially all of the former shareholders of the Company in substantially the same proportions, relative to each other, as their ownership existed in the Company immediately prior to the
Reorganization; (b) no Person beneficially owns 20% or more of either (1) the then outstanding shares of common stock of the corporation resulting from the transaction or (2) the combined voting power of the then outstanding voting
securities of such corporation entitled to vote generally in the election of directors; and (c) at least a majority of the members of the board of directors of the corporation resulting from the Reorganization were members of the Incumbent
Board at the time of the execution of the initial agreement providing for the Reorganization. 
 For purposes of this Agreement, a Change in Control occurs
on the date on which an event described in clause (i), (ii) or (iii) immediately above. If a Change in Control occurs on account of a series of transactions or events, the Change in Control occurs on the date of the last of such
transactions or events. For purposes of this Agreement, “Person” means any individual, entity or group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), other than any employee benefit plan (or related trust) sponsored or maintained by the Company or an Affiliate, and “beneficial ownership” has the meaning given the term in Rule 13d-3 under the Exchange Act. 

  
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 (g) Termination due to Change in Control. If Executive’s employment is
terminated without Cause or if the Executive resigns for Good Reason, in either case within one year after a Change in Control shall have occurred, (i) Executive shall receive any unpaid Base Salary through the date of termination within 30
days after the date of termination, (ii) the amount set forth in Section 4(c)(ii) shall be paid to Executive as provided therein, (iii) Executive shall be paid in a lump sum no later than the 30th day after the date of such termination, net of employment and income tax withholding, an amount equal to two (2) times the sum of (A) the greater of the Base Salary as of the date of the
Change in Control or as of the date of such termination without Cause or for Good Reason and (B) the average of Executive’s annual cash bonus paid or payable (without regard to the requirement that Executive remain employed on the bonus
accrual date) pursuant to Section 3(b) for the two most recently completed calendar years ending on or before Executive’s date of termination, and (iv) any equity incentive awards that are outstanding and unvested immediately before
Executive’s termination shall become vested (with any performance-based element to vest at target), subject to compliance with Section 9(i) of this Agreement regarding the requirements of Section 409A and Executive’s continuing
compliance with the covenants under Section 5 of this Agreement. 
 Notwithstanding the foregoing, Executive shall not be entitled to any further
payment under this Section 4(g) in the event the Employer determines that Executive has breached any of the covenants set forth in Section 5 and files an action to enforce the covenants or gives Executive notice that a claim is being
initiated under Section 6. Further, in such a proceeding, the Employer shall seek, and Executive shall be liable to return to the Employer, any payments made to Executive under this Section 4 dating back to the date of the original breach.
As a condition precedent to the entitlement or receipt of any payments or vesting under this Section 4(g), Executive must sign the Release, and the Release must become effective within 30 days after the date of termination. 

(i) Maximum Benefit. It is the intention of the parties that no payment be made or benefit provided to Executive pursuant to this
Agreement that would constitute an “excess parachute payment” within the meaning of Section 280G of the Code and any regulations thereunder, thereby resulting in a loss of an income tax deduction by the Employer or the imposition of
an excise tax on Executive under Section 4999 of the Code. If the independent accountants serving as auditors for the Employer prior to the date of a Change in Control (or any other accounting firm or tax advisor designated by the Employer
prior to the Change in Control) determine that some or all of the payments or benefits scheduled under this Agreement, as well as any other payments or benefits on a Change in Control, would be nondeductible by the Employer under Section 280G
of the Code, then the payments scheduled under this Agreement will be reduced to one hundred dollars less than the maximum amount which may be paid without causing any such payment or benefit to be nondeductible. The determination made as to the
reduction of benefits or payments required hereunder by the independent accountants shall be binding on the parties. 

  
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 5. Covenants of the Executive. 

(a) Noncompetition. Executive agrees that when employed with the Employer during the Employment Period and for any further period in
which Executive is employed with the Employer and for 12 months after Executive is no longer employed by the Employer, regardless of the reason (the “Restricted Period”), Executive will not directly or indirectly, as a principal,
agent, employee, employer, investor, director, consultant, co-partner or in any other individual or representative capacity whatsoever engage in a Competitive Business anywhere in the Market Area (as such terms are defined below) by (i) owning,
managing or controlling a Competitive Business, or (ii) performing competitive duties that are the same as or substantially similar to those which Executive performed on behalf of the Employer or any of its Affiliates during the last 24 months
of Executive’s employment by the Employer. Notwithstanding the foregoing, Executive may purchase or otherwise acquire up to (but not more than) 1% of any class of securities of any business enterprise (but without otherwise participating in the
activities of such enterprise) that engages in a Competitive Business in the Market Area and whose securities are listed on any national securities exchange or have been registered under Section 12 of the Exchange Act. 

(b) Nonsolicitation of Customers. Executive agrees that when employed by the Employer and through the Restricted Period, Executive will
not, directly or indirectly, solicit, divert from the Employer or its Affiliates, or transact business with any “Customer” of the Employer or its Affiliates, with whom Executive had “Material Contact” during the last 12 months of
Executive’s employment or about whom Executive obtained information not known generally to the public while acting within the scope of Executive’s employment during the last 12 months of employment, if the purpose of such solicitation,
diversion or transaction is to provide products or services that are the same as or substantially similar to, and competitive with, those offered by Employer or its Affiliates at the time Executive’s employment ceases. “Material
Contact” means that Executive personally communicated with the Customer, either orally or in writing, for the purpose of providing, offering to provide or assisting in providing products or services of the Employer or its Affiliates during
the last 12 months of Executive’s employment. “Customer” means any person or entity with whom the Employer or its Affiliates had a depository or other contractual relationship, pursuant to which the Employer or its Affiliates
provided products or services during the last 12 months of Executive’s employment. 
 (c) Nonsolicitation of Employees.
Executive agrees that when employed by the Employer and through the Restricted Period, Executive will not, directly or indirectly, hire any person employed by the Employer or its Affiliates during the last six (6) months of Executive’s
employment, or solicit for hire or induce any such Person to terminate employment with the Employer or its Affiliates, if the purpose is to compete with the Employer or its Affiliates. 

  
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 (d) Definitions. As used in this Agreement, 

(i) the term “Competitive Business” means any of the following businesses in which Executive was engaged in at
any time during the last 24 months of Executive’s employment with the Employer on behalf of the Employer: the financial services business, which encompasses one or more of the following businesses, so long as the Employer or any of its
Affiliates are engaged in any of such businesses at the time Executive’s employment ceases: consumer and commercial banking, insurance brokerage, residential and commercial mortgage lending, and any other business in which the Employer or any
of its Affiliates are engaged; 
 (ii) the term “Market Area” means (A) the cities of Charlottesville,
Harrisonburg, Virginia Beach, Norfolk, Colonial Heights, Suffolk, Fredericksburg, Winchester and Martinsville in Virginia, the counties of Albemarle, Chesterfield, Culpepper, Charlotte, Fluvanna, Page, Patrick, King George, Westmoreland, Richmond,
Northumberland, Lancaster, Louisa, Middlesex, Orange, Rockingham, and Spotsylvania in Virginia, and the county of Guilford in North Carolina, and any cities, towns and counties immediately contiguous to such localities; and (B) any other city,
town, county or municipality in Virginia or North Carolina in which the Employer or its Affiliates is operating a retail banking office as of the date Executive’s employment with the Bank and the Company ceases, provided that the foregoing
subsections (A) and (B) shall only apply if the city, town, county, or municipality was a location (1) from which Executive worked at any time during the last 12 months of Executive’s employment, (2) from which someone who
directly reported to Executive worked as that person’s primary office location at any time during the last 12 months of Executive’s employment, or (3) over which Executive had direct responsibility at any time during the last 12
months of Executive’s employment; and 
 (iii) except as otherwise provided for purposes of Section 4(f), the term
“Person” means any person, partnership, corporation, company, group or other entity. 
 (e) Confidentiality. As an
employee of the Employer, Executive will have access to and may participate in the origination of non-public, proprietary and confidential information relating to the Employer and/or its Affiliates and Executive acknowledges a fiduciary duty owed to
the Employer or its Affiliates not to disclose any such information. Confidential information may include, but is not limited to, trade secrets, customer lists and information, internal corporate planning, methods of marketing and operation, and
other data or information of or concerning the Employer or its Affiliates or their customers that is not generally known to the public or generally in the banking industry. Executive agrees that for a period of five (5) years following the
cessation of employment, Executive will not use or disclose to any third party any such confidential information, either directly or indirectly, except as may be authorized in writing specifically by Employer; provided, however that to the extent
the information covered by this Section 5 is otherwise protected by the law, such as “trade secrets,” as defined by the Virginia Uniform Trade Secrets Act, or customer information protected by banking privacy laws, that information
shall not be disclosed or used for however long the legal protections applicable to such information remain in effect. 

  
 9 

 Nothing in this Agreement restricts or prohibits Executive or Executive’s counsel from
initiating communications directly with, responding to any inquiry from, volunteering information to, or providing testimony before a self-regulatory authority or a governmental, law enforcement or other regulatory authority, including the U.S.
Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Congress, and any Office of
Inspector General (collectively, the “Regulators”), from participating in any reporting of, investigation into, or proceeding regarding suspected violations of law, or from making other disclosures that are protected under or from
receiving an award for information provided under the whistleblower provisions of state or federal law or regulation. Executive does not need the prior authorization of the Employer to engage in such communications with the Regulators, respond to
such inquiries from the Regulators, provide confidential information or documents containing confidential information to the Regulators, or make any such reports or disclosures to the Regulators. Executive is not required to notify the Employer that
Executive has engaged in such communications with the Regulators. Executive recognizes and agrees that, in connection with any such activity outlined above, Executive must inform the Regulators that the information Executive is providing is
confidential. 
 Federal law provides certain protections to individuals who disclose a trade secret to their attorney, a court, or a
government official in certain, confidential circumstances. Specifically, federal law provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret under
either of the following conditions: 
  

	 	•	 	 Where the disclosure is made (a) in confidence to a federal, state or local government official, either
directly or indirectly, or to an attorney; and (b) solely for the purpose of reporting or investigating a suspected violation of law; or 

  

	 	•	 	 Where the disclosure is made in a complaint or other document filed in a lawsuit or other proceeding, if such
filing is made under seal. 

 Federal law also provides that an individual who files a lawsuit for retaliation by an employer for
reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (a) files any document containing the trade secret under
seal; and (b) does not disclose the trade secret, except pursuant to court order. 
 (f) Acknowledgment. The covenants contained
in this Section 5 shall be construed and interpreted in any proceeding to permit their enforcement to the maximum extent permitted by law. Executive acknowledges and agrees that the covenants contained in this Section 5 are in
consideration for this Agreement and payment hereunder including payments that may be made under Section 4. Executive further agrees that the restrictions imposed herein are necessary for the reasonable and proper protection of the Employer and
its Affiliates, and that each and every one of the restrictions is reasonable in respect to length of time, geographic area and scope of prohibited activities, and that the restrictions are neither overly restrictive on Executive’s
post-employment activity nor overly burdensome for Executive to abide by while in the employ of the Employer. If, however, the time, geographic and/or scope of activity restrictions set forth in Section 5 are found by an arbitrator or court to
exceed the standards 

  
 10 

 
deemed enforceable, the arbitrator or court, as applicable, is empowered and directed to modify the restriction(s) to the extent necessary to make them enforceable. Notwithstanding anything to
the contrary herein, nothing in this Agreement shall be construed to prohibit any activity that cannot reasonably be construed to further in any meaningful way any actual or potential competition against the Employer or an Affiliate. 

(g) Enforcement. Executive acknowledges that damages at law would not be a measurable or adequate remedy for breach of the covenants
contained in this Section 5 and, accordingly, Executive agrees to submit to the equitable jurisdiction of any court of competent jurisdiction in connection with any action to enjoin Executive from violating any such covenants. In the event
legal action is commenced with respect to the provisions of this Section 5 and Executive has not strictly observed the restrictions set forth in this Section 5, then the restricted periods described in subsections (a), (b), and (c) in
this Section 5 may, in the court or arbitrator’s discretion, be tolled and run anew from the date of any Final Determination of such legal action. “Final Determination” shall mean the expiration of time to file any
possible appeal from a final judgment in such legal action or, if an appeal be taken, the final determination of the final appellate proceeding. All the provisions of this Section 5 will survive termination and expiration of this Agreement.

 6. Dispute Resolution. 

(a) Except as provided in Section 6(c) below the Employer and Executive acknowledge and agree that any dispute or controversy arising out
of, relating to, or in connection with this Agreement, or the interpretation, validity, construction, performance, breach, or termination thereof, shall be settled by binding arbitration unless otherwise required by law, to be held in
Charlottesville, Virginia, in accordance with the JAMS Employment Arbitration Rules & Procedures. The arbitrator may grant injunctions or other relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive
and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. The party against whom the arbitrator(s) shall render an award shall pay the other party’s reasonable
attorneys’ fees and other reasonable costs and expenses in connection with the enforcement of its rights under this Agreement (including the enforcement of any arbitration award in court), unless and to the extent the arbitrator(s) shall
determine that under the circumstances recovery by the prevailing party of all or a part of any such fees and costs and expenses would be unjust. 

(b) The arbitrator(s) shall apply Virginia law to the merits of any dispute or claim, without reference to rules of conflicts of law.
Executive hereby consents to the personal jurisdiction of the state and federal courts located in Virginia for any action or proceeding arising from or relating to this Agreement or relating to any arbitration in which the parties are participants.

 (c) The parties may apply to any Virginia state court or federal district court of competent jurisdiction for a temporary restraining
order, preliminary injunction, or other interim or conservatory relief, as necessary, to the extent that such court would have jurisdiction over the subject matter of such action, without breach of this arbitration agreement and without abridgment
of the powers of the arbitrator. 

  
 11 

 (d) EXECUTIVE HEREBY CONFIRMS EXECUTIVE HAS READ AND UNDERSTANDS THIS SECTION 6, WHICH
DISCUSSES ARBITRATION, AND UNDERSTANDS THAT BY SIGNING THIS AGREEMENT, EXECUTIVE AGREES, EXCEPT AS PROVIDED IN SECTION 6(c), TO SUBMIT ANY CLAIMS ARISING OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY,
CONSTRUCTION, PERFORMANCE, BREACH OR TERMINATION THEREOF TO BINDING ARBITRATION, UNLESS OTHERWISE REQUIRED BY LAW, AND THAT THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF EXECUTIVE’S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL
DISPUTES RELATING TO ALL ASPECTS OF EXECUTIVE’S RELATIONSHIP WITH THE EMPLOYER AND ITS AFFILIATES. 
 7. Non-disparagement.
Executive will not at any time during or after the Employment Period make, publish or communicate to any Person or in any public forum any defamatory or disparaging remarks, comments or statements concerning the Employer, its Affiliates, or their
business, or any of their directors, employees, customers, and other associated third parties. This Section 7 does not, in any way, restrict or impede Executive from exercising protected rights, including those described in Section 5(e),
to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not
exceed that required by law, regulation or order. Executive shall promptly provide written notice of any such order to the Employer. 
 8.
Regulatory Provisions. 
 (a) Suspension or Temporary Prohibition from Participation. If Executive is suspended and/or
temporarily prohibited from participating in the conduct of the affairs of the Employer by a notice served under the Federal Deposit Insurance Act (the “FDIA”) or an order issued by any federal or state government agency, the obligations
of the Employer under this Agreement shall be suspended as of the date of service of such notice or the issuance date of such order. If the charges in the notice or order are dismissed, the Employer shall (i) pay Executive all or part of the
compensation withheld while its obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 

(b) Removal or Permanent Prohibition from Participation. If Executive is removed and/or permanently prohibited from participating in
the conduct of the affairs of the Employer by a notice served under the FDIA or an order issued by any federal or state government agency, all obligations of the Employer under this Agreement shall terminate as of the date of service of such notice
or the issuance date of such order, but Executive’s vested rights under any employee benefit plans and programs of the Employer shall not be affected. 

(c) Default. If the Employer is in default as defined in the FDIA or any order issued by any federal or state government agency, all
obligations of the Employer under this Agreement shall terminate as of the date of default, but the operation of this Section 8(c) shall not affect any of Executive’s vested rights under any employee benefit plans and programs of the
Employer. 

  
 12 

 (d) Mitigation. The Employer will use its commercially reasonable efforts to mitigate
any adverse impact of Sections 8(a), 8(b) and 8(c) on Executive. 
 (e) Payment Prohibition. If the Employer is prohibited from
making a payment provided for in this Agreement pursuant to the provisions of Part 359 of the regulations of the Federal Deposit Insurance Corporation (the “FDIC”), then the Employer shall be obligated to make such payment, and
Executive shall have no right to receive such payment. If the Employer is prohibited from making a payment provided for in this Agreement without the prior consent or approval of the FDIC, the Office of the Comptroller of the Currency or another
appropriate federal banking agency, then the Employer shall be obligated to make such payment, and Executive shall have no right to receive such payment, unless such consent or approval is received. The Employer hereby agrees and covenants to use
its best efforts to obtain the required consent or approval as expeditiously as possible and agree to provide Executive with documentation of its efforts and status reports as requested. 

9. Miscellaneous. 
 (a)
Severability. If any clause or provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereof, then the remainder of this Agreement shall not be affected thereby, and
in lieu of each clause or provision of this Agreement which is illegal, invalid or unenforceable, there shall be added, as part of this Agreement, a clause or provision as similar in terms to such illegal, invalid or unenforceable clause or
provision as may be possible and as may be legal, valid and enforceable. 
 (b) Applicable Law. This Agreement shall be governed by
and construed in accordance with the laws of the Commonwealth of Virginia, without regard to its conflicts of law principles. 
 (c)
Entire Agreement; Amendments. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and no agreements or representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not expressly set forth in this Agreement. The parties acknowledge and agree that this Agreement amends, restates and replaces the Employment Agreement, dated August 12, 2020, by
and among the Company, the Bank and Executive. This Agreement may be amended only by an agreement signed by the parties hereto. 
 (d)
Waiver. The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by either party in exercising, in whole or in part, any right, power or privilege under this Agreement will
operate as a waiver of such right, power or privilege. 

  
 13 

 (e) Binding Effect; Survival. This Agreement is binding upon and shall inure to the
benefit of the parties and their respective successors, heirs and assigns, provided that no part of this Agreement is assignable by Executive. Except as otherwise expressly provided herein, upon the termination or expiration of this Agreement the
respective rights and obligations of the parties hereto shall survive such termination or expiration to the extent necessary to carry out the intentions of the parties set forth in this Agreement. 

(f) No Construction Against Any Party. This Agreement is the product of informed negotiations between the parties. If any part of this
Agreement is deemed to be unclear or ambiguous, it shall be construed as if it were drafted jointly by all parties. The parties agree neither party was in a superior bargaining position regarding the substantive terms of this Agreement. 

(g) Clawback. Any incentive-based compensation or award that Executive receives, or has received, from the Employer or its Affiliates
under this Agreement or otherwise, will be subject to clawback by the Employer as may be required by applicable law or stock exchange listing requirement and on such basis as the Board of Directors of the Company or of the Bank reasonably determined
in good faith, including pursuant to any incentive compensation clawback policy adopted by the Board of Directors of the Company or of the Bank. 

(h) Documents. All documents, records, tapes and other media of any kind or description relating to the business of the Employer or its
Affiliates (the “Documents”), whether or not prepared by Executive, shall be the sole and exclusive property of the Employer. The Documents and any copies thereof stored in any manner, together with any Employer issued equipment, vehicles,
keys, security devices, identification cards, computers, cell phones and other devices, that are in Executive’s possession or control shall be returned to the Employer immediately upon Executive’s termination of employment for any reason
or at such earlier time as the Board of Directors of the Company or its designees may specify. 
 (i) Section 409A Compliance.
This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this
Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary
separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate
payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A to the extent required to avoid a violation of Section 409A.
Notwithstanding the foregoing, neither the Employer nor any Affiliate makes any representation that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Employer or any Affiliate be liable
for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of non-compliance with Section 409A. 

  
 14 

 Notwithstanding any other provision of this Agreement, if any payment or benefit provided to
Executive in connection with Executive’s termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and Executive is determined to be a “specified
employee” as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the date of termination or if sooner the date of Executive’s
death (the “Specified Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to Executive (or Executive’s beneficiary) in a lump sum
on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. 

Any payment under Section 4 of this Agreement that is determined to constitute “nonqualified deferred compensation” within the
meaning of Section 409A, and that is subject to the Release becoming effective, and that would otherwise be paid in the first 30 days after Executive’s termination date shall be paid, if at all, on such 30th day and any remaining payments shall be made in accordance with their original schedule. 

Payments with respect to reimbursements of expenses or in-kind benefits shall be paid or provided in accordance with the Employer’s
applicable policy or benefit plan, but in all events reimbursements shall be paid no later than the last day of the calendar year following the calendar year in which the relevant expense is incurred. The amount of expenses or benefits eligible for
reimbursement, payment or provision during a calendar year shall not affect the expenses or benefits eligible for reimbursement or provision in any other calendar year. 

(j) Notices. Any notices and other communications provided for by this Agreement will be sufficient if in writing and delivered in
person or sent by registered or certified mail, postage prepaid (in which case notice will be deemed to have been given on the third day after mailing), or by overnight delivery by a reliable overnight courier service (in which case notice will be
deemed to have been given on the day after delivery to such courier service). Notices to the Employer shall be directed to the Corporate Secretary of the Company, with a copy directed to the Chairman of the Board of Directors of the Company. Notices
to Executive shall be directed to Executive’s last known address. Any party may designate another address in writing (or by such other method approved by the Employer) from time to time. 

(k) Acknowledgement of Full Understanding. EXECUTIVE ACKNOWLEDGES AND AGREES: (i) THAT EXECUTIVE HAS FULLY READ, UNDERSTANDS AND
IS VOLUNTARILY ENTERING INTO THIS AGREEMENT; AND (ii) THAT, EXECUTIVE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF EXECUTIVE’S CHOICE BEFORE SIGNING THIS AGREEMENT. 

(l) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all
of which together will constitute one and the same instrument. 

  
 15 

 (m) Tax Withholding. The Employer is authorized to withhold from all amounts paid or
provided under this Agreement applicable taxes required to be withheld thereon. 
 [Signatures page follows] 

  
 16 

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

			
	BLUE RIDGE BANKSHARES, INC.
		
	By:	 	 /s/ Brian K. Plum

		 	Brian K. Plum
		 	President and Chief Executive Officer
	
	BLUE RIDGE BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Brian K. Plum

		 	Brian K. Plum
		 	Chief Executive Officer

  

	
	 /s/ Judy C. Gavant

	Judy C. Gavant

  
 17

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