Document:

Exhibit 4.3

 

GUARANTEE
AGREEMENT

 

VIRGINIA
COMMERCE BANCORP, INC.

 

Dated as of September 24,
2008

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page

  
	
  ARTICLE
  I DEFINITIONS AND INTERPRETATION

  	
   

  
	
  Section 1.1

  	
  Definitions
  and Interpretation

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II TRUST INDENTURE ACT

  	
   

  
	
  Section 2.1

  	
  Trust
  Indenture Act; Application

  	
  3

  
	
  Section 2.2

  	
  List
  of Holders

  	
  3

  
	
  Section 2.3

  	
  Reports
  by Guarantee Trustee

  	
  4

  
	
  Section 2.4

  	
  Reports
  to Guarantee Trustee

  	
  4

  
	
  Section 2.5

  	
  Evidence
  of Compliance with Conditions Precedent

  	
  4

  
	
  Section 2.6

  	
  Events
  of Default; Waiver

  	
  4

  
	
  Section 2.7

  	
  Events
  of Default; Notice

  	
  4

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  III POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

  	
   

  
	
  Section 3.1

  	
  Powers
  and Duties of the Guarantee Trustee

  	
  5

  
	
  Section 3.2

  	
  Certain
  Rights of the Guarantee Trustee

  	
  6

  
	
  Section 3.3

  	
  Not
  Responsible for Recitals or Issuance of Guarantee

  	
  7

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IV THE GUARANTEE TRUSTEE

  	
   

  
	
  Section 4.1

  	
  The
  Guarantee Trustee; Eligibility

  	
  7

  
	
  Section 4.2

  	
  Appointment,
  Removal and Resignation of the Guarantee Trustee

  	
  7

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  V THE GUARANTEE

  	
   

  
	
  Section 5.1

  	
  Guarantee

  	
  8

  
	
  Section 5.2

  	
  Waiver
  of Notice and Demand

  	
  8

  
	
  Section 5.3

  	
  Obligations
  Not Affected

  	
  8

  
	
  Section 5.4

  	
  Rights
  of Holders

  	
  9

  
	
  Section 5.5

  	
  Guarantee
  of Payment

  	
  9

  
	
  Section 5.6

  	
  Subrogation

  	
  9

  
	
  Section 5.7

  	
  Independent
  Obligations

  	
  9

  
	
  Section 5.8

  	
  Enforcement
  by a Beneficiary

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VI LIMITATION OF TRANSACTIONS; SUBORDINATION

  	
   

  
	
  Section 6.1

  	
  Limitation
  of Transactions

  	
  10

  
	
  Section 6.2

  	
  Ranking

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VII TERMINATION

  	
   

  
	
  Section 7.1

  	
  Termination

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII INDEMNIFICATION

  	
   

  
	
  Section 8.1

  	
  Exculpation

  	
  11

  
	
  Section 8.2

  	
  Indemnification

  	
  11

  
	
  Section 8.3

  	
  Compensation;
  Reimbursement of Expenses

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IX MISCELLANEOUS

  	
   

  
	
  Section 9.1

  	
  Successors
  and Assigns

  	
  12

  
	
  Section 9.2

  	
  Amendments

  	
  12

  
	
  Section 9.3

  	
  Notices

  	
  13

  
	
  Section 9.4

  	
  Benefit

  	
  13

  
	
  Section 9.5

  	
  Governing
  Law

  	
  13

  
	
  Section 9.6

  	
  Counterparts

  	
  14

  

 

i

 

GUARANTEE
AGREEMENT

 

This GUARANTEE AGREEMENT (the “Guarantee”), dated as
of September 24, 2008, is executed and delivered by Virginia Commerce
Bancorp, Inc., a bank holding company incorporated in the State of
Virginia (the “Guarantor”), and Wilmington Trust Company, a Delaware banking
corporation, as trustee (the “Guarantee Trustee”), for the benefit of the
Holders (as defined herein) from time to time of the Preferred Securities (as
defined herein) of VCBI Capital Trust IV, a Delaware statutory trust (the “Issuer”).

 

WHEREAS, pursuant to an Amended and Restated
Declaration of Trust (the “Declaration”), dated as of the date hereof, among
the trustees named therein of the Issuer, Virginia Commerce Bancorp, Inc.,
as sponsor, and the holders from time to time of undivided beneficial interests
in the assets of the Issuer, the Issuer is issuing on the date hereof fixed
rate trust preferred securities, having an aggregate liquidation amount of up
to $25,000,000 (the “Preferred Securities”); and

 

WHEREAS, the Preferred Securities will be issued by
the Issuer, and the proceeds thereof, together with the proceeds from the
issuance of the Issuer’s common securities, will be used to purchase the
Debentures (as defined herein);

 

WHEREAS, as incentive for the Holders to purchase
the Preferred Securities, the Guarantor desires irrevocably and unconditionally
to agree, to the extent set forth in this Guarantee, to pay to the Holders of
Preferred Securities the Guarantee Payments (as defined herein) and to make
certain other payments on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the purchase by each
Holder of the Preferred Securities, which purchase the Guarantor hereby agrees
shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee
for the benefit of the Holders of the Preferred Securities:

 

ARTICLE I

DEFINITIONS
AND INTERPRETATION

 

Section 1.1 Definitions and Interpretation.

 

In this Guarantee, unless the context otherwise
requires:

 

(a) capitalized terms used in this Guarantee
but not defined in the preamble above have the respective meanings assigned to
them in this Section 1.1;

 

(b) a term defined anywhere in this Guarantee
has the same meaning throughout;

 

(c) all references to “the Guarantee” or “this
Guarantee” are to this Guarantee as modified, supplemented or amended from time
to time;

 

(d) all references in this Guarantee to
Articles and Sections are to Articles and Sections of this Guarantee, unless
otherwise specified;

 

(e) capitalized terms used in this Guarantee
but not defined herein have the meanings assigned to such terms in the
Declaration as of the date of execution of this Guarantee; and

 

(f) a reference to the singular includes the
plural and vice versa.

 

“Beneficiaries”
means any Person to whom the Issuer is or hereafter becomes indebted or liable.

 

“Common Securities” has the meaning specified in the
Declaration.

 

“Corporate Trust Office” means the office of the
Guarantee Trustee at which at any particular time its corporate trust business
shall be principally administered, which at all times shall be located within
the United States and at the time of the execution of this Guarantee shall be
Rodney Square North, 1100 North Market Street, Wilmington Delaware 19890-0001.

 

1

 

“Debenture Issuer” means Virginia Commerce Bancorp, Inc.
or any successor entity resulting from any consolidation, amalgamation, merger
or other business combination, in its capacity as issuer of the Debentures.

 

“Debentures” means the junior subordinated
debentures of the Debenture Issuer that are designated in the Indenture as the “Fixed
Rate Junior Subordinated Debt Securities due 2038” and held by the Property
Trustee (as defined in the Declaration) of the Issuer.

 

“Event of Default” means (i) a default by the
Guarantor in any of its payment obligations under this Guarantee Agreement or (ii) a
default by the Guarantor in any other obligation hereunder that remains
unremedied for 30 days.

 

“Guarantee Payments” means the following payments or
distributions, without duplication, with respect to the Preferred Securities,
to the extent not paid or made by or on behalf of the Issuer: (i) any
accrued and unpaid Distributions (as defined in the Declaration) which are
required to be paid on such Preferred Securities, to the extent the Issuer has
funds available in the Property Account (as defined in the Declaration)
therefor at such time, (ii) the price payable upon the redemption of any
Preferred Securities to the extent the Issuer has funds available in the
Property Account therefor at such time, and (iii) upon a voluntary or
involuntary liquidation, dissolution, winding-up or termination of the Issuer
(other than in connection with the distribution of Debentures to the Holders in
exchange therefor as provided in the Declaration), the lesser of (a) the
aggregate of the liquidation amount of the Preferred Securities and all accrued
and unpaid Distributions on the Preferred Securities to the date of payment, to
the extent the Issuer has funds available in the Property Account therefor at
such time, and (b) the amount of assets of the Issuer remaining available
for distribution to Holders in liquidation of the Issuer after satisfaction of
liabilities to creditors of the Issuer as required by applicable law (in either
case, the “Liquidation Distribution”).

 

“Guarantee Trustee” means Wilmington Trust Company,
until a Successor Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Guarantee and thereafter means each
such Successor Guarantee Trustee.

 

“Holder” means any Person in whose name any
Preferred Securities are registered on the books and records of the Issuer; provided,
however, that, in determining whether the Holders of the requisite
percentage of Preferred Securities have given any request, notice, consent or
waiver hereunder, “Holder” shall not include the Guarantor, the Guarantee
Trustee or any Affiliate of the Guarantor or Guarantee Trustee.

 

“Indemnified Person” means the Guarantee Trustee
(including in its individual capacity), any Affiliate of the Guarantee Trustee,
or any officers, directors, shareholders, members, partners, employees, representatives,
nominees, custodians or agents of the Guarantee Trustee.

 

“Indenture” means the Indenture, dated as of the
date hereof, between the Debenture Issuer and Wilmington Trust Company, not in
its individual capacity but solely as trustee, and any indenture supplemental
thereto pursuant to which the Debentures are to be issued to the Institutional
Trustee of the Issuer.

 

“Liquidation Distribution” has the meaning set forth
in the definition of “Guarantee Payments” herein.

 

“Majority in Liquidation Amount of the Preferred
Securities” means Holder(s) of outstanding Preferred Securities, voting
together as a class, but separately from the holders of Common Securities, of
more than 50% of the aggregate liquidation amount (including the amount that
would be paid upon the redemption, liquidation or otherwise on the date upon
which the voting percentages are determined, plus unpaid Distributions accrued
thereon to such date) of all Preferred Securities then outstanding.

 

“Obligations” means any costs, expenses or
liabilities (but not including liabilities related to taxes) of the Issuer
other than obligations of the Issuer to pay to holders of any Trust Securities
the amounts due such holders pursuant to the terms of the Trust Securities.

 

2

 

“Officer’s Certificate” means a certificate signed
by the Chairman of the Board, the Vice Chairman, the Chief Executive Officer,
the President or any Vice President, and by the Chief Financial Officer, the
Treasurer, an Assistant Treasurer, the Comptroller, an Assistant Comptroller,
the Secretary or an Assistant Secretary of the Company, and delivered to the
Guarantee Trustee.  Any Officer’s
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Guarantee shall include:

 

(a) a statement that such officer signing the
Officer’s Certificate has read the covenant or condition and the definitions
relating thereto;

 

(b) a brief statement of the nature and scope
of the examination or investigation undertaken by such officer in rendering the
Officer’s Certificate;

 

(c) a statement that such officer has made such
examination or investigation as, in such officer’s opinion, is necessary to
enable such officer to express an informed opinion as to whether or not such
covenant or condition has been complied with; and

 

(d) a statement as to whether, in the opinion
of such officer, such condition or covenant has been complied with.

 

“Person” means a legal person, including any
individual, corporation, estate, partnership, joint venture, association, joint
stock company, limited liability company, trust, unincorporated association, or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.

 

“Responsible Officer” means, with respect to the
Guarantee Trustee, any officer within the Corporate Trust Office of the
Guarantee Trustee with direct responsibility for the administration of any
matters relating to this Guarantee, and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of that officer’s knowledge of and familiarity with the particular
subject.

 

“Successor Guarantee Trustee” means a successor
Guarantee Trustee possessing the qualifications to act as Guarantee Trustee
under Section 4.2.

 

“Trust Indenture Act” means the Trust Indenture Act
of 1939 as in force at the date as of which this Guarantee Agreement was
executed; provided, however, that in the event the Trust Indenture Act of 1939
is amended after such date, “Trust
Indenture Act” means, to the extent required by any such amendment, the
Trust Indenture Act of 1939 as so amended.

 

“Trust Securities” means the Common Securities and
the Preferred Securities.

 

ARTICLE II

TRUST
INDENTURE ACT

 

Section 2.1 Trust Indenture Act; Application.

 

This Guarantee Agreement is not being qualified under and is not
governed by the Trust Indenture Act; provided, however, certain
provisions of the Trust Indenture Act are being referred to or incorporated herein
by reference solely to the extent specifically provided herein, and no other
provisions of the Trust Indenture Act, or duties or obligations thereunder, are
intended to be part of this Guarantee Agreement.

 

Section 2.2 List of Holders.

 

The Guarantor shall
furnish or cause to be furnished to the Guarantee Trustee (a) semiannually,
on or before June 30 and December 31 of each year, a list, in such
form as the Guarantee Trustee may reasonably require, of the names and
addresses of the Holders (a “List of
Holders”) as of a date not more than 15 days prior to the delivery
thereof, and (b) at such other times as the Guarantee Trustee may request
in writing, within 30 days after the receipt by the Guarantor of any such
request, a List of Holders as of a date not more than 15 days prior to the time
such list is furnished, in each case to the extent such information is in the
possession or control of the 

 

3

 

Guarantor and is not identical to a previously
supplied list of Holders or has not otherwise been received by the Guarantee
Trustee in its capacity as such. The Guarantee Trustee may destroy any List of
Holders previously given to it on receipt of a new List of Holders.

 

Section 2.3 Reports by the Guarantee Trustee.

 

Not later than June 30
of each year, commencing June 30, 2009, the Guarantee Trustee shall
provide to the Holders such reports, if any, as are required by Section 313
of the Trust Indenture Act (applied as if this Guarantee Agreement were subject
to the Trust Indenture Act) in the form and in the manner provided by Section 313
of the Trust Indenture Act.

 

Section 2.4 Reports to the Guarantee Trustee.

 

The Guarantor shall
provide to the Guarantee Trustee, the Securities and Exchange Commission and the
Holders such documents, reports and information, if any, as required by Section 314
of the Trust Indenture Act and the compliance certificate required by Section 314
of the Trust Indenture Act, in the form, in the manner and at the times
required by Section 314 of the Trust Indenture Act (in each case, applied
as if this Guarantee Agreement were subject to the Trust Indenture Act).

 

Section 2.5 Evidence of Compliance with Conditions
Precedent.

 

The Guarantor shall
provide to the Guarantee Trustee such evidence of compliance with such
conditions precedent, if any, provided for in this Guarantee Agreement that
relate to any of the matters set forth in Section 314(c) of the Trust
Indenture Act (applied as if this Guarantee Agreement were subject to the Trust
Indenture Act). Any certificate or opinion required to be given by an officer
of the Guarantor pursuant to Section 314(c)(1) may be given in the
form of an Officers’ Certificate.

 

Section 2.6 Events of Default; Waiver.

 

The Holders of at least a
Majority in Liquidation Amount of the Preferred Securities may, by voting or
consenting as a class, on behalf of the Holders of all the Preferred
Securities, waive any past default or Event of Default and its consequences.
Upon such waiver, any such default or Event of Default shall cease to exist,
and any default or Event of Default arising therefrom shall be deemed to have
been cured, for every purpose of this Guarantee Agreement, but no such waiver
shall extend to any subsequent or other default or Event of Default or impair
any right consequent therefrom.

 

Section 2.7 Event of Default; Notice.

 

(a) The Guarantee
Trustee shall, within 90 days after it has knowledge of the occurrence of an
Event of Default, transmit by mail, first class postage prepaid, to the Holders,
notice of any such Event of Default known to the Guarantee Trustee, unless such
Event of Default has been cured before the giving of such notice, provided  that,
except in the case of a default in the payment of a Guarantee Payment, the
Guarantee Trustee shall be protected in withholding such notice if and so long
as the board of directors, the executive committee or a trust committee of
directors of the Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders.

 

(b) The Guarantee
Trustee shall not be charged with knowledge of any Event of Default unless the
Guarantee Trustee shall have received written notice, or a Responsible Officer
of the Guarantee Trustee charged with the administration of this Guarantee
Agreement shall have actual knowledge of such Event of Default.

 

4

 

ARTICLE III

POWERS,
DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

 

Section 3.1 Powers and Duties of the
Guarantee Trustee.

 

(a) This Guarantee shall be held by the
Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee
shall not transfer this Guarantee to any Person except a Holder exercising its
rights pursuant to Section 5.4 (b) or to a Successor Guarantee
Trustee on acceptance by such Successor Guarantee Trustee of its appointment to
act as Successor Guarantee Trustee. The right, title and interest of the
Guarantee Trustee shall automatically vest in any Successor Guarantee Trustee,
and such vesting and succession of title shall be effective whether or not
conveyancing documents have been executed and delivered pursuant to the
appointment of such Successor Guarantee Trustee.

 

(b) If an Event of Default actually known to a
Responsible Officer of the Guarantee Trustee, has occurred and is continuing,
the Guarantee Trustee shall enforce this Guarantee for the benefit of the
Holders, exercising such of the rights and powers vested in it by this
Guarantee, and using the same degree of care and skill in its exercise thereof,
as a prudent person would exercise or use under the circumstances in the
conduct of his or her own affairs.

 

(c) The Guarantee Trustee, before the
occurrence of any Event of Default, and after the curing of all Events of
Default that may have occurred, shall undertake to perform only such duties as
are specifically set forth in this Guarantee Agreement, and no implied
covenants shall be read into this Guarantee Agreement against the Guarantee
Trustee. If an Event of Default actually known to a Responsible Officer of the
Guarantee Trustee has occurred (that has not been cured or waived pursuant to Section 2.6),
the Guarantee Trustee shall exercise such of the rights and powers vested in it
by this Guarantee Agreement, and use the same degree of care and skill in its
exercise thereof, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

 

(d) No provision of this Guarantee shall be
construed to relieve the Guarantee Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct or bad
faith, except that:

 

(i) prior to the occurrence of any Event of
Default and after the curing or waiving of all Events of Default that may have
occurred:

 

(A) the duties and obligations of the Guarantee
Trustee shall be determined solely by the express provisions of this Guarantee,
and the Guarantee Trustee shall not be liable except for the performance of
such duties and obligations as are specifically set forth in this Guarantee,
and no implied covenants or obligations shall be read into this Guarantee
against the Guarantee Trustee; and

 

(B) in the absence of bad faith on the part of
the Guarantee Trustee, the Guarantee Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein,
upon any certificates or opinions furnished to the Guarantee Trustee and
conforming to the requirements of this Guarantee; but in the case of any such
certificates or opinions furnished to the Guarantee Trustee, the Guarantee
Trustee shall be under a duty to examine the same to determine whether or not
on their face they conform to the requirements of this Guarantee;

 

(ii) the Guarantee Trustee shall not be liable
for any error of judgment made in good faith by a Responsible Officer of the
Guarantee Trustee, unless it shall be proved that such Responsible Officer of
the Guarantee Trustee or the Guarantee Trustee was negligent in ascertaining
the pertinent facts upon which such judgment was made;

 

(iii) the Guarantee Trustee shall not be liable
with respect to any action taken or omitted to be taken by it in good faith in
accordance with the written direction of the Holders of a Majority in
Liquidation Amount of the Preferred Securities relating to the time, method and
place of conducting any proceeding for any remedy available to the Guarantee
Trustee, or exercising any trust or power conferred upon the Guarantee Trustee
under this Guarantee; and

 

(iv) no provision of this Guarantee shall require
the Guarantee Trustee to expend or risk its own funds or otherwise incur
personal financial liability in the performance of any of its duties or in the
exercise of any of its rights or powers, if the Guarantee Trustee shall have
reasonable grounds for believing that the repayment of such funds is not
reasonably assured to it under the terms of this Guarantee, or security and
indemnity, reasonably satisfactory to the Guarantee Trustee, against such risk
or liability is not reasonably assured to it.

 

5

 

Section 3.2 Certain Rights of the Guarantee
Trustee.

 

(a) Subject to the provisions of Section 3.1:

 

(i) The Guarantee Trustee may conclusively
rely, and shall be fully protected in acting or refraining from acting, upon
any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document believed by it to be genuine and to
have been signed, sent or presented by the proper party or parties.

 

(ii) Any direction or act of the Guarantor
contemplated by this Guarantee shall be sufficiently evidenced by an Officer’s
Certificate.

 

(iii) Whenever, in the administration of this
Guarantee, the Guarantee Trustee shall deem it desirable that a matter be
proved or established before taking, suffering or omitting any action
hereunder, the Guarantee Trustee (unless other evidence is herein specifically
prescribed) may, in the absence of bad faith on its part, request and
conclusively rely upon an Officer’s Certificate of the Guarantor which, upon
receipt of such request, shall be promptly delivered by the Guarantor.

 

(iv) The Guarantee Trustee shall have no duty
to see to any recording, filing or registration of any instrument or other
writing (or any rerecording, refiling or reregistration thereof).

 

(v) The Guarantee Trustee may consult with
counsel of its selection, and the advice or opinion of such counsel shall be
full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in accordance with such
advice or opinion. Such counsel may be counsel to the Guarantee Trustee, the
Guarantor or any of its Affiliates and may be one of its employees. The
Guarantee Trustee shall have the right at any time to seek instructions
concerning the administration of this Guarantee from any court of competent
jurisdiction.

 

(vi) The Guarantee Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this
Guarantee at the request or direction of any Holder, unless such Holder shall
have provided to the Guarantee Trustee such security and indemnity, reasonably
satisfactory to the Guarantee Trustee, against the costs, expenses (including
attorneys’ fees and expenses and the expenses of the Guarantee Trustee’s
agents, nominees or custodians) and liabilities that might be incurred by it in
complying with such request or direction, including such reasonable advances as
may be requested by the Guarantee Trustee; provided, however, that nothing
contained in this Section 3.2(a)(vi) shall be taken to relieve the
Guarantee Trustee, upon the occurrence of an Event of Default, of its
obligation to exercise the rights and powers vested in it by this Guarantee.

 

(vii) The Guarantee Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Guarantee Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit.

 

(viii) The Guarantee Trustee may execute any of
the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents, nominees, custodians or attorneys, and the Guarantee
Trustee shall not be responsible for any misconduct or negligence on the part
of any agent or attorney appointed with due care by it hereunder.

 

(ix) Any action taken by the Guarantee Trustee
or its agents hereunder shall bind the Holders of the Preferred Securities, and
the signature of the Guarantee Trustee or its agents alone shall be sufficient
and effective to perform any such action. No third party shall be required to
inquire as to the authority of the Guarantee Trustee to so act or as to its
compliance with any of the terms and provisions of this Guarantee, both of
which shall be conclusively evidenced by the Guarantee Trustee’s or its agent’s
taking such action.

 

(x) Whenever in the administration of this
Guarantee the Guarantee Trustee shall deem it desirable to receive instructions
with respect to enforcing any remedy or right or taking any other action
hereunder, the Guarantee Trustee (A) may request instructions from the
Holders of a Majority in Liquidation Amount of the Preferred Securities, (B) may
refrain from enforcing such remedy or right or taking such other action until
such instructions are received and (C) shall be protected in conclusively
relying on or acting in accordance with such instructions.

 

(xi) The Guarantee Trustee shall not be liable for
any action taken, suffered, or omitted to be taken by it in good faith, without
negligence, and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Guarantee.

 

6

 

(b) No provision of this Guarantee shall be
deemed to impose any duty or obligation on the Guarantee Trustee to perform any
act or acts or exercise any right, power, duty or obligation conferred or
imposed on it, in any jurisdiction in which it shall be illegal or in which the
Guarantee Trustee shall be unqualified or incompetent in accordance with
applicable law to perform any such act or acts or to exercise any such right,
power, duty or obligation. No permissive power or authority available to the
Guarantee Trustee shall be construed to be a duty to act in accordance with
such power and authority.

 

Section 3.3 Not Responsible for Recitals or
Issuance of Guarantee.

 

The recitals contained in this Guarantee shall be
taken as the statements of the Guarantor, and the Guarantee Trustee does not
assume any responsibility for their correctness. The Guarantee Trustee makes no
representation as to the validity or sufficiency of this Guarantee.

 

ARTICLE IV

THE
GUARANTEE TRUSTEE

 

Section 4.1 The Guarantee Trustee;
Eligibility.

 

(a) There shall at all times be a Guarantee
Trustee which shall:

 

(i) not be an Affiliate of the Guarantor; and

 

(ii) be a banking corporation or national
association organized and doing business under the laws of the United States of
America or any territory or state thereof or of the District of Columbia, or
Person authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of at least 50 million U.S. dollars ($50,000,000),
subject to supervision or examination by federal, state, territorial or
District of Columbia authority and having an office within the United States,
and otherwise eligible under to the Trust Indenture Act to act as trustee
hereunder. If such banking corporation or national association publishes
reports of condition at least annually, pursuant to law or to the requirements
of the supervising or examining authority referred to above, then, for the
purposes of this Section 4.1(a)(ii), the combined capital and surplus of
such corporation or national association shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published.

 

(b) If at any time the Guarantee Trustee shall
cease to be eligible to so act under Section 4.1(a), the Guarantee Trustee
shall immediately resign in the manner and with the effect set forth in Section 4.2(c).

 

Section 4.2 Appointment, Removal and
Resignation of the Guarantee Trustee.

 

(a) Subject to Section 4.2(b), the
Guarantee Trustee may be appointed or removed without cause at any time by the
Guarantor except during an Event of Default.

 

(b) The Guarantee Trustee shall not be removed
in accordance with Section 4.2(a) until a Successor Guarantee Trustee
has been appointed and has accepted such appointment by written instrument
executed by such Successor Guarantee Trustee and delivered to the Guarantor.

 

(c) The Guarantee Trustee appointed to office
shall hold office until a Successor Guarantee Trustee shall have been appointed
or until its removal or resignation. The Guarantee Trustee may resign from
office (without need for prior or subsequent accounting) by an instrument in
writing executed by the Guarantee Trustee and delivered to the Guarantor, which
resignation shall not take effect until a Successor Guarantee Trustee has been
appointed and has accepted such appointment by an instrument in writing
executed by such Successor Guarantee Trustee and delivered to the Guarantor and
the resigning Guarantee Trustee.

 

(d) If no Successor Guarantee Trustee shall
have been appointed and accepted appointment as provided in this Section 4.2
within 60 days after delivery of an instrument of removal or resignation, the
Guarantee Trustee resigning or being removed may petition any court of
competent jurisdiction for appointment of a Successor Guarantee Trustee. Such
court may thereupon, after prescribing such notice, if any, as it may deem
proper, appoint a Successor Guarantee Trustee.

 

(e) No Guarantee Trustee shall be liable for
the acts or omissions to act of any Successor Guarantee Trustee.

 

7

 

(f) Upon termination of this Guarantee or
removal or resignation of the Guarantee Trustee pursuant to this Section 4.2,
the Guarantor shall pay to the Guarantee Trustee all amounts owing to the
Guarantee Trustee under Sections 8.2 and 8.3 accrued to the date of such
termination, removal or resignation.

 

ARTICLE V

GUARANTEE

 

Section 5.1 Guarantee.

 

(a) The Guarantor irrevocably and
unconditionally agrees to pay in full to the Holders the Guarantee Payments
(without duplication of amounts theretofore paid by or on behalf of the
Issuer), as and when due, regardless of any defense (except defense of payment
by the Issuer), right of set-off or counterclaim that the Issuer may have or
assert. The Guarantor’s obligation to make a Guarantee Payment may be satisfied
by direct payment of the required amounts by the Guarantor to the Holders or by
causing the Issuer to pay such amounts to the Holders. The Guarantor shall give
prompt written notice to the Guarantee Trustee in the event it makes any direct
payment to the Holders.

 

(b) Guarantor hereby also agrees to assume any
and all Obligations of the Issuer and in the event any such Obligation is not
so assumed, subject to the terms and conditions hereof, the Guarantor hereby
irrevocably and unconditionally guarantees to each Beneficiary the full
payment, when and as due, of any and all Obligations to such
Beneficiaries.  This Guarantee is
intended to be for the benefit of, and to be enforceable by, all such
Beneficiaries, whether or not such Beneficiaries have received notice hereof.

 

Section 5.2 Waiver of Notice and Demand.

 

The Guarantor hereby waives notice of acceptance of
this Guarantee and of any liability to which it applies or may apply,
presentment, demand for payment, any right to require a proceeding first
against the Issuer or any other Person before proceeding against the Guarantor,
protest, notice of nonpayment, notice of dishonor, notice of redemption and all
other notices and demands.

 

Section 5.3 Obligations Not Affected.

 

The obligations, covenants, agreements and duties of
the Guarantor under this Guarantee shall in no way be affected or impaired by
reason of the happening from time to time of any of the following:

 

(a) the release or waiver, by operation of law
or otherwise, of the performance or observance by the Issuer of any express or
implied agreement, covenant, term or condition relating to the Preferred
Securities to be performed or observed by the Issuer;

 

(b) the extension of time for the payment by
the Issuer of all or any portion of the Distributions, the price payable upon
the redemption of the Preferred Securities, the Liquidation Distribution or any
other sums payable under the terms of the Preferred Securities or the extension
of time for the performance of any other obligation under, arising out of, or
in connection with, the Preferred Securities (other than an extension of time
for the payment of the Distributions, the price payable upon the redemption of
the Preferred Securities, the Liquidation Distribution or other sums payable that
results from the extension of any interest payment period on the Debentures);

 

(c) any failure, omission, delay or lack of
diligence on the part of the Holders to enforce, assert or exercise any right,
privilege, power or remedy conferred on the Holders pursuant to the terms of
the Preferred Securities, or any action on the part of the Issuer granting
indulgence or extension of any kind;

 

(d) the voluntary or involuntary liquidation,
dissolution, sale of any collateral, receivership, insolvency, bankruptcy,
assignment for the benefit of creditors, reorganization, arrangement,
composition or readjustment of debt of, or other similar proceedings affecting,
the Issuer or any of the assets of the Issuer;

 

(e) any invalidity of, or defect or deficiency
in, the Preferred Securities;

 

(f) the settlement or compromise of any
obligation guaranteed hereby or hereby incurred; or

 

8

 

(g) any other circumstance whatsoever that
might otherwise constitute a legal or equitable discharge or defense of a
guarantor, it being the intent of this Section 5.3 that the obligations of
the Guarantor hereunder shall be absolute and unconditional under any and all
circumstances.

 

There shall be no obligation of the Holders to give
notice to, or obtain consent of, the Guarantor with respect to the happening of
any of the foregoing.

 

Section 5.4 Rights of Holders.

 

(a) The Holders of a Majority in Liquidation
Amount of the Preferred Securities have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the
Guarantee Trustee in respect of this Guarantee or to direct the exercise of any
trust or power conferred upon the Guarantee Trustee under this Guarantee;
provided, however, that (subject to Sections 3.1 and 3.2) the Guarantee Trustee
shall have the right to decline to follow any such direction if the Guarantee
Trustee shall determine that the actions so directed may not lawfully be taken
or if the Guarantee Trustee in good faith by its board of directors or
trustees, executive committee or a trust committee of directors or trustees
and/or Responsible Officers shall determine that the action or proceeding so
directed would involve the Guarantee Trustee in personal liability.

 

(b) Any Holder may institute a legal proceeding
directly against the Guarantor to enforce the Guarantee Trustee’s rights under
this Guarantee, without first instituting a legal proceeding against the
Issuer, the Guarantee Trustee or any other Person. The Guarantor waives any
right or remedy to require that any such action be brought first against the
Issuer, the Guarantee Trustee or any other Person before so proceeding directly
against the Guarantor.

 

Section 5.5 Guarantee of Payment.

 

This Guarantee creates a guarantee of payment and
not of collection. This Guarantee will not be discharged except by payment of
the Guarantee Payments in full (without duplication of amounts theretofore paid
by the Issuer) or upon distribution of the Debentures to Holders as provided in
the Declaration.

 

Section 5.6 Subrogation.

 

The Guarantor shall be subrogated to all (if any)
rights of the Holders against the Issuer in respect of any amounts paid to such
Holders by the Guarantor under this Guarantee; provided, however, that the
Guarantor shall not (except to the extent required by applicable provisions of
law) be entitled to enforce or exercise any right that it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as
a result of payment under this Guarantee, if, after giving effect to any such
payment, any amounts are due and unpaid under this Guarantee. If any amount
shall be paid to the Guarantor in violation of the preceding sentence, the
Guarantor agrees to hold such amount in trust for the Holders and to pay over
such amount to the Holders.

 

Section 5.7 Independent Obligations.

 

The Guarantor acknowledges that its obligations
hereunder are independent of the obligations of the Issuer with respect to the
Preferred Securities and that the Guarantor shall be liable as principal and as
debtor hereunder to make Guarantee Payments pursuant to the terms of this
Guarantee notwithstanding the occurrence of any event referred to in
subsections (a) through (g), inclusive, of Section 5.3 hereof.

 

Section 5.8 Enforcement
by a Beneficiary.  A Beneficiary may enforce the obligations of
the Guarantor contained in Section 4.1(b) directly against the
Guarantor and the Guarantor waives any right or remedy to require that any
action be brought against the Issuer or any other person or entity before
proceeding against the Guarantor.  The
Guarantor shall be subrogated to all rights (if any) of any Beneficiary against
the Issuer in respect of any amounts paid to the Beneficiaries by the Guarantor
under this Guarantee; provided, however, that the Guarantor shall
not (except to the extent required by mandatory provisions of law) be entitled
to enforce or exercise any rights that it may acquire by way of subrogation or
any indemnity, reimbursement or other agreement, in all cases as a result of
payment under this Guarantee, if at the time of any such payment, and after
giving effect to such payment, any amounts are due and unpaid under this
Guarantee.

 

9

 

ARTICLE VI

LIMITATION
OF TRANSACTIONS; SUBORDINATION

 

Section 6.1 Limitation of Transactions.

 

So long as any Preferred Securities remain outstanding, if (a) there
shall have occurred and be continuing an Event of Default or (b) Debenture
Issuer shall have selected an Extension Period as provided in the Indenture and
such period, or any extension thereof, shall have commenced and be continuing,
then the Guarantor may not, and shall not allow any Subsidiary (as defined in
the Indenture) to, (x) declare or pay any dividends or distributions on,
or redeem, purchase, acquire, or make a liquidation payment with respect to,
any of the Guarantor’s or any of the Subsidiary’s capital stock (other than
payments of dividends or distributions to the Guarantor or payments of
dividends from direct or indirect subsidiaries of the Guarantor to their parent
corporations, which also shall be direct or indirect subsidiaries of the
Guarantor) or make any guarantee payments with respect to such capital stock,
or (y) make any payment of principal of or interest or premium, if any, on
or repay, repurchase or redeem any debt securities of the Guarantor or any
Subsidiary that rank pari passu
with or junior in interest to the Debentures (other than with respect to
clauses (x) and (y) above (i) repurchases, redemptions or other
acquisitions of shares of capital stock of the Guarantor in connection with (A) any
employment contract, benefit plan or other similar arrangement with or for the
benefit of one or more employees, officers, directors, or consultants, (B) a
dividend reinvestment or stockholder stock purchase plan or (C) the
issuance of capital stock of the Guarantor (or securities convertible into or
exercisable for such capital stock), as consideration in an acquisition
transaction entered into prior to the occurrence of the Event of Default or the
applicable Extension Period, (ii) as a result of any exchange or
conversion of any class or series of the Guarantor’s capital stock (or any
capital stock of a subsidiary of the Guarantor) for any class or series of the
Guarantor’s capital stock or of any class or series of the Guarantor’s
indebtedness for any class or series of the Guarantor’s capital stock, (iii) the
purchase of fractional interests in shares of the Guarantor’s capital stock
pursuant to the conversion or exchange provisions of such capital stock or the
security being converted or exchanged, (iv) any declaration of a dividend
in connection with any stockholder’s rights plan, or the issuance of rights,
stock or other property under any stockholder’s rights plan, or the redemption
or repurchase of rights pursuant thereto, (v) any dividend in the form of
stock, warrants, options or other rights where the dividend stock or the stock
issuable upon exercise of such warrants, options or other rights is the same
stock as that on which the dividend is being paid or ranks pari passu with or junior in interest to
such stock), (vi) a dividend or distribution on, a redemption, purchase or
acquisition of, or a liquidation payment with respect to equity securities of
an Insured Depository Institution subsidiary; or (vii) payments under this
Guarantee.

 

Section 6.2 Ranking.

 

This Guarantee will constitute an unsecured obligation of the Guarantor
and will rank subordinate and junior in right of payment to all present and
future Senior Indebtedness (as defined in the Indenture) of the Guarantor.
Further, the obligations of the Guarantor under this Guarantee shall rank pari passu with the obligations of
the Guarantor under any similar guarantee agreements issued by the Guarantor
with respect to trust preferred securities (if any) similar to the Preferred
Securities, issued by trusts other than the Issuer established or to be
established by the Guarantor (if any), in each case similar to the Issuer, and
any other security, guarantee or other agreement or obligation that is
expressly stated to rank pari passu with the obligations of Guarantor
hereunder, including, without limitation, (i) the obligations of the
Guarantor under the Debentures (ii) the Guarantor’s Fixed/Floating Rate
Junior Subordinated Debt Securities due 2036 issued to VCBI Capital Trust III
pursuant to an Indenture dated as of December 20, 2005 by and between the
Guarantor and Wilmington Trust Company; (ii) the related guarantee of the
Guarantor with respect to the securities of VCBI Capital Trust III, issued
pursuant to that certain Guarantee Agreement, dated as of December 20,
2005 by and between the Guarantor and Wilmington Trust Company; (iii) the
Guarantor’s Floating Rate Junior Subordinated Notes due 2032 issued to VCBI
Capital Trust II pursuant to an Indenture dated as of December 19, 2002 by
and between the Guarantor and The Bank of New York,; and (iv) the related
guarantee of the Guarantor with respect to the securities of VCBI Capital Trust
II, issued pursuant to that certain Guarantee Agreement, dated as of December 19,
2002 by and between the Guarantor and The Bank of New York.  By their acceptance hereof, each Holder of
Preferred Securities agrees to the foregoing provisions of this Guarantee and
the other terms set forth herein.

 

(b) The right of the Guarantor to participate in any distribution
of assets of any of its subsidiaries upon any such subsidiary’s liquidation or
reorganization or otherwise is subject to the prior claims of creditors of that
subsidiary, except to the extent the Guarantor may itself be recognized as a
creditor of that subsidiary. Accordingly, the Guarantor’s obligations under
this Guarantee will be effectively subordinated to all existing and future liabilities

 

10

 

of
the Guarantor’s subsidiaries, and claimants should look only to the assets of
the Guarantor for payments hereunder. This Guarantee does not limit the
incurrence or issuance of other secured or unsecured debt of the Guarantor,
including Senior Indebtedness, under any indenture or agreement that the
Guarantor may enter into in the future or otherwise.

 

ARTICLE VII

TERMINATION

 

Section 7.1 Termination.

 

This Guarantee shall terminate and be of no further force and effect
upon (i) full payment of the price payable upon redemption of all
Preferred Securities then outstanding, (ii) the distribution of all of the
Debentures to the Holders or (iii) full payment of the amounts payable in
accordance with the Declaration upon dissolution of the Issuer. Notwithstanding
the foregoing, this Guarantee will continue to be effective or will be
reinstated, as the case may be, if at any time any Holder must restore payment
of any sums paid under the Preferred Securities or under this Guarantee.

 

ARTICLE
VIII

INDEMNIFICATION

 

Section 8.1 Exculpation.

 

(a) No Indemnified Person shall be liable, responsible or
accountable in damages or otherwise to the Guarantor or any Holder for any
loss, damage or claim incurred by reason of any act or omission of such
Indemnified Person in good faith in accordance with this Guarantee and in a
manner that such Indemnified Person reasonably believed to be within the scope
of the authority conferred on such Indemnified Person by this Guarantee or by
law, except that an Indemnified Person shall be liable for any such loss,
damage or claim incurred by reason of such Indemnified Person’s negligence,
willful misconduct or bad faith with respect to such acts or omissions.

 

(b) An Indemnified Person shall be fully protected in relying in
good faith upon the records of the Issuer or the Guarantor and upon such
information, opinions, reports or statements presented to the Issuer or the
Guarantor by any Person as to matters the Indemnified Person reasonably
believes are within such other Person’s professional or expert competence and
who, if selected by such Indemnified Person, has been selected with reasonable
care by such Indemnified Person, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits,
losses, or any other facts pertinent to the existence and amount of assets from
which Distributions to Holders might properly be paid.

 

Section 8.2 Indemnification.

 

(a) The Guarantor agrees to indemnify each Indemnified Person for,
and to hold each Indemnified Person harmless against, any and all loss,
liability, damage, claim or expense incurred without negligence, willful
misconduct or bad faith on the part of the Indemnified Person, arising out of
or in connection with the acceptance or administration of the trust hereunder,
including but not limited to the costs and expenses (including reasonable legal
fees and expenses) of the Indemnified Person defending itself against, or investigating,
any claim or liability in connection with the exercise or performance of any of
the Indemnified Person’s powers or duties hereunder. The obligation to
indemnify as set forth in this Section 8.2 shall survive the resignation
or removal of the Guarantee Trustee and the termination of this Guarantee. The
Guarantee Trustee will not claim or exact any lien or charge on any Guarantee
Payments as a result of any amount due to it under this Guarantee.

 

(b) Promptly after receipt by an Indemnified Person under this Section 8.2
of notice of the commencement of any action, such Indemnified Person will, if a
claim in respect thereof is to be made against the Guarantor under this Section 8.2,
notify the Guarantor in writing of the commencement thereof; but the failure so
to notify the Guarantor (i) will not relieve the Guarantor from liability
under paragraph (a) above unless and to the extent that the Guarantor did
not otherwise learn of such action and such failure results in the forfeiture
by the Guarantor of substantial rights and defenses and (ii) will not, in
any event, relieve the Guarantor from any obligations to any Indemnified Person
other than the indemnification obligation provided in paragraph (a) above.
The Guarantor shall be entitled to appoint counsel of the Guarantor’s choice at
the Guarantor’s expense to represent the Indemnified Person in any action for
which indemnification is sought (in which case the Guarantor shall not
thereafter be

 

11

 

responsible
for the fees and expenses of any separate counsel retained by the Indemnified
Person or Persons except as set forth below); provided, however, that such
counsel shall be satisfactory to the Indemnified Person. Notwithstanding the
Guarantor’s election to appoint counsel to represent the Indemnified Person in
any action, the Indemnified Person shall have the right to employ separate
counsel (including local counsel), and the Guarantor shall bear the reasonable
fees, costs and expenses of such separate counsel, if (i) the use of
counsel chosen by the Guarantor to represent the Indemnified Person would
present such counsel with a conflict of interest, (ii) the actual or
potential defendants in, or targets of, any such action include both the
Indemnified Person and the Guarantor and the Indemnified Person shall have
reasonably concluded that there may be legal defenses available to it and/or
other Indemnified Persons which are different from or additional to those
available to the Guarantor, (iii) the Guarantor shall not have employed
counsel satisfactory to the Indemnified Person to represent the Indemnified
Person within a reasonable time after notice of the institution of such action
or (iv) the Guarantor shall authorize the Indemnified Person to employ
separate counsel at the expense of the Guarantor. The Guarantor will not,
without the prior written consent of the Indemnified Persons, settle or
compromise or consent to the entry of any judgment with respect to any pending
or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the
Indemnified Persons are actual or potential parties to such claim or action)
unless such settlement, compromise or consent includes an unconditional release
of each Indemnified Person from all liability arising out of such claim,
action, suit or proceeding. 

 

Section 8.3 Compensation; Reimbursement of Expenses.

 

The Guarantor agrees:

 

(a) to pay to the Guarantee Trustee from time to time such compensation
for all services rendered by it hereunder as the parties shall agree to from
time to time (which compensation shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust); and

 

(b) except as otherwise expressly provided herein, to reimburse
the Guarantee Trustee upon request for all reasonable expenses, disbursements
and advances incurred or made by it in accordance with any provision of this
Guarantee (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to the negligence, willful misconduct or bad
faith of the Guarantee Trustee.

 

The provisions of this Section 8.3 shall survive the resignation
or removal of the Guarantee Trustee and the termination of this Guarantee.

 

ARTICLE IX

MISCELLANEOUS

 

Section 9.1 Successors and Assigns.

 

All guarantees and agreements contained in this Guarantee shall bind
the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Preferred
Securities then outstanding. Except in connection with any merger or
consolidation of the Guarantor with or into another entity or any sale, transfer
or lease of the Guarantor’s assets to another entity, in each case to the
extent permitted under the Indenture, the Guarantor may not assign its rights
or delegate its obligations under this Guarantee without the prior approval of
the Holders of a Majority in Liquidation Amount of the Preferred Securities.

 

Section 9.2 Amendments.

 

Except with respect to any changes that do not adversely affect the
powers, preferences, rights or interests of Holders of the Preferred Securities
in any material respect (in which case no approval of Holders will be
required), this Guarantee may be amended only with the prior approval of the
Holders of a Majority in Liquidation Amount of the Preferred Securities. The
provisions of the Declaration with respect to amendments thereof shall apply
equally with respect to amendments of the Guarantee.

 

12

 

Section 9.3 Notices.

 

All notices provided for in this Guarantee shall be in writing, duly
signed by the party giving such notice, and shall be delivered, telecopied or
mailed by first class mail, as follows:

 

(a) if given to the Guarantee Trustee, at the Guarantee Trustee’s
mailing address set forth below (or such other address as the Guarantee Trustee
may give notice of to the Holders of the Preferred Securities):

 

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890-0001

Attention: Corporate Capital Markets

Telecopy: (302) 636-4140

Telephone:  (302) 651-1000

 

(b) if given to the Guarantor, at the Guarantor’s mailing address
set forth below (or such other address as the Guarantor may give notice of to
the Holders of the Preferred Securities and to the Guarantee Trustee):

 

Virginia Commerce Bancorp, Inc.

14201 Sullyfield Circle

Suite 500

Chantilly, Virginia  20151

Attention: William K. Beauchesne

Telecopy: (703) 633-6157

Telephone: (703) 633-6120

 

with a copy to:

Noel
M. Gruber, Esquire

Kennedy &
Baris, LLP

4701
Sangamore Road

Suite P-15

Bethesda,
Maryland 20816

Telecopy:  (301) 229-2443

Telephone:  (301) 229.3400

 

(c) if given to any Holder, at the address set forth on the books
and records of the Issuer.

 

All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail, postage
prepaid, except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the
date of such refusal or inability to deliver.

 

Section 9.4 Benefit.

 

This Guarantee is solely for the benefit of the Beneficiaries, subject
to Section 3.1(a), is not separately transferable from the Preferred
Securities.

 

Section 9.5 Governing Law.

 

THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES
OF SAID STATE.

 

13

 

Section 9.6 Counterparts.

 

This Guarantee may contain more than one counterpart of the signature page and
this Guarantee may be executed by the affixing of the signature of the
Guarantor and the Guarantee Trustee to any of such counterpart signature pages by
facsimile transmission or .pdf file. All of such counterpart signature pages shall
be read as though one, and they shall have the same force and effect as though
all of the signers had manually executed a single signature page.

 

[Signatures appear on following page]

 

14

 

THIS GUARANTEE is executed as of the day and year first
above written.

 

	
   

  	
  VIRGINIA
  COMMERCE BANCORP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:
  Peter A Converse

  
	
   

  	
  Title:
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  WILMINGTON
  TRUST COMPANY

  
	
   

  	
   

  	
  AS
  TRUSTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

15Exhibit
4.4

 

The
warrant represented by this certificate, and the securities issuable upon the
exercise of this warrant, have not been registered under the Securities Act of
1933 (the “Act”) or the securities laws of any state (the “State Acts”), and
may not be sold or otherwise transferred (whether or not for consideration) by
the registered holder hereof except upon the issuance to the Company of a
favorable opinion of its counsel and/or submission to the Company of such other
evidence as may be satisfactory to counsel to the Company to the effect that
any such transfer shall not be in violation of the Act and the State Acts.

 

Void after 4:00 p.m. 
Eastern Time, September 24, 2013

 

Warrant to Purchase           
shares of Common Stock at a price of $6.83 per share.

 

WARRANT TO PURCHASE SHARES

 

OF

 

VIRGINIA COMMERCE BANCORP, INC.

 

This is to certify that, FOR VALUE RECEIVED,

 

(hereinafter referred to as the “Holder”) is entitled to purchase,
subject to the provisions of this Warrant, from Virginia Commerce Bancorp, Inc.
(the “Company”) at any time on or after September 24, 2008 and not later
than 4:00 p.m. Eastern Time, on September 24, 2013, at a
purchase price of $6.83 per share (the “Share Price”),                       
(                      )
shares of Common Stock, $1.00 par value, of the Company (the “Shares”). 
The Share Price and number of Shares to be issued upon the exercise of this
Warrant may be adjusted from time to time as hereinafter set forth, and
references to such defined terms shall be as adjusted hereunder.

 

1.                                       Exercise
of Warrant.                                  (a) 
Subject to any limitations imposed herein or by law, this Warrant may be
exercised in whole or in part at any time or from time to time on or after September 24,
2008, or if such date is a day on which banking institutions in the
Commonwealth of Virginia are authorized by law to close, then on the next
succeeding day which shall not be such a day, by presentation and surrender
hereof to the Company with the Purchase Form annexed hereto duly executed
and accompanied by payment of the Share Price for the number of Shares
specified in such form, together with all federal and state taxes applicable
upon such exercise.  The Share Price and other amounts required to be paid
in connection with the exercise of this Warrant may, at the Holder’s election,
be paid in cash (including by check, bank draft or wire transfer), by delivery
of shares of common stock of the Company owned by such owner prior to exercise,
duly endorsed in blank or with endorsed stock powers attached, and otherwise in
form suitable for transfer, valued at such Market Value (as hereinafter
defined) of such shares of common stock, or by a combination of cash and such
shares of common stock, provided however, that at any time when the Company is
not permitted to repurchase, redeem or otherwise acquire shares of its common
stock or other equity securities under applicable law, regulation or under the
terms of any agreement by which the Company or its assets are bound, then cash
payment of the Share Price shall be required. 
For purposes hereof, the “Market Value” of a share of common stock
delivered in payment of all or a portion of the Share Price shall be equal to
the last reported sales price of the common stock on The Nasdaq Stock Market on
the day prior to exercise (or on such other national securities exchange on
which the common stock is traded on such date), or if there were no sales on
such date, the average of the closing bid and closing asked prices on such
date.

 

(b)                                 If
this Warrant should be exercised in part only, the Company, upon surrender of
this Warrant for cancellation, shall execute and deliver a new Warrant
evidencing the right of the Holder to purchase the balance of the Shares
purchasable hereunder.  Upon receipt by the Company of this Warrant at the
office or agency of the Company, in proper form for exercise, the Holder shall
be deemed to be the holder of record of the Shares issuable upon such 

 

 

exercise, notwithstanding that the stock transfer books of the Company
shall then be closed or that certificates representing such Shares shall not
then be actually delivered to the Holder.

 

2.                                       Reservation
of Shares; Shares Fully Paid.              The
Company hereby agrees that at all times there shall be reserved for issuance or
delivery upon exercise of this Warrant such number of Shares as shall be
required for issuance or delivery upon exercise of this Warrant.  The Company further agrees that all Shares
issuable upon exercise of the rights represented by this Warrant, will, upon
issuance in accordance with the provisions hereof, be fully paid and
non-assessable, and free from any taxes, liens and charges in respect of
issuance.

 

3.                                       Fractional
Shares.                                          No
fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant.  Any fraction of a share called for upon any
such exercise hereof, shall be cancelled without the payment of any
consideration or compensation.

 

4.                                       Exchange,
Assignment or Loss of Warrant; Securities Law.                     (a) This Warrant is
exchangeable, without expense, at the option of the Holder, upon presentation
and surrender hereof to the Company, if any, for other Warrants of different
denominations entitling the holder thereof to purchase in the aggregate the
same number of Shares purchasable hereunder.  This Warrant may be sold,
transferred, assigned, or hypothecated (a “Transfer”) without any limitation
other than those expressly imposed or noted herein or necessary to comply with
applicable state and federal securities laws. Any such Transfer shall be made
by surrender of this Warrant to the Company or at the office of its stock
transfer agent, if any, with the Assignment Form annexed hereto duly
executed and funds sufficient to pay any transfer tax; whereupon the Company
shall, without charge, execute and deliver a new Warrant in the name of the
assignee named in such instrument of assignment and this Warrant shall promptly
be cancelled.  This Warrant may be divided or combined with other Warrants
which carry the same rights upon presentation hereof to the office of the
Company or at the office of the stock transfer agent, if any, together with a
written notice specifying the name and denomination in which new Warrants are
to be issued and signed by the holder hereof.  The term “Warrant” as used
herein includes any Warrants issued in substitution for or replacement of this
Warrant, or into which this Warrant may be divided or exchanged.  Upon
receipt by the Company of evidence satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and (in the case of loss, theft or
destruction) of reasonably satisfactory indemnification including a surety
bond, and upon surrender and cancellation of this Warrant, if mutilated, the
Company will execute and deliver a new Warrant of like tenor and date. 
Any such new Warrant executed and delivered shall constitute an additional
contractual obligation on the part of the Company, whether or not the Warrant
so lost, stolen, destroyed, or mutilated shall be at any time enforceable by
anyone.

 

(b)                                 Unless
this Warrant and the Shares shall have been registered under the Securities Act
of 1933, or successor statute, and any applicable state securities laws, or the
Company shall have received a satisfactory opinion of counsel that the legend
hereinafter referred to is otherwise not required, the certificates that will
evidence the Shares issuable upon the exercise of the Warrant, or upon any
Transfer thereof, will be imprinted with conspicuous legends in substantially
the following form:

 

The securities represented by this certificate have
not been registered under the Securities Act of 1933 (the “Act”) or the
securities laws of any state (the “State Acts”), and may not be sold or
otherwise transferred (whether or not for consideration) by the registered
holder hereof except upon the issuance to the Company of a favorable opinion of
its counsel and/or submission to the Company of such other evidence as may be
satisfactory to counsel to the Company to the effect that any such transfer
shall not be in violation of the Act and the State Acts.

 

The Holder, by acceptance hereof, agrees, prior to any
transfer of the Shares or the Warrant, to give written notice to the Company
expressing the desire of the undersigned to effect such transfer and describing
briefly the proposed transfer. Upon receiving such notice, the Company shall
present copies thereof to counsel to the Company and the following provisions
shall apply:

 

(i)  If, in the opinion of such counsel, the
proposed transfer may be effected without registration under the Act and the
State Acts, the Company will promptly thereafter notify the holder thereof,
whereupon such holder shall be entitled to transfer such securities in
accordance with the terms of the notice delivered by such holder to the Company

 

2

 

and upon such further terms and conditions as shall be required by the
Company to assure compliance with the Act and the State Acts; and the Company
will deliver, upon surrender of the certificate representing such securities,
in exchange therefor, a new certificate representing such securities, which new
certificate may not bear a legend of the character set forth above if such
counsel agrees that such legend is no longer required under the Act and the State
Acts.

 

(ii)  If, in the opinion of such counsel, the
proposed transfer may not be effected without registration under the Act and
the State Acts, a copy of such opinion shall be delivered promptly to the
holder who has proposed such transfer, and such proposed transfer shall not be
made unless such registration is then in effect.

 

5.                                       Rights
of the Holder.                                The
Holder shall not, by virtue hereof, be entitled to any rights of a shareholder
in the Company, either at law or equity, and the rights of the Holder are
limited to those expressed in this Warrant and are not enforceable against the
Company except to the extent set forth herein.

 

6.                                       Anti-Dilution
Provisions.

 

(a)                                  Adjustment
of Number of Shares and Price.         In
the event the Company, prior to the expiration of this Warrant by its exercise
or by its terms, issues any shares of its Common Stock as a stock dividend or
subdivides the number of its outstanding shares of Common Stock into a greater
number of shares, then, in either of such events, the number of Shares
purchasable pursuant to this Warrant shall be proportionately increased. 
Conversely, in the event the Company shall reduce the number of outstanding
shares of Common Stock by combining such shares into a smaller number of
shares, then in such case the number of Shares purchasable pursuant to this
Warrant shall be proportionately decreased.  Upon any adjustment in the
number of Shares purchasable, the exercise price per share also shall be
adjusted so that the total purchase price of all Shares purchasable after
adjustment shall be the same as the total price before adjustment.  If the
Company, at any time during the life of this Warrant, shall declare a dividend
payable in cash on its Common Stock and at substantially the same time shall
offer to its shareholders a right to purchase new Common Stock from the
proceeds of such dividend or for an amount substantially equal to the dividend,
for the purpose of this Warrant all Common Stock so issued shall be deemed to
have been issued as a stock dividend.  Any dividend paid or distributed
upon the Common Stock in stock of any other class or securities convertible
into shares of Common Stock shall be treated as a dividend paid in Common Stock
to the extent that shares of Common Stock are issuable upon the conversion
thereof.

 

(b)                                 Determination
of Date of Issue.                         In
case the Company shall take a record of the holders of any Common Stock for the
purpose of entitling them (i) to receive a dividend or other distribution
payable in Common Stock or (ii) to subscribe for or purchase Common Stock,
then such record date shall be deemed to be the date of the issue or sale of
the shares of Common Stock deemed to have been issued or sold upon the
declaration of such dividend or the making of such other distribution or the date
of granting of such right of subscription or purchase, as the case may be.

 

(c)                                  Common
Stock Defined.              Whenever
reference is made in this Section 6 to the issue or sale of shares of
Common Stock, the term “Common Stock” shall mean the Common Stock of the
Company of the class authorized as of the date hereof and any other class of
stock ranking on a parity with such Common Stock.  However, subject to the
provisions of Section 8 hereof, shares issuable upon exercise hereof shall
include only shares of the class designated as Common Stock of the Company as
of the date hereof.

 

(d)                                 Officer’s
Certificate.                                   Whenever
the number of Shares shall be adjusted as required herein, the Company shall
forthwith file in the custody of its Secretary or an Assistant Secretary at its
principal office, and with its stock transfer agent, if any, an officer’s
certificate showing the adjusted number of Shares determined as herein provided
and setting forth in reasonable detail the facts requiring such
adjustment.  Each such officer’s certificate shall be made available at
all reasonable times for inspection by the Holder and the Company shall,
promptly after each such adjustment, deliver a copy of such certificate to the
Holder.

 

7.                                       Notices
to Warrant Holders.                                        So
long as this Warrant shall be outstanding and unexercised (a) if the
Company shall pay any dividend or make any distribution upon the Common Stock
or (b) if the Company shall offer to the holders of Common Stock for
subscription or purchase by them any shares of stock of any class or any other 

 

3

 

rights or (c) if any capital reorganization of the Company,
reclassification of the capital stock of the Company, consolidation or merger
of the Company with or into another corporation, sale, lease or transfer of all
or substantially all of the property and assets of the Company to another
corporation, or a spin-off of assets of the Company shall be effected, then, in
any such case, the Company shall cause to be delivered to the Holder, at least
thirty (30) days prior to the date specified in (x) or (y) below, as
the case may be, a notice containing a brief description of the proposed action
and stating the date on which (x) a record is to be taken for the purpose
of such dividend, distribution or rights, or (y) such reclassification,
reorganization, consolidation, merger, conveyance, lease, or spin-off is to
take place and the date, if any, is to be fixed, as of which the holders of
Common Stock of record shall be entitled to exchange their shares of Common
Stock for securities or other property deliverable upon such reclassification,
reorganization, consolidation, merger, conveyance, or spin-off.

 

8.                                       Reclassification,
Reorganization or Merger.                                                 In
case of any reclassification, capital reorganization or other change of
outstanding shares of Common Stock of the Company (other than a change in par
value, or from par value to no par value, or from Common Stock by way of
dividend or other distribution or of a subdivision or combination), or in the
case of any consolidation or merger of the Company with or into another
corporation (other than merger with a subsidiary in which merger the Company is
the continuing corporation and which does not result in any reclassification,
capital reorganization or other change of outstanding shares of Common Stock of
the class issuable upon exercise of this Warrant) or in case of any sale or
conveyance to another corporation of the property of the Company as an entirety
or substantially as an entirety, the Holder shall thereafter have the right to
purchase upon the exercise hereof the kind and amount of shares of stock and
other securities and property receivable upon such reclassification, capital
reorganization or other change, consolidation, merger, sale or conveyance. 
The foregoing provision of this Section 8 shall similarly apply to
successive reclassifications, capital reorganizations and changes of shares of
Common Stock and to successive consolidations, mergers, sales or
conveyances.  In the event that in any such capital reorganization or
reclassification, consolidation, merger, sale or conveyance, additional shares
of Common Stock shall be issued in exchange, conversion, substitution or
payment, in whole or in part, for or of a security of the Company other than
Common Stock, any such issue shall be treated as an issue of Common Stock
covered by the provisions of Paragraph 6(a) hereof with the amount of the
consideration received upon the issue thereof being determined by the Board of
Directors of the Company, such determination to be final and binding on the
Holder.

 

9.                                       Dissolution.                              If,
at any time prior to the expiration of this Warrant and prior to the exercise
hereof, any dissolution, liquidation or winding up of the Company shall be
proposed, the Company shall cause to be mailed at least 30 days notice by
certified mail to the registered Holder of this Warrant Certificate at his
address as it appears on the books of the Company.  Such notice shall
specify the date as of which holders of record of Common Stock shall
participate in any distribution or shall be entitled to exchange their Common
Stock for securities or other property, deliverable upon such dissolution,
liquidation or winding up, as the case may be; to the end that, during such
period of 30 days, the Holder of this Warrant may exercise this Warrant and
purchase Shares (or other securities substituted therefor as hereinbefore
provided) and be entitled in respect of the securities so purchased to all of
the rights of the other holders of Common Stock of the Company.  In case
of a dissolution, liquidation or winding up of the Company, all purchase rights
under this Warrant shall terminate at the close of business on the date as of
which holders of record of the Common Stock shall be entitled to participate in
a distribution of the assets of the Company in connection with such
dissolution, liquidation or winding up (provided that in no event shall said
date be less than 30 days after completion of service by certified mail of
notice as aforesaid).  Any Warrant not exercised prior to such time shall
be void and no rights shall exist thereunder.  In any such case of
termination of purchase rights, a statement thereof shall be included in the
notice provided for herein.

 

10.                                 Spin-Offs.                                            In
the event the Company spins-off a subsidiary by distributing to the
shareholders of the Company as a dividend or otherwise the stock of the
subsidiary, the Company shall reserve, for the life of the Warrant, shares of
the subsidiary to be delivered to the holders of the Warrants upon exercise
during the 30-day period provided in Section 7 thereof to the same extent
as if they were owners of record of the Warrant Shares on the record date for
payment of the shares of the subsidiary.

 

11.                                 Applicable
Law.       This Warrant shall be
governed by, and construed in accordance with, the laws of the Commonwealth of
Virginia.

 

4

 

	
   

  	
  VIRGINIA
  COMMERCE BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  William K.
  Beauchesne, Treasurer and

  
	
   

  	
   

  	
     Chief
  Financial Officer

  
	
   

  	
   

  
	
  Date: September     ,
  2008

  	
   

  

 

5

 

PURCHASE FORM

 

TO BE EXECUTED UPON EXERCISE OF WARRANT

 

TO: VIRGINIA COMMERCE BANCORP, INC.

 

The undersigned Holder of the within Warrant hereby (1) irrevocably
elects to exercise the right to purchase represented by the within Warrant for,
and to purchase hereunder,
                          shares
of Common Stock which the undersigned is entitled to purchase hereunder, (2) tenders
the full payment thereof called for by the within Warrant, and (3) directs
that the certificates for such shares be issued as set forth below:

 

	
  Name:

  	
   

  
	
   

  
	
  Address:

  	
   

  
	
   

  
	
  Social Security
  Number or other identifying number:

  	
   

  
	
   

  	
   

  
	
  and be delivered
  to the undersigned at:

  	
   

  
	
   

  
	
  and, if said
  number of shares shall not be all the shares purchasable thereunder, that a
  new Warrant for the balance remaining of the shares purchasable under the
  within Warrant be delivered to the undersigned at the address for delivery of
  certificates set forth above.

  
					

 

 

	
   

  	
   

  	
  Signature:

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  Name:

  
					

 

NOTICE

 

The signature to the foregoing Purchase Form must
correspond to the name as written upon the face of the within Warrant in every
particular, without alteration or enlargement or any change whatsoever.

 

 

ASSIGNMENT FORM

 

TO BE EXECUTED UPON TRANSFER OF WARRANT

 

	
  FOR VALUE RECEIVED,

  	
   

  	
  , hereby sells,
  assigns, and transfers to

  
	
   

  	
   

  	
   

  
	
   

  
	
   

  
	
  Soc. Sec. No.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  the within
  Warrant, together with all rights, title and interest therein, and does
  hereby irrevocably constitute and appoints

  
	
   

  
	
  attorney to
  transfer such Warrant on the warrant register of the within named company,
  with full power of substitution.

  
					

 

	
   

  	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  

 

NOTICE

 

The signature to the foregoing assignment must correspond
to the name as written upon the face of the within Warrant in every particular,
without alteration or enlargement or any change whatsoever and should be
guaranteed in a manner acceptable to the Company.

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