Document:

Exhibit 10.1

 Exhibit 10.1 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION
RIGHTS AGREEMENT, dated as of February 1, 2010 (the “Agreement”), is made by and among Union Bankshares Corporation, a Virginia corporation (the “Company”) and the persons and entities listed on the attached
Schedule A to this Agreement. 
 RECITALS 
 WHEREAS, the Company and First Market Bank, FSB, a federally chartered savings bank (“FMB”), have entered into that certain First
Amended and Restated Agreement and Plan of Reorganization, dated as of March 30, 2009 (the “Merger Agreement”), providing for the business combination in which FMB will merge with and into a direct wholly-owned subsidiary of the
Company (the “Merger”) organized to facilitate the transaction (the “Resulting Bank”), and thereafter Union Bank and Trust Company, a direct wholly-owned banking subsidiary of the Company, will merge with and into the Resulting
Bank, at such time as is reasonably practicable after the Merger; 
 WHEREAS, it is a condition to the closing of the Merger
that this Agreement be executed and delivered by the parties hereto and effective on the Effective Date (as defined in the Merger Agreement). 
 NOW, THEREFORE, the parties to this Agreement hereby agree as follows: 
  

	 	1.	Certain Definitions. 

 As
used in this Agreement, the following terms shall have the following meanings: 
 “Affiliate” means with respect to
any Person, any other Person, directly or indirectly controlling, controlled by or under common control with such Person, whether through the ownership of voting securities, by contract or otherwise, and shall include, in the case of any Person that
is a trust or is acting through a nominee, any successor trust or nominee. 
 “Commission” means the Securities and
Exchange Commission or any other federal agency at the time administering the Securities Act. 
 “Common Stock” means
the common stock of the Company, par value $1.33 per share, which may be outstanding from time to time. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 “Holder” means any Markel Stockholder, Ukrop
Stockholder or any assignee described in Section 8(h) hereof. 

 “Markel Stockholders” means Markel Corporation, Affiliates of Markel Corporation
or any director of the Company who was nominated for election to the board by any Markel Stockholder. 
 “Person”
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or any agency or instrumentality thereof. 
 “Prospectus” means the prospectus included in any Registration Statement, as amended or supplemented, including post-effective
amendments, and all material incorporated by reference into such prospectus. 
 “Registration Expenses” means all
expenses incurred by the Company in registering any Registrable Securities under the Securities Act and registering and qualifying such Registrable Securities in any states or other jurisdictions, including, but not limited to, (1) all
registration and filing fees (including with respect to filings required to be made with Financial Industry Regulatory Authority (“FINRA”)); (2) fees and expenses of compliance with securities or blue sky laws (including fees and
disbursements of counsel for the underwriters or Holders in connection with all blue sky qualifications of the Registrable Securities); (3) printing (including expenses of printing certificates for the Registrable Securities in a form eligible
for deposit with Depository Trust Company and of printing prospectuses), messenger, telephone and delivery expenses; (4) fees and disbursements of counsel for the Company, the underwriters and one counsel for the sellers of the Registrable
Securities; (5) fees and disbursements of all independent certified public accountants of the Company (including the expenses of any special audit and “cold comfort” letters required by or incident to such performance); (6) fees
and disbursements of underwriters (excluding discounts, commissions or fees of underwriters, selling brokers, dealer managers or similar securities industry professionals relating to the sale of the Registrable Securities or legal expenses of any
person or entity other than the Company, the underwriters and Holders); (7) fees and expenses of other persons or entities retained by the Company; and (8) fees and expenses associated with any FINRA filing required to be made in
connection with the Registration Statement, including, if applicable, the fees and expenses of any “qualified independent underwriter” (and its counsel) that is required to be retained in accordance with the rules and regulations of FINRA.

 “Registration Statement” means any registration statement of the Company that covers any Registrable Securities
pursuant to the provisions of this Agreement, including the Prospectus, all amendments and supplements to such registration statement (including post-effective amendments) and all exhibits and material incorporated by reference in such registration
statement. 
 “Registrable Securities” means, on any given date, the shares of Common Stock then outstanding which
were issued pursuant to the Merger and which are held by the Holders. 
 “Securities Act” means the Securities Act of
1933, as amended. 
  

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 “Ukrop Stockholders” means Ukrop’s Services, L.C., James E. Ukrop, Robert S.
Ukrop, James E. Ukrop, as Trustee of The Second Amended and Restated James Edward Ukrop Revocable Trust dated as of January 19, 2004, Robert Scott Ukrop, Joseph E. Ukrop, Robert Stephen Ukrop, as Trustee of The Amended and Restated Robert
Stephen Ukrop Revocable Trust dated as of August 25, 2004, Robert S. Ukrop as Trustee of The Trust dated as of December 31, 1976 made by Joseph and Jacquelin Ukrop f/b/o Jeffrey Brown Ukrop, Robert S. Ukrop as Trustee of the Trust dated as
of December 31, 1976 made by Joseph and Jacquelin Ukrop f/b/o Nancy Joseph Ukrop Kantner, Jayne B. Ukrop as Trustee of the Trust dated as of December 30, 1976 made by Robert S. Ukrop f/b/o Jeffrey Brown Ukrop, Jayne B. Ukrop as Trustee of
the Trust dated as of December 30, 1976 made by Robert S. Ukrop f/b/o Nancy Joseph Ukrop Kantner, Robert Stephen Ukrop, Jr., Jacquelin Ukrop Aronson, Jeffrey Brown Ukrop, Nancy Joseph Ukrop Kantner, Ukrop’s Thrift Holdings, Inc.,
Affiliates of any of the foregoing Persons or any director of the Company who was nominated for election to the board by any Ukrop Stockholder. 
  

	 	2.	Required Registration. 

 (a) The Company shall use its best efforts to register as soon as practicable after the date of this Agreement all of the Registrable Securities under the Securities Act on a Form S-3 Registration Statement allowing resales of the
Registrable Securities from time to time by the Ukrop Stockholders, the Markel Stockholders and pledges or donees, if any, of their Registrable Securities and to cause the Registration Statement to be declared effective and to remain effective (the
“Required Registration”). 
 (b) The Company shall exercise its reasonable best efforts to register and qualify the
Registrable Securities covered by the Registration Statement described in this Section 2 in each jurisdiction reasonably requested by each Holder of Registrable Securities included in such registration. 
  

	 	3.	Underwritten Demand Registration. 

 (a) If at any time after the date of this Agreement fifty percent, by shareholdings, of the Ukrop Stockholders or a majority, by shareholdings, of the Markel Stockholders (the “Initiating Holders”) request the Company to register
all or part of their Registrable Securities in connection with a distribution pursuant to an underwriting (an “Underwritten Demand Registration”), the Company shall (x) promptly give written notice of such proposed Underwritten Demand
Registration to all non-Initiating Holders of Registrable Securities, each of which shall have thirty (30) days after delivery of such notice to request the Company to include all or part of his or its Registrable Securities in such
registration, and (y) use its best efforts to register as soon as practicable all Registrable Securities that Holders requested be included in such registration, provided that the Company shall have no such obligation to register any
Registrable Securities pursuant to this Section 3 within the first six (6) months following the effective date of the Required Registration; provided, however, that if an Underwritten Demand Registration is withdrawn by the Majority
Initiating Holders as defined in Section 3(c) below because of a material adverse effect on the business, properties, prospects, assets, liabilities, or condition (financial or otherwise) of the Company not known to them at the time they
requested such registration, such registration shall not constitute an Underwritten Demand Registration for purposes of this Section 3. 
  

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 (b) Notwithstanding anything to the contrary in Section 3(a), the Company shall not be
obligated to take any action to register any Registrable Securities pursuant to a request for an Underwritten Demand Registration if (i) the number of Registrable Securities requested to be registered is less than 15% of the then Registrable
Securities, or (ii) the request to register the Registrable Securities is made within six (6) months of the effective date of another registration of Common Stock with respect to which the Holders had an opportunity to include their
Registrable Securities. 
 (c) In connection with an Underwritten Demand Registration, the Company shall enter into an
underwriting agreement with the managing underwriter or underwriters (the “Underwriter”) selected by Initiating Holders (the “Majority Initiating Holders”) holding a majority of the Registrable Securities that such Holders
requested be registered pursuant to such registration; provided, however, that the Underwriter so selected must be reasonably acceptable to the Company. 
 (d) Notwithstanding anything to the contrary in Section 3, the right of any Holder to participate in an Underwritten Demand Registration shall be conditioned upon such Holder agreeing to
(i) sell any of his or its Registrable Securities included in such registration on the basis provided in any underwriting arrangements approved by the Majority Initiating Holders, and (ii) complete and execute all reasonable
questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 
 (e) If in connection with an Underwritten Demand Registration the Underwriter determines that market factors limit the number of Registrable Securities that can be underwritten, then the number of
Registrable Securities of any holder thereof that can be included in such registration shall be equal to the product of (i) the maximum number of Registrable Securities that the Underwriter estimates can be underwritten in connection with such
registration, and (ii) a fraction, the numerator of which shall equal the number of Registrable Securities that such holder thereof requested be included in such registration, and the denominator of which shall equal the total number of
Registrable Securities that were requested to be included in such registration by all Holders thereof. If the number of Registrable Securities that any Holder requested to be included in an Underwritten Demand Registration is to be reduced as a
result of market factors, the Company shall promptly notify such Holder of any such reduction and the number of Registrable Securities of such Holder that will be included in such registration. 
 (f) If in connection with an Underwritten Demand Registration any Holder disapproves of the terms of the underwriting, such Holder may elect
to withdraw from such underwriting by delivering written notice to the Company, the Underwriter and the Initiating Holders at least seven (7) days prior to the effective date of the Registration Statement. Any Registrable Securities withdrawn
from such underwriting shall also be withdrawn from such registration. 
  

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 (g) In the event of any Underwritten Demand Registration, the Company shall exercise its
reasonable best efforts to register and qualify the Registrable Securities covered by the Registration Statement in each jurisdiction reasonably requested by each Holder of Registrable Securities included in such registration. 
 (h) Notwithstanding anything else contained in this Section 3, the Company’s obligations under this Section 3 to use its
reasonable best efforts to register as soon as practicable all Registrable Securities shall be suspended, at the option of the Company, for a total of not more than sixty (60) days if the Company determines in good faith that an event has
occurred or conditions exist that result or may result in a Registration Statement or Prospectus containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make the statements
therein not misleading (a “Misstatement”). If the Company determines that a Registration Statement or Prospectus contains a Misstatement, the Company will use all reasonable efforts to cause the Registration Statement and the Prospectus to
be amended or supplemented as soon as reasonably possible, so that any Misstatement that triggered the blackout period can be cured and the sale of the Registrable Securities continued as soon as reasonably possible. 
 (i) Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each Holder of
Registrable Securities shall forthwith discontinue disposition of Registrable Securities until the Holder has received copies of the supplemented or amended prospectus that corrects such Misstatement, or until such Holder is advised in writing by
the Company that the use of the Prospectus may be resumed, and, if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s
possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. 
 Notwithstanding anything else contained in this Section 3, the rights granted to Holders of Registrable Securities under this Section 3 may only be exercised two times by each of (i) the Markel Stockholders (collectively) or
(ii) the Ukrop Stockholders (collectively). 
  

	 	4.	Piggyback Registration. 

 (a) If the Company elects or is required to register any sale of the shares of any Common Stock, other than pursuant to Section 3 hereof or other than a Registration Statement filed on Form S-8 or Form S-4 (or any similar or successor
forms issued by the Commission from time to time), the Company shall (i) promptly provide each Holder with written notice of such registration (a “Piggyback Registration”), which notice shall include a list of all jurisdictions in
which the Company intends to register and qualify such Common Stock, and (ii) use its reasonable best efforts to include in such registration all the Registrable Securities requested to be included by any Holder within thirty (30) days
after notice of such registration is delivered to Holders. 
 (b) If the Company intends for the Common Stock being registered
pursuant to any Piggyback Registration to be distributed pursuant to an underwriting (an “Underwritten Piggyback Registration”), the notice provided by the Company to Holders pursuant to Section 4(a) shall state that such registration
will be underwritten. 
  

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 (c) Notwithstanding anything to the contrary in Section 4, the right of any Holder to
participate in an Underwritten Piggyback Registration shall be conditioned upon such Holder agreeing to (i) sell all of its Registrable Securities included in such registration on the basis provided in any underwriting arrangements approved by
the Company, and (ii) complete and execute all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 
 (d) If in connection with any Underwritten Piggyback Registration the Underwriter determines that market factors limit the number of
Registrable Securities that can be underwritten, the number of Registrable Securities of any Holder that can be included in such registration shall be equal to the product of (i) the maximum number of Registrable Securities that the Underwriter
estimates can be underwritten in connection with such registration, and (ii) a fraction, the numerator of which shall equal the number of Registrable Securities that such Holder requested be included in such registration, and the denominator of
which shall equal the total number of Registrable Securities that were requested to be included in such registration by all Holders. If the number of Registrable Securities that any Holder requested be included in an Underwritten Piggyback
Registration is to be reduced as a result of market factors, the Company shall promptly notify such Holder of any such reduction and the number of Registrable Securities of such Holder that will be included in such registration. 
 (e) If in connection with any Underwritten Piggyback Registration any Holder disapproves of the terms of the underwriting, such Holder may
elect to withdraw from such underwriting by delivering written notice to the Company and the Underwriter at least seven (7) days prior to the effective date of the Registration Statement. Any Registrable Securities withdrawn from such
underwriting shall also be withdrawn from such registration. 
 (f) In connection with any Piggyback Registration, the Company
shall exercise its best efforts to register and qualify the Registrable Securities included in such registration in each jurisdiction reasonably requested by each Holder of Registrable Securities included in such registration. 
 (g) Notwithstanding anything else contained in this Section 4, the rights granted under this Section 3 shall terminate on the date
described in Section 3, above. 
 (h) The Company shall have the right to terminate or withdraw any registration initiated
by it under this Section 4 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Company
in accordance with this Agreement. 
  

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	 	5.	Registration Procedures. 

 The Company will keep each Holder of Registrable Securities that are included in any registration advised as to the initiation and completion of such registration. At its expense the Company shall: (a) use its reasonable best efforts
to keep any such registration effective for a period of thirty (30) days or until each Holder has completed its distribution of Registrable Securities covered by such registration, whichever occurs earlier; and (b) furnish the number of
Prospectuses (including preliminary prospectuses) and other documents as any Holder participating in a registration may reasonably request from time to time. 
  

	 	6.	Registration Expenses. 

 Except to the extent otherwise provided in this Agreement, all Registration Expenses incurred in connection with the Required Registration and any Piggyback Registration shall be borne by the Company, whether or not a Registration Statement
becomes effective. All Registration Expenses incurred in connection with an Underwritten Demand Registration or any other registration of Registrable Securities shall be borne by the Holders. 
  

	 	7.	Indemnification. 

 (a) The
Company agrees to indemnify and hold harmless (i) each Holder, and (ii) each person, if any, who controls (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act) such Holder (any of the persons referred to
in this clause (ii) being hereinafter referred to as a “controlling person”), and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any person
referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an (“Indemnified Party”)), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and
expenses (including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, including the reasonable fees and expenses of counsel to any Indemnified Party) (each, a “Liability” and collectively, “Liabilities”) directly or indirectly caused by, related to, based upon, arising out of or in
connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, any Free Writing Prospectus (as defined below), any prospectus, or any preliminary prospectus, or in any such document as
amended or supplemented (if any amendments or supplements thereto shall have been furnished), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as such Liability (x) arises out of or is based upon any such untrue statement or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to any Holder that is
furnished in writing to the Company by such Holder expressly for use in a Registration Statement or any amendment thereto, any prospectus or any supplement thereto, or any preliminary prospectus, (y) arises out of or is based upon offers or
sales effected by the Holder “by means of” (as defined in Securities Act Rule 159A) a “free writing prospectus” (as defined in Securities Act Rule 405) (a “Free Writing Prospectus”) that was not authorized in writing by
the Company, or (z) for any Liability which was caused by the Holder’s failure to deliver or make available to the Holder’s immediate purchaser a copy of the Registration Statement or prospectus or any amendments or supplements
thereto (if the same was required by applicable law to be delivered or made available). 
  

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 In case any action or proceeding (including any governmental or regulatory investigation or
proceeding) shall be brought or asserted against any of the Indemnified Parties with respect to which indemnity may be sought against the Company, such Indemnified Party (or the Indemnified Party controlled by such controlling person) shall promptly
notify the Company in writing (provided, that the failure to give such notice shall not relieve the Company of its obligations pursuant to this Agreement). Such Indemnified Party shall have the right to employ its own counsel in any such action and
the fees and expenses of such counsel shall be paid, as incurred, by the Company (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder), provided, however, that the Company shall
not, in connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable
fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for Indemnified Parties, which firm shall be designated by the Indemnified Parties. The Company shall be liable for any settlement of any
such action or proceeding consented to by the Company, and the Company agrees to indemnify and hold harmless any Indemnified Party from and against any Liability by reason of any settlement of any action consented to by the Company. The Company
shall not, without the prior written consent of each Indemnified Party, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which
indemnification or contribution may be sought under this Section 7 (whether or not any Indemnified Party is a party thereto), unless such settlement, compromise, consent or termination includes an unconditional release of each Indemnified Party
from all liability arising out of such action, claim, litigation or proceeding. 
 (b) Each Holder agrees, severally and not
jointly, to indemnify and hold harmless the Company, and its respective directors, officers, and any person controlling (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act) the Company, and the respective
officers, directors, partners, employees, representatives and agents of each such person, to the same extent as the foregoing indemnity from the Company to each of the Indemnified Parties, but only (x) if such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in conformity with information relating to the Holder furnished in writing to the Company by such Holder expressly for use in such Registration Statement or prospectus or any
amendment or supplement to either thereof, or such preliminary prospectus, (y) for any Liability which arises out of or is based upon offers or sales by such Holder pursuant to a Free Writing Prospectus that was not authorized in writing by the
Company, or (z) for any Liability which was caused by such Holder’s failure to deliver or make available to such Holder’s immediate purchaser a copy of the Registration Statement or prospectus or any amendments or supplements thereto
(if the same was required by applicable law to be delivered or made available); provided that the indemnity provided by such Holder under this Section 7(b) shall be limited in amount to the lesser of (A) such Holder’s allocable
portion (based on the number of Registrable Securities included in the Registration Statement) of the liability for indemnification, and (B) the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to
the Registration Statement. In case any action or proceeding shall be brought against the Company or its directors or officers or any such controlling person in respect of which indemnity may be sought against a Holder, such Holder shall have the
rights and duties given the Company and the Company or its directors or officers or such controlling person shall have the rights and duties given to each Indemnified Party by the preceding paragraph. 
  

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 (c) If the indemnification provided for in this Section 7 is unavailable to an
indemnified party under Section 7(a) or Section 7(b) (other than by reason of exceptions provided in those Sections) in respect of any Liability referred to therein, then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Liabilities in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Holder on the other
in connection with the statements or omissions which resulted in such Liabilities, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnified Party on the other shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Holder and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the Liabilities referred to above shall be deemed to include,
subject to the limitations set forth in the second paragraph of Section 7(a), any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 
 The Company and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 7(c) were determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 7c), no Holder shall be
required to contribute any amount in excess of the amount such Holder would have been required to pay to an Indemnified Party if the indemnification provided in this Section 7 were available. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  

	 	8.	Miscellaneous. 

 (a) This
Agreement constitutes the entire contract among the Company and the Holders relative to the subject matters hereof. Any previous agreement between the Company and the Holders concerning registration rights of Registrable Securities or the right to
obtain information about the Company is superseded by this Agreement. 
 (b) None of the provisions of this Agreement may be
amended, modified or supplemented, and waivers or consents to departures from the provisions thereof may not be given, unless the Company has obtained the written consent of a majority, by shareholdings, of the Markel Stockholders and a majority, by
shareholdings, of the Ukrop Stockholders and provided that a waiver or consent to departure from the provisions of this Agreement that relates exclusively to the rights of Holders whose Registrable Securities are being sold pursuant to a
Registration Statement and that does not directly or indirectly adversely affect the rights of any other Holders may be given by the holders of a majority of the Registrable Securities being sold. Notwithstanding the foregoing, no Holder’s
rights under Section 7 may be adversely affected without the consent of such Holder. 
  

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 (c) This Agreement shall be governed by and construed in accordance with the internal laws
of the Commonwealth of Virginia (without regard to the principles of conflicts of laws thereof). 
 (d) The sole and exclusive
venue for any action arising out of this Agreement shall be a state or federal court situated in the City of Richmond, Virginia, and the parties agree to the personal jurisdiction of such courts. If any legal action or other proceeding is brought
for the enforcement of this Agreement, or because of an alleged dispute, breach, default or misrepresentation in connection with any provision of this Agreement, the successful or prevailing party shall be entitled to recover from the other party
reasonable attorneys’ fees, court costs and expenses, incurred in that action or proceeding, in addition to any other relief to which such party may be entitled. 
 (e) In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
 (f) Any notice required or permitted hereunder shall be given in writing and shall be (as elected by the person giving such notice) hand delivered by messenger or courier service, transmitted by fax, or
mailed by registered or certified mail (postage prepaid), return receipt requested, addressed (i) if to the Company, as set forth below the Company’s name on the signature page of this Agreement, and (ii) if to Holder, at such
Holder’s address as set forth on the counterpart signature page to this Agreement, or at such other address as the Company or such Holder may designate by notice complying with the terms of this Section. Each such notice shall be deemed
delivered (x) on the date delivered, if by messenger or courier service; (y) on the date of the confirmation of receipt, if by fax; and (z) either upon the date of receipt or refusal of delivery, if mailed. 
 (g) The headings of the Sections of this Agreement are for convenience and shall not by themselves determine the interpretation of this
Agreement. 
 (h) The rights granted each Holder pursuant to this Agreement may only be assigned by such Holder to (i) an
Affiliate of the Holder, (ii) to individuals who would be encompassed within the definition of “members of a family” as to the Holder (as the term “members of family” is defined in Section 1361(c)(1)(B) of the Internal
Revenue Code of 1986, as amended), (iii) pursuant to the laws of descent and distribution, or (iv) the legal successor in interest by operation of law. 
 (i) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns. In addition, and whether or not any express
assignment shall have been made, the provisions of this Agreement which are for the benefit of the Holders as such shall be for the benefit of and enforceable by any

  

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subsequent holder of any Registrable Securities, subject to the provisions respecting the minimum numbers or percentages of shares of Registrable Securities required in order to be entitled to
certain rights, or take certain actions, contained herein. 
 (j) This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 [Signature
Pages Follow] 
  

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

			
	UNION BANKSHARES CORPORATION
		
	By:	 	/s/ G. William Beale
		 	G. William Beale
		 	President and Chief Executive Officer

			
		
	Address:	 	
	 211 North Main Street
 Post Office Box 446
 Bowling Green, Virginia 22427-0446
 Telephone: (804) 632-2121
 Facsimile: (804) 633-1800

			
	MARKEL CORPORATION
		
	By:	 	/s/ Richard R. Whitt, III
	Name:	 	Richard R. Whitt, III
	Title:	 	Senior VP and Chief Financial Officer

			
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	/s/ James E. Ukrop
	James E. Ukrop
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	/s/ Robert S. Ukrop
	Robert S. Ukrop
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	/s/ Robert Scott Ukrop
	Robert Scott Ukrop
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	UKROP’S SERVICES, L.C.
		
	By:	 	/s/ James E. Ukrop
	Name:	 	James E. Ukrop
	Title:	 	Manager

			
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	UKROP’S THRIFT HOLDINGS, INC.
		
	By:	 	/s/ James E. Ukrop
	Name:	 	James E. Ukrop
	Title:	 	Chairman of the Board

			
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	 SECOND AMENDED AND RESTATED
JAMES EDWARD UKROP
 REVOCABLE TRUST U/A DATED 1/19/2004

		
	By:	 	/s/ James E. Ukrop
	Name:	 	James E. Ukrop
	Title:	 	Trustee

			
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	/s/ Joseph E. Ukrop
	Joseph E. Ukrop
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	 AMENDED AND RESTATED
 ROBERT STEPHEN UKROP
 REVOCABLE TRUST U/A DATED 8/25/2004

		
	By:	 	/s/ Robert Stephen Ukrop
		 	Robert Stephen Ukrop
		 	Trustee

			
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	 TRUST U/A DATED 12/31/1976
 MADE BY JOSEPH AND JACQUELIN
UKROP F/B/O JEFFREY BROWN UKROP

		
	By:	 	/s/ Robert S. Ukrop
		 	Robert S. Ukrop
		 	Trustee

			
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	 TRUST U/A DATED 12/31/1976
 MADE BY JOSEPH AND JACQUELIN UKROP F/B/O NANCY JOSEPH UKROP KANTNER

		
	By:	 	/s/ Robert S. Ukrop
		 	Robert S. Ukrop
		 	Trustee

			
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	 TRUST U/A DATED 12/30/1976
 MADE BY ROBERT S. UKROP
 F/B/O JEFFREY BROWN UKROP

		
	By:	 	/s/ Jayne B. Ukrop
		 	Jayne B. Ukrop
		 	Trustee

			
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	 TRUST U/A DATED 12/30/1976
 MADE BY ROBERT S. UKROP
 F/B/O NANCY JOSEPH UKROP KANTNER

		
	By:	 	/s/ Jayne B. Ukrop
		 	Jayne B. Ukrop
		 	Trustee

			
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	/s/ Robert Stephen Ukrop, Jr.
	Robert Stephen Ukrop, Jr.
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	/s/ Jacquelin Ukrop Aronson
	Jacquelin Ukrop Aronson
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	/s/ Jeffrey Brown Ukrop
	Jeffrey Brown Ukrop
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

			
	/s/ Nancy Joseph Ukrop Kantner
	Nancy Joseph Ukrop Kantner
		
	Address:	 	 
		
		 	 
		
		 	 
		
	Facsimile:	 	 

 [Signature Page to
Registration Rights Agreement] 

 Schedule A 
 List of Holders 
  

	1.	Markel Corporation 

  

	2.	Those persons and entities identified under the definition of “Ukrop Stockholders” in the Agreement.Exhibit 10.2

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the
“Agreement”) is made as of June 19, 2009, by and between Union Bankshares Corporation, a Virginia corporation (the “Company”), and David J. Fairchild (the “Officer”). 
 WHEREAS, the Company and First Market Bank, FSB, a federally chartered savings bank (“FMB”), have entered into the First Amended
and Restated Agreement and Plan of Reorganization (the “Reorganization Agreement”), under which FMB will merge with and into a direct wholly-owned subsidiary of the Company (the “Merger”) organized to facilitate the transaction
(the “Resulting Bank”), and thereafter Union Bank and Trust Company, a direct wholly-owned banking subsidiary of the Company, will merge with and into the Resulting Bank at such time as is reasonably practicable after the Merger, with the
Resulting Bank being the surviving bank (the “Charter Consolidation”); 
 WHEREAS, the Company and the Officer have
agreed that upon the consummation of the Merger contemplated by the Reorganization Agreement, the Officer shall become an employee of the Company under the terms and conditions set forth herein; and 
 WHEREAS, the Officer is willing to make his services available to the Company on the terms and subject to the conditions set forth herein.

 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties do hereby agree as follows: 
 1. Employment. Conditional upon
consummation of the Merger and the Officer being in the employment of FMB on the effective date of the Merger (the “Merger Date”), and effective at the Merger Date, the Officer shall be employed by the Company on the terms and subject to
the conditions set forth in this Agreement. 
 2. Term of Employment. The term of employment hereunder shall commence on
the Merger Date and will end on the second anniversary of the Merger Date, unless sooner terminated as provided herein (the “Employment Period”). Beginning on the day following the Merger Date, and on each day thereafter, the Employment
Period shall automatically be extended an additional day, unless prior to such extension the Company gives written notice to the Officer that the Employment Period will not thereafter be extended. The last day of the Employment Period, as extended
from time to time, is sometimes referred to as the “Expiration Date.” 

 3. Position and Responsibilities. Commencing upon the Merger Date, the Officer shall
serve as the President of the Company. Subject to the review and approval of the Board of Directors of the Resulting Bank, during the Employment Period and prior to the effective date of the Charter Consolidation, the Officer shall also serve as the
Chief Executive Officer of the Resulting Bank, and during the Employment Period and at and after the effective date of the Charter Consolidation, the Officer shall also serve as the Executive Vice President and Chief Banking Officer of the Resulting
Bank. The Officer shall have the duties, responsibilities, rights, power and authority that may be from time to time delegated or assigned to him by the Boards of Directors of the Company and the Resulting Bank. 
 4. Compensation and Benefits. 
 (a) Base Salary. The Company shall pay the Officer an annual base salary of $265,000 (the “Base Salary”), which will be payable in accordance with the payroll practices of the Company
applicable to all officers. The Base Salary will be reviewed annually by the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) and may be adjusted upward or downward in the sole
discretion of the Board upon the recommendation of the Committee. In no event, however, will the Base Salary be less than $265,000. 
 (b) Annual Bonus. The Officer may be entitled to receive annual cash bonus payments in such amounts as may be determined in accordance with the terms and conditions of the applicable management
incentive plan as may be adopted on an annual basis by the Board upon the recommendation of the Committee. 
 (c)
Stock Compensation. The Officer may be entitled to receive stock awards under the Company’s 2003 Stock Incentive Plan, or any successor plan, in such amounts and subject to such terms and conditions as determined under the applicable
management incentive plan as may be adopted on an annual basis by the Board upon the recommendation of the Committee. 
 (d) Benefits. The Officer will be entitled to participate in and receive the benefits of any pension or other retirement benefit plan, life insurance, profit sharing, employee stock ownership, and other plans, benefits and privileges
of the Company that may be in effect from time to time, to the extent the Officer is eligible under the terms of those plans and programs, provided, however, that the Officer and Company agree that the Officer shall not be eligible to receive or
claim any benefits under the Union Bankshares Corporation Severance Pay Plan, effective as of January 1, 2009, or any successor plan. 
 (e) Business Expenses. The Company will reimburse the Officer or otherwise provide for or pay for all reasonable expenses incurred by the Officer in furtherance of, or in connection with, the
business of the Company, including, but not by way of limitation, travel expenses, country club dues, car allowance, and memberships in professional organizations, subject to such reasonable documentation and other limitations as may be established
by the Board. 
  

 2 

 (f) Vacation. The Officer will be entitled to four weeks of vacation
per year to be taken at such times and intervals as shall be determined by the Officer with the approval of the Company, which approval shall not be unreasonably withheld. 
 (g) Deferred Compensation Benefits. The Company may enter into a deferred compensation arrangement with the Officer to
provide for certain supplemental nonqualified cash benefits in such amounts and on such terms and conditions as the parties may agree. 
 5. Termination and Termination Benefits. Notwithstanding the provisions of Section 2, the Officer’s employment hereunder shall terminate under the following circumstances and shall be subject to the following provisions:

 (a) Death. If the Officer dies while employed by the Company, the Company will continue to pay an
amount equal to the Officer’s then current Base Salary to the Officer’s beneficiary designated in writing to the Company prior to his death (or to his estate, if he fails to make such designation) for six months after the Officer’s
death, with such payments to be made on the same periodic dates as salary payments would have been made to the Officer had he not died. 
 (b) Disability. The Officer’s employment hereunder may be terminated at any time because of the Officer’s inability to perform his duties with the Company on a full time basis for 180
consecutive days or a total of at least 240 days in any twelve month period as a result of the Officer’s incapacity due to physical or mental illness as determined pursuant to the Company’s long term disability policy; provided, however,
that the Company shall provide continued medical insurance in the Company’s health plan for the benefit of the Officer for a period of twelve months after the date of such termination. 
 (c) Termination by the Company for Cause. The Officer’s employment may be terminated at any time without further
liability on the part of the Company or the Resulting Bank effective immediately by written notice to the Officer setting forth in reasonable detail the nature of such Cause. Only the following shall constitute “Cause” for such
termination: 
 (i) continued failure by the Officer, for reasons other than disability, to follow reasonable
instructions or policies of the Board after being advised in writing of such failure, including specific actions or inaction on the part of the Officer and the particular instruction or policy involved, and being given a reasonable opportunity and
period (as determined by the Chief Executive Officer of the Company) to remedy such failure; 
 (ii) gross
incompetence, gross negligence, willful misconduct in office or breach of a material fiduciary duty owed to the Company, the Resulting Bank or any subsidiary or affiliate thereof; 
  

 3 

 (iii) conviction of a felony or a crime of moral turpitude (or a plea of
nolo contendere thereto) or commission of an act of embezzlement or fraud against the Company, the Resulting Bank or any subsidiary or affiliate thereof; 
 (iv) any breach by the Officer of a material term of this Agreement or violation in any material respect of any code or
standard of conduct generally applicable to officers of the Company and the Resulting Bank, including, without limitation, a material failure to perform a substantial portion of his duties and responsibilities hereunder, as established from time to
time by the Board of Directors of the Resulting Bank or the Board, after being advised in writing of such breach, violation, or failure and being given a reasonable opportunity and period (as determined by the Chief Executive Officer of the Company)
to remedy such breach, violation, or failure; 
 (v) dishonesty of the Officer with respect to the Company, the
Resulting Bank or any subsidiary or affiliate thereof; or 
 (vi) the willful engaging by the Officer in conduct
that is demonstrably and materially injurious to the Company or the Resulting Bank, monetarily or otherwise, or any conduct deemed by the Board, to be immoral or which may bring embarrassment or disrepute to the Company, the Resulting Bank and their
respective good names or status. 
 (d) Termination by the Bank without Cause. The Officer’s
employment may be terminated without Cause effective immediately by written notice to the Officer. In the event of termination without Cause, the Officer shall be entitled to the benefits specified in Section 5(f). 
 (e) Termination by the Officer. The Officer may terminate his employment hereunder with or without Good Reason (as
defined below) by written notice to the Board effective thirty days after receipt of such notice by the Board. In the event the Officer terminates his employment hereunder for Good Reason, the Officer shall be entitled to the benefits specified in
Section 5(f). The Officer shall not be required to render any further services to the Company. Upon termination of employment by the Officer without Good Reason, the Officer shall be entitled to no further compensation or benefits under this
Agreement. “Good Reason” shall be (i) the failure by the Company to comply with the provisions of Section 4 or material breach by the Company of any other provision of this Agreement, which failure or breach shall continue for
more than thirty days after the date on which the Board receives notice of such failure or breach from the Officer, (ii) the assignment of the Officer without his consent to a position, responsibilities, or duties of a materially lesser status
or degree of responsibility than his position, responsibilities, or duties at the Merger Date (relating to the Employment Period prior to the effective date of the Charter Consolidation) or at the effective date of the Charter Consolidation
(relating to the Employment Period and at and after the effective date of the Charter Consolidation), as the case may be, other than as a direct result of the change in control of the Company (which is otherwise addressed herein), or (iii) the
requirement by the Company that the Officer be based at any office that is greater than fifty miles from where the Officer’s office is located at the Merger Date. 
  

 4 

 (f) Certain Termination Benefits. In the event of termination by the
Company without Cause and other than for death or disability, or by the Officer with Good Reason, the Officer shall be entitled to the following benefits, subject to the provisions of Section 6(c) (for purposes of this subsection (f), the term
“Company” shall include FMB and the Resulting Bank as may be applicable): 
 (i) Subject to subsection
(iii) below, for a two-year period immediately following the date of termination, the Company shall continue to pay the Officer his Base Salary (not including any bonus other than any unpaid bonus relating to a fiscal year of the Company
completed prior to the date of termination) at the rate 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 the Officer had he not been terminated, provided that if the
Officer is a Key Employee (as defined in subsection (vi)) on the date of termination, he shall not receive any payments until the first day of the seventh month following the date of termination and the first payment shall include six months of
payments and each remaining payment shall equal the same amount the Officer would have received while employed. The Company and the Officer will use their best efforts to accelerate the vesting of any nonvested benefits of the Officer under any
employee stock-based or other benefit plan or arrangement to the extent permitted by the terms of such plan or arrangement. 
 (ii) Subject to subsection (iv) below, for a two-year period immediately following the date of termination, the Officer shall continue to receive medical and life insurance benefits pursuant to plans
made available by the Company to its employees at the expense of the Company to substantially the same extent the Officer received such benefits on the date of termination (it being acknowledged that the post-termination plans may be different from
the plans in effect on the date of termination). For purposes of application of such benefits, the Officer shall be treated as if he had remained in the employ of the Company, with a Base Salary at the rate in effect on the date of termination.

 (iii) During the twelve month period that begins on the first anniversary date of the termination of
employment and ends on the second anniversary date, the Company’s obligation to continue to pay the Base Salary to the Officer pursuant to subsection 5(f)(i) during such second twelve month period shall terminate thirty days after the Officer
obtains full-time employment with another employer that provides an annualized base salary that is at least equal to 75% of the Base Salary being paid by the Company. 
 (iv) The Company’s obligation to provide the Officer with medical and life insurance benefits pursuant to subsection
5(f)(ii) hereof shall terminate in the event the Officer obtains new employment and is eligible to participate in substantially comparable medical and life insurance programs made available to him

  

 5 

 
and similarly situated employees by or through his new employer. If only one type of insurance (e.g., medical) is made available to the Officer and similarly situated employees, the Company will
continue to provide the Officer with the other insurance coverage for the remainder of the two year period or until such type of insurance is made available to him and similarly situated employees by his new employer, whichever occurs sooner.

 (v) During the two-year period following the date of termination, the Officer shall provide the Company with
at least ten days written notice before the starting date of any employment, identifying the prospective employer and its affiliated companies and the job description, including a description of the proposed geographic market area associated with
the new position. The Officer shall notify in writing any new employer of the existence of the restrictive covenants set forth in Section 6 of this Agreement. 
 (vi) For purposes of this Agreement, “Key Employee” shall have the meaning assigned to that term under
Section 409A of the Internal Revenue Code of 1986, as amended, which generally defines a Key Employee as an employee who, with respect to a publicly traded company, is (a) one of the top fifty most highly compensated officers with an
annual compensation in excess of $130,000 (as adjusted from time to time by Treasury Regulations), (b) a five percent owner of the Company, or (c) a one percent owner of the Company with annual compensation in excess of $150,000 (as
adjusted from time to time by Treasury Regulations). 
 6. Covenants of the Officer. 
 (a) Noncompetition. The Officer agrees that during the Employment Period and for a one-year period following the
termination of his employment for any reason during the Employment Period, the Officer will not directly or indirectly, as a principal, agent, employee, employer, investor, 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) in any capacity that includes any of the significant responsibilities held or significant activities engaged in by the Officer on behalf of the Company,
the Resulting Bank and any of its Affiliates (as defined below) during the Employment Period. Notwithstanding the foregoing, the Officer 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 or regional securities exchange or have been registered
under Section 12 of the Securities Exchange Act of 1934. 
 (b) Nonsolicitation. The Officer further
agrees that during the Employment Period and for a two-year period following the termination of his employment for any reason, he will not directly or indirectly: (i) solicit, induce or attempt to solicit or induce any customer or client of the
Company or its Affiliates with whom the Officer had direct contact or whose identity the Officer learned as a result of his

  

 6 

 
employment with the Company or the Resulting Bank, to terminate, diminish, or materially alter in a manner harmful to the Company or the Resulting Bank the relationship of such customer or client
with the Company, the Resulting Bank or its Affiliates; (ii) solicit, induce, encourage, or participate in soliciting, inducing, or encouraging any employee to terminate his or her employment with the Company, the Resulting Bank or any of its
Affiliates; or (iii) hire, employ, or engage in business with or attempt to hire, employ, or engage in business with any person employed by the Company, the Resulting Bank or any of its Affiliates or who has left the employment of the Company,
the Resulting Bank or any of its Affiliates within the preceding three months. 
 (c) Nonrenewal of the
Agreement. In the event the Company elects not to renew this Agreement in accordance with Section 2, the provisions of Sections 6(a) and (b) shall not apply after the Expiration Date, unless the Officer shall otherwise be entitled to
receive payments from the Company as a result of his termination without Cause or for Good Reason pursuant to Section 5(f). 
 (d) Definitions. As used in this Agreement, the term “Competitive Business” means the financial services business, which includes one or more of the following businesses: consumer and
commercial banking, residential and commercial mortgage lending, securities brokerage and asset management, and any other business in which the Company or any of its Affiliates are engaged at the time of termination of the Officer’s employment;
the term “Market Area” means the area within a ten mile radius of any banking office or a loan production office (excluding for purposes of this Agreement an office providing residential mortgage loans) that the Company has established and
is continuing to operate at the time of termination of the Officer’s employment; the term “Affiliate” means a Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, the Company; and the term “Person” means any person, partnership, corporation, company, group or other entity. 
 (e) Confidentiality. During the Employment Period and thereafter, and except as required by any court, supervisory authority or administrative agency or as may be otherwise required by applicable
law, the Officer shall not, without the written consent of a person duly authorized by the Company, disclose to any person (other than his personal attorney, or an employee of the Company or an Affiliate, or a person to whom disclosure is reasonably
necessary or appropriate in connection with the performance by the Officer of his duties as an employee of the Company) or utilize in conducting a business any confidential information obtained by him while in the employ of the Company, unless such
information has become a matter of public knowledge at the time of such disclosure. 
 (f) Acknowledgment;
Enforcement. The covenants contained in this Section 6 shall be construed and interpreted in any proceeding to permit their enforcement to the maximum extent permitted by law. The Officer agrees that the restraints imposed herein are
necessary for the reasonable and proper protection of the Company and its Affiliates, and that each and every one of the restraints is reasonable in respect to length of time, geographic area and activities restricted. If, however, the time,
geographic and/or

  

 7 

 
scope of activity restrictions set forth in this Section 6 are found by an arbitrator or court to be unenforceable because the restrictions are overbroad, the arbitrator or court, as
applicable, is empowered and directed to modify the restriction(s) to the extent necessary to make them enforceable. The Officer further acknowledges that damages at law would not be a measurable or adequate remedy for breach of the covenants
contained in this Section 6 and, accordingly, the Officer agrees to submit to the equitable jurisdiction of any court of competent jurisdiction in connection with any action to enjoin the Officer from violating any such covenants. In any legal,
equitable or arbitration action against the Officer in connection with the enforcement of the covenants included in this Section 6, each party will bear its own costs, including its attorneys’ fees. All the provisions of this
Section 6 will survive termination and expiration of this Agreement. 
 (g) Termination Due to Change in
Control or Disability. Notwithstanding anything to the contrary contained in this Agreement, in the event of a Change in Control of the Company (as such term is defined in that certain Management Continuity Agreement, dated June 19, 2009,
between the Company and the Officer (the “Management Continuity Agreement”)) or the termination of the Officer as a result of his disability as determined pursuant to Section 5(b), the restrictions imposed by Sections 6(a) and
(b) shall not apply to the Officer after he ceases to be employed by the Company. 
 7. Change in Control of the
Company. This Agreement will terminate in the event there is a Change in Control of the Company, and the Management Continuity Agreement, as it may hereafter be amended, will become effective and any termination benefits will be determined and
paid solely pursuant to such Management Continuity Agreement. 
 8. Mitigation; Exclusivity of Benefits. 
 (a) The Officer shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or
otherwise. 
 (b) The specific arrangements referred to herein are not intended to exclude any other benefits
which may be available to the Officer upon a termination of employment with the Company pursuant to employee benefit plans of the Company or otherwise. 
 9. Withholding. All payments required to be made by the Company hereunder to the Officer shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as
the Company may reasonably determine should be withheld pursuant to any applicable law or regulation. 
 10.
Assignability. The Company may assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any corporation, company or other entity with or into which the Company may hereafter merge or consolidate or to which
the Company may transfer all or substantially all of its assets, if in any such case said corporation, company or other entity shall by operation of law or expressly in writing assume all

  

 8 

 
obligations of the Company hereunder as fully as if it had been originally made a party hereto, to the extent that any such transaction does not trigger the operation of Section 6 above. The
Officer may not assign or transfer this Agreement or any rights or obligations hereunder. 
 11. Notices. For the
purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested,
postage prepaid, addressed to the respective addresses set forth below: 
  

			
	 To the Company:
	  	Chairman of the Board
		  	Union Bankshares Corporation
		  	P. O. Box 446
		  	211 North Main Street
		  	Bowling Green, Virginia 22427-0446
		
	 To the Officer:
	  	David J. Fairchild
		  	111 Virginia Street, Suite 200
		  	Richmond, VA 23219

 12. Amendment;
Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Officer and such officer or officers as may be specifically designated by the Board
to sign on their behalf. No waiver by any party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar
or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 13. Entire Agreement. This
Agreement, together with the Management Continuity Agreement, as it may hereafter be amended, entered into between the parties hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof
and supersedes all other prior agreements and understandings, both written and oral, express or implied, with respect to the subject matter of this Agreement and the Management Continuity Agreement including, without limitation, agreements in effect
immediately prior to the Merger. It is further specifically agreed and acknowledged that, except as expressly set forth in this Agreement or in the Management Continuity Agreement, the Officer shall not be entitled to the severance payments or
benefits under any severance or similar plan, program, arrangement or agreement of or with the Company for any cessation of employment occurring while this Agreement is in effect. For purposes of this Agreement, the term “Company”
includes any subsidiaries of the Company. 
 14. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Virginia. 
 15. Nature of Obligations. Nothing contained herein shall
create or require the Company to create a trust of any kind to fund any benefits which may be payable hereunder, and to the extent that the Officer acquires a right to receive benefits from the Company hereunder, such right shall be no greater than
the right of any unsecured general creditor of the Company. 
  

 9 

 16. Headings. The section headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 17. Validity. The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect. 
 18. TARP Capital Purchase Program. The Officer hereby acknowledges and agrees that, for as long as the Company is a participant in
and is subject to the Troubled Asset Relief Program (“TARP”) rules and guidance, with debt or equity held by the U.S. Department of the Treasury (the “Treasury”), the Company will be bound by the executive compensation and
corporate governance requirements of Section 111 of the Emergency Economic Stabilization Act of 2008, as amended, and any and all implementing regulations or guidance issued by the Treasury. The Officer further agrees that despite any contrary
provision within this Agreement, the Board shall have the right to modify, unilaterally and without the Officer’s consent, any of the provisions of this Agreement, including but not limited to reducing the amount of compensation and benefits
provided under Section 4 herein, if in the Board’s sole judgment the modification is necessary to comply with the mandatory application of the Treasury’s rules and guidance governing executive compensation of participants of the TARP
Capital Purchase Program, as such rules and guidance may be supplemented or amended from time to time after the date of this Agreement. The Board’s power under this Section 18 to modify the provisions of this Agreement shall expire when
the Company is no longer a participant in and subject to the TARP Capital Purchase Program rules and guidance. 
 19.
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. 
 (Signatures appear on the following page) 
  

 10 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first above written.

  

			
	UNION BANKSHARES CORPORATION:
		
	By:	 	/s/ G. William Beale
		 	G. William Beale
		 	President and Chief Executive Officer
	
	OFFICER:
	
	/s/ David J. Fairchild
	David J. Fairchild

  

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