Document:

Second Amendment to Senior Subordinated Note Purchase Agreement

 Exhibit 10.2 
 SECOND AMENDMENT TO SENIOR SUBORDINATED 
 NOTE PURCHASE AGREEMENT 
 THIS SECOND AMENDMENT TO SENIOR SUBORDINATED NOTE PURCHASE AGREEMENT (this “Second Amendment”) is entered into as of May 24, 2006 among
(i) The Royal Bank of Scotland PLC (“RBOS”), acting in its capacity as the sole current Lender and as Agent for the Lender pursuant to the hereinafter referenced Note Purchase Agreement; and (ii) Opinion Research Corporation, a
Delaware corporation, MACRO International, Inc., a Delaware corporation, Social and Health Services, Ltd., a Maryland corporation, ORC Holdings, Ltd., an English company, O.R.C. International Ltd., an English company, and any other
“Borrower” party to the Note Purchase Agreement from time to time (the “Borrowers”). Capitalized terms used but not defined herein shall have the respective meanings set forth in the Note Purchase Agreement. 
 W I T N E S S E T H: 
 WHEREAS, Borrowers, Agent and Lender are parties to that certain Senior Subordinated Note Purchase Agreement dated as of July 29, 2005 (as amended
by that certain First Amendment to Senior Subordinated Note Purchase Agreement dated as of January 18, 2006, the “Note Purchase Agreement”); 
 WHEREAS, the Borrowers have requested and the Lenders have agreed to consent to certain proposed revisions to the Borrowers credit facilities with Citizens Bank of Pennsylvania more fully described below, subject to
the terms and conditions set forth herein, including, without limitation, the revision of certain of the financial covenants of the Borrowers set forth in the Note Purchase Agreement. 
 NOW THEREFORE, in consideration of the agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 1. The foregoing recitals are hereby incorporated herein by this
reference and made a part hereof, with the same force and effect as if fully set forth herein. 
 2. Sections 6.15(c) set
forth in the Note Purchase Agreement is hereby deleted in its entirety, and the following substituted in lieu thereof: 
 “(c)
Leverage Ratio. The Borrowers and the Non-Borrower Subsidiaries will maintain on a consolidated basis for each quarter ending during the periods specified below, a Leverage Ratio of not more than the following: 

			
	 Period
	  	Maximum Leverage Ratio
	 April 1, 2006 through September 30, 2006
	  	5.00 to 1.00
	 From October 1, 2006 through September 30, 2007
	  	4.70 to 1.00
	 From and after October 1, 2007
	  	4.50 to 1.00

 For purposes of the foregoing, “Leverage Ratio” shall mean, for each measurement period,
the ratio of the Borrower’s and the Non-Borrower Subsidiaries’ Total Debt to EBITDA. The Leverage Ratio shall be measured on the last day of each fiscal quarter throughout the term of the Loan.” 
 3. Simultaneously with the execution and delivery of this Second Amendment (and as a condition precedent to the effectiveness of this
Second Amendment), the Agent and its counsel shall have received (i) a fully executed copy of that certain Fifth Modification to Business Loan and Security Agreement and Other Loan Documents dated as of May 4, 2004 (as amended, the
“Loan and Security Agreement”), executed by Citizens Bank of Pennsylvania, as agent for certain lender parties thereto and the Borrowers (the “Citizens Modification”), in form and substance satisfactory to the Agent and its
counsel in all respects; and (ii) confirmation that all of the conditions precedent specified in the Citizens Modification have been satisfied or waived. Agent hereby acknowledges and consents to the modifications of the Leverage Ratio as
proposed by the Citizens Modification. 
 4. Simultaneously with the Borrowers’ execution and delivery of this Second
Amendment (and as a condition precedent to the effectiveness of this Second Amendment), the Borrowers shall (a) pay to the Agent, in immediately available funds, all of the Agent’s and Lenders’ costs and expenses associated with this
Second Amendment and the transactions referenced herein or contemplated hereby, including, without limitation, the Agent’s and Lenders’ reasonable legal fees and expenses; and (b) deliver to the Agent the other documents, instruments
and agreements referenced herein. 
 5. The Borrowers hereby represent, warrant, acknowledge and agree that as of the date
hereof (a) all accrued and unpaid interest and fees payable with respect to the Notes due and payable on or prior to the date hereof have been paid; (b) the Notes have a current outstanding principal balance of Twenty Million and No/100
Dollars ($20,000,000.00); (c) after giving effect to the transactions contemplated hereby, there are no set-offs or defenses against and no defaults under the Note Purchase Agreement, any of the Notes or any other Loan Document; (d) after
giving effect to the transactions contemplated hereby, no act, event or condition has occurred which, with notice or the passage of time, or both, would constitute a default under the Note Purchase Agreement, any of the Notes or any other Loan
Document; (e) all of the representations and warranties of the Borrowers 

  

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contained in the Note Purchase Agreement expressly qualified by a “materiality” standard are true and correct in all respects as of the date
hereof, and all of the representations and warranties of the Borrowers contained in the Note Purchase Agreement not expressly qualified by a “materiality” standard are true and correct in all material respects as of the date hereof (except
with respect to those changes in facts and circumstances which are expressly permitted by the terms of the Note Purchase Agreement or to the extent that such representations and warranties expressly relate solely to an earlier date), unless the
Borrowers are unable to remake and redate any such representation or warranty, in which case the Borrowers have previously disclosed the same to the Agent and the Lenders in writing, and such inability does not constitute or give rise to an Event of
Default; and (f) all schedules attached to the Note Purchase Agreement with respect to any particular representation and warranty of the Borrowers set forth in the Note Purchase Agreement (as modified) remain true, accurate and complete, as
updated in writing to the Agent as of the date of this Second Amendment. 
 6. The Borrowers, and their respective
representatives, successors and assigns, hereby jointly and severally, knowingly and voluntarily RELEASE, DISCHARGE, and FOREVER WAIVE and RELINQUISH any and all claims, demands, obligations, liabilities, defenses, affirmative defenses, setoffs,
counterclaims, actions, and causes of action of whatsoever kind or nature, whether known or unknown, which they have, may have, or might have or may assert now or in the future against the Agent and/or the Lender directly or indirectly, arising out
of, based upon, or in any manner connected with any transaction, event, circumstance, action, failure to act, or occurrence of any sort or type, in each case related to, arising from or in connection with the Loan, whether known or unknown, and
which occurred, existed, was taken, permitted, or begun prior to the date hereof (including, without limitation, any claim, demand, obligation, liability, defense, counterclaim, action or cause of action relating to or arising from the grant by the
Borrowers to the Lenders of a security interest in or encumbrance on collateral that is, was or may be subject to, or an agreement by which the Borrowers are bound and which contains, a prohibition on further mortgaging or encumbering the same). The
Borrowers hereby acknowledge and agree that the execution of this Second Amendment by the Agent and the Lenders shall not constitute an acknowledgment of or an admission by the Agent and/or the Lenders of the existence of any such claims or of
liability for any matter or precedent upon which any liability may be asserted. 
 7. Except as expressly set forth herein,
nothing contained in this Second Amendment is intended to or shall otherwise act to nullify, discharge, or release any obligation incurred in connection with the Notes, the Note Purchase Agreement and/or the other Loan Documents or to waive or
release any collateral given by the Borrowers to secure the Notes, nor shall this Second Amendment be deemed or considered to operate as a novation of the Notes, the Note Purchase Agreement or the other Loan Documents. Except to the extent of any
express conflict with this Second Amendment or except as otherwise expressly contemplated by this Second Amendment, all of the terms and conditions of the Notes, the Note Purchase Agreement and the other Loan Documents shall remain in full force

  

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and effect, and the same are hereby expressly approved, ratified and confirmed. In the event of any express conflict between the terms and conditions of the
Notes, the Note Purchase Agreement or the other Loan Documents and this Second Amendment, this Second Amendment shall be controlling and the terms and conditions of such other documents shall be deemed to be amended to conform with this Second
Amendment. 
 8. If any term, condition, or any part thereof, of this Second Amendment, the Note Purchase Agreement or of the
other Loan Documents shall for any reason be found or held to be invalid or unenforceable by any court or governmental agency of competent jurisdiction, such invalidity or unenforceability shall not affect the remainder of such term, provision or
condition nor any other term, provision, or condition of this Second Amendment, the Note Purchase Agreement and the other Loan Documents, and this Second Amendment, the Note Purchase Agreement and the other Loan Documents shall survive and be
construed as if such invalid or unenforceable term, provision or condition had not been contained therein. 
 9. The Borrowers
acknowledge that, at all times prior to and through the date hereof, the Agent and the Lenders have acted in good faith and have conducted themselves in a commercially reasonable manner in its relationship with the Borrowers in connection with this
Second Amendment and in connection with the obligations of the Borrowers to the Agent and the Lenders under the Loan; the Borrowers hereby waiving and releasing any claims to the contrary. 
 10. The Borrowers hereby acknowledge and agree that, from and after the date hereof, all references to the “Note Purchase
Agreement” set forth in any Loan Document shall mean the Note Purchase Agreement, as modified pursuant to this Second Amendment, and that except as expressly modified hereby, the Note Purchase Agreement shall be and remain unchanged and in full
force and effect, and the same is hereby expressly approved, ratified and confirmed. 
 11. The Borrowers acknowledge
(a) that they have participated in the negotiation of this Second Amendment, and no provision of this Second Amendment shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or
judicial authority by reason of such party having or being deemed to have structured, dictated or drafted such provision; (b) that each has had access to an attorney of its choosing in the negotiation of the terms of and in the preparation and
execution of this Second Amendment, and each has had the opportunity to review, analyze, and discuss with its counsel this Second Amendment, and the underlying factual matters relevant to this Second Amendment, for a sufficient period of time prior
to the execution and delivery hereof; (c) that all of the terms of this Second Amendment were negotiated at arm’s length; (d) that this Second Amendment was prepared and executed without fraud, duress, undue influence, or coercion of
any kind exerted by any of the parties upon the others; and (e) that the execution and delivery of this Second Amendment by each of the Borrowers is its free and voluntary act and deed for the purposes contained herein. 
  

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 12. This Second Amendment shall be governed by the laws of the State of New York, and
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 13. This
Second Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall be deemed one and the same instrument. Signature pages may be exchanged by facsimile and each party hereto
agrees to be bound by its facsimile signature. 
 [The Remainder of This Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed and
delivered by their duly authorized officers as of the day and year first above written. 
  

			
	BORROWERS:
	
	 OPINION RESEARCH CORPORATION,
 a Delaware
corporation

		
	By:	 	 /s/ Douglas L. Cox
  

	Name:	 	 Douglas L. Cox
  

	Title:	 	 Secretary
  

  

			
	 MACRO INTERNATIONAL INC.,
 a Delaware corporation

		
	 By:
	 	 /s/ Douglas L. Cox
  

	 Name:
	 	 Douglas L. Cox
  

	 Title:
	 	 Assistant Secretary
  

  

			
	 SOCIAL AND HEALTH SERVICES, LTD.,
 a Maryland
corporation

		
	 By:
	 	 /s/ Kevin P. Croke
  

	 Name:
	 	 Kevin P. Croke
  

	 Title:
	 	 Secretary
  

  

			
	 ORC HOLDINGS, LTD.,
 an English
company

		
	 By:
	 	 /s/ Kevin P. Croke
  

	 Name:
	 	 Kevin P. Croke
  

	 Title:
	 	 Designated Signer
  

 Signature Page to Second Amendment 

			
	 O.R.C. INTERNATIONAL LTD,
 an English
company

		
	By:	 	 /s/ Kevin P. Croke
  

	Name:	 	 Kevin P. Croke
  

	Title:	 	 Designated Signer
  

  

			
	AGENT:
	
	THE ROYAL BANK OF SCOTLAND PLC
		
	By:	 	 /s/ Jose A. Rosado
  

	Name:	 	 Jose A. Rosado
  

	Title:	 	 Vice President
  

  

			
	LENDER(S):
	
	THE ROYAL BANK OF SCOTLAND PLC
		
	By:	 	 /s/ Jose A. Rosado
  

	Name:	 	 Jose A. Rosado
  

	Title:	 	 Vice President
  

 Signature Page to Second AmendmentEmployment Agreement

 Exhibit 10.7.1 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT is made as of the 26th day of April, 2006, by and among Citizens
National Bank (the “Employer”), CNB Bancorp, Inc., a bank holding company incorporated under the laws of the Commonwealth of Virginia (“CNB”) and Jerry R. Bryant, a resident of the Commonwealth of Virginia (the
“Executive”). 
 RECITALS: 
 The Employer desires to employ the Executive as its Vice President and Senior Loan Officer and the Executive desires to accept such employment. 
 In consideration of the mutual agreements hereinafter set forth, the parties hereby agree as follows: 
 1. Definitions. Whenever used in this Agreement, the following terms and their variant forms shall have the meaning set forth below: 
 1.1 “Agreement” shall mean this Agreement and any exhibits incorporated herein together with any amendments hereto made in the
manner described in this Agreement. 
 1.2 “Affiliate” shall mean any business entity which controls the Employer, is
controlled by or is under common control with the Employer. 
 1.3 “Area” shall mean the geographic area within a
fifteen (15) mile radius of the town limits of Windsor, Virginia, the Employer’s primary location. It is the express intent of the parties that the Area as defined herein is the area where the Executive performs services on behalf of the
Employer under this Agreement. 
 1.4 “Business of the Employer” shall mean the business conducted by the Employer,
which is the business of commercial banking.  
 1.5 “Cause” shall mean: 
 1.5.1 With respect to termination by the Employer: 
 (a) A material breach of the terms of this Agreement by the Executive, including, without limitation, failure by the Executive to perform his duties and responsibilities in the manner and to the extent required under this Agreement, which
remains uncured after the expiration of thirty (30) days following the delivery of written notice of such breach to the Executive by the Employer. Such notice shall (i) specifically identify the duties that the Board of Directors of either
the Employer or CNB believes the Executive has failed to perform, and (ii) state the facts upon which such Board of Directors made such determination; 
 (b) Conduct by the Executive that amounts to fraud, dishonesty or willful misconduct in the performance of her duties and responsibilities hereunder; 
 (c) Arrest for, charged in relation to (by criminal information, indictment or otherwise), or conviction of the Executive during the Term of this
Agreement of a crime involving breach of trust or moral turpitude; 
 (d) Conduct by the Executive that amounts to gross and willful
insubordination or inattention to her duties and responsibilities hereunder; or 
 (e) Conduct by the Executive that results in his removal
from his position as an officer or executive of the Employer pursuant to a written order by any regulatory agency with authority or jurisdiction over the Employer. 
 1.5.2 With respect to termination by the Executive, a material diminution in the powers, responsibilities or duties of the Executive hereunder or a material breach of the terms of this Agreement by the Employer, which
remains uncured after the expiration of thirty (30) days following the delivery of written notice of such breach to the Employer by the Executive. 
  

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 1.6 “Change of Control” means any one of the following events: 
 (a) the acquisition by any person or persons acting in concert of the then outstanding voting securities of either CNB or the Employer, if, after the
transaction, the acquiring person(s) owns, controls or holds with power to vote twenty-five percent (25%) or more of any class of voting securities of either CNB or the Employer, as the case may be; 
 (b) within any twelve (12) month period (beginning on or after the Effective Date) the persons who were directors of either CNB or the Employer
immediately before the beginning of such twelve (12) month period (the “Incumbent Directors”) shall cease to constitute at least a majority of such board of directors; provided that any director who was not a director as of the
beginning of such twelve (12) month period shall be deemed to be an Incumbent Director if that director were elected to such board of directors by, or on the recommendation of or with the approval of, at least two-thirds (2/3) of the
directors who then qualified as Incumbent Directors; and provided further that no director whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of directors shall be deemed to be
an Incumbent Director; 
 (c) a reorganization, merger, share exchange combination, or consolidation, with respect to which persons who were
the stockholders of CNB or the Employer, as the case may be, immediately prior to such reorganization, merger, share exchange combination, or consolidation do not, immediately thereafter, own more than fifty percent (50%) of the combined voting
power entitled to vote in the election of directors of the reorganized, merged, combined or consolidated Employer’s then outstanding voting securities; or 
 (d) the sale, transfer or assignment of twenty-five percent (25%) or more of the voting stock of CNB or all or substantially all of the assets of CNB to a party other than the Employer or an affiliate of the
Employer, or the Employer liquidates or dissolves CNB. 
 1.7 “Confidential Information” means data and information
relating to the business of CNB or the Employer (which does not rise to the status of a Trade Secret) which is or has been disclosed to the Executive or of which the Executive became aware as a consequence of or through the Executive’s
relationship to CNB or the Employer and which has value to CNB or the Employer and is not generally known to its competitors. Confidential Information shall not include any data or information that has been voluntarily disclosed to the public by CNB
or the Employer (except where such public disclosure has been made by the Executive without authorization) or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means. 

1.8 “Disability” shall mean the inability of the Executive to perform each of his material duties under this Agreement for the
duration of the short-term disability period under the Employer’s policy then in effect as certified by a physician chosen by the Employer and reasonably acceptable to the Executive. 
 1.9 “Effective Date” shall mean April 29, 2006. 
 1.10 “Employer Information” means Confidential Information and Trade Secrets. 
 1.11 “Initial Term” shall mean that period of time commencing on the Effective Date and running until the earlier of the close of
business on the last business day immediately preceding the first anniversary of the Effective Date or any earlier termination of employment of the Executive under this Agreement as provided for in Section 3. 
 1.12 “Term” shall mean the Initial Term and all subsequent renewal periods. 
 1.13 “Trade Secrets” means Employer information including, but not limited to, technical or nontechnical data, formulas,
patterns, compilations, programs, devices, methods, techniques, drawings, processes, financial data, financial plans, product plans or lists of actual or potential customers or suppliers which: 
 (a) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons
who can obtain economic value from its disclosure or use; and 
 (b) is the subject of efforts that are reasonable under the circumstances to
maintain its secrecy. 
 2. Duties. 
 2.1 Position. The Executive is employed as Vice President and Senior Loan Officer and, subject to the direction of the Board of Directors of CNB or the Employer or its designee(s), shall perform and discharge well and
faithfully the duties which may be assigned to him from time to time by CNB or the Employer in connection with the conduct of its business. The current duties and responsibilities of the Executive are set forth on Exhibit A attached
hereto, which may be changed at any time by the Employer. 
 2.2 Full-Time Status. In addition to the duties and
responsibilities specifically assigned to the Executive pursuant to Section 2.1 hereof, the Executive shall:
  

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 (a) devote substantially all of his time, energy and skill during regular business hours to the
performance of the duties of his employment (reasonable vacations and reasonable absences due to illness excepted) and faithfully and industriously perform such duties; 
 (b) diligently follow and implement all reasonable and lawful management policies and decisions communicated to him by the Board of Directors of either CNB or the Employer; and 
 (c) timely prepare and forward to the Board of Directors of either CNB or the Employer all reports and accountings as may be requested of the Executive.

 2.3 Permitted Activities. The Executive shall devote his entire business time, attention and energies to the Business of the
Employer and shall not during the Term be engaged (whether or not during normal business hours) in any other business or professional activity, whether or not such activity is pursued for gain, profit or other pecuniary advantage; but this shall not
be construed as preventing the Executive from: 
 (a) investing his personal assets in businesses which (subject to clause (b) below) are
not in competition with the Business of the Employer and which will not require any services on the part of the Executive in their operation or affairs and in which his participation is solely that of an investor; 
 (b) purchasing securities in any corporation, the securities of which are regularly traded provided that such purchase shall not result in his
collectively owning beneficially at any time five percent (5%) or more of the equity securities of any business in competition with the Business of the Employer; and 
 (c) participating in civic and professional affairs and organizations and conferences, preparing or publishing papers or books or teaching so long as the Board of Directors of either CNB or the Employer approves in
writing of such activities prior to the Executive’s engaging in them. 
 3. Term and Termination. 
 3.1 Term. This Agreement shall remain in effect for the Term. While this Agreement remains in effect, at the end of the Initial Term, the
Agreement will be renewable for one (1) year periods thereafter, unless either the Executive or the Employer provides sixty (60) days prior written notice of their intent to terminate this Agreement. 
 3.2 Termination. During the Term, the employment of the Executive under this Agreement may be terminated only as follows: 
 3.2.1 By the Employer: 
 (a) For Cause, upon
a vote of at least fifty-one percent (51%) of the Employer’s Board of Directors, and upon written notice to the Executive pursuant to Section 1.5.1 hereof, in which event the Employer shall have no further obligation to the Executive
except for payment of any Base Salary due and owing under Section 4.1 on the effective date of termination and reimbursement under Section 4.5 of expenses incurred as of the effective date of termination; 
 (b) Without Cause at any time, provided that the Employer shall give the Executive thirty (30) days’ prior written notice of its intent to
terminate, in which event, and upon execution of a full and final release from Executive, the Employer shall be required to continue to meet its obligation to the Executive under Section 4.1 for a period of ninety (90) days from the date
of termination of this Agreement. Non-renewal of this Agreement, however, does not constitute termination without cause; or 
 (c) Upon the
Disability of Executive at any time, provided that the Employer shall give the Executive thirty (30) days’ prior written notice of its intent to terminate, in which event, and upon execution of a full and final release from Executive, the
Employer shall be required to continue to meet its obligation to the Executive under Section 4.1 for six (6) months following the termination or until the Executive begins receiving payments under the Employer’s long-term disability
policy, whichever occurs first. 
 (d) In the event that the primary regulator for the Employer or CNB raises an objection to the
Executive’s service as Vice President and Senior Loan Officer of either the Employer or CNB pursuant to which the regulator requires the Executive’s removal from his position as Vice President and Senior Loan Officer, in which event the
Employer shall have no further obligation to the Executive except for payment of any Base Salary due and owing under Section 4.1 on the effective date of termination and reimbursement under Section 4.5 of expenses incurred as of the
effective date of termination. 
  

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 3.2.2 At any time upon mutual, written agreement of the parties, in which event the Employer shall have
no further obligation to the Executive except for payment of any Base Salary due and owing under Section 4.1 on the effective date of termination and reimbursement under Section 4.5 of expenses incurred as of the effective date of
termination. 
 3.2.3 Notwithstanding anything in this Agreement to the contrary, the Term shall end automatically upon the Executive’s
death, in which event the Employer shall have no further obligation to the Executive’s estate except for payment of any Base Salary due and owing under Section 4.1 on the effective date of termination and reimbursement under
Section 4.5 of expenses incurred as of the effective date of termination. 
 3.3 Change of Control. If there shall occur a change
of control of CNB or the Employer (“Change of Control”), the Executive may be assigned such other duties or responsibilities as would be reasonably equivalent under the circumstances and acceptable to the Executive in her reasonable
discretion. During the first six (6) months following the effective date of a Change of Control but not after, Executive may be “terminated without cause due to a Change of Control.” Alternatively, if Executive is retained but not
given reasonably equivalent duties and responsibilities, he may resign within six (6) months of the effective date of the Change of Control expressly citing this reason in a written resignation. If Executive has been terminated other than For
Cause due to a Change of Control, Executive shall receive, in lieu of any payments pursuant to Section 3.2, and upon execution of a full and final release by Executive, a one (1) time payment of 1.00 times the annual base compensation
currently being provided to Executive pursuant to this Agreement. If the aggregate present value (determined as of the date of the Change of Control in accordance with the provisions of Section 280G of the Internal Revenue Code of 1986, as
amended (the “Code”)) of the severance payment as described in this Section 3.3 and all other payments to the Executive in the nature of compensation which are contingent on a change in ownership or effective control of the Employer
or CNB or in the ownership of a substantial portion of the assets of the Employer or CNB (the “Aggregate Severance”) would result in a “parachute payment,” as defined under Section 280G of the Code, then the Aggregate
Severance shall not be greater than an amount equal to 1.00 multiplied by Executive’s “base amount” for the “base period,” as those terms are defined under Section 280G of the Code. In the event the Aggregate Severance
is required to be reduced pursuant to this Section 3.3, the Executive shall be entitled to determine which portions of the Aggregate Severance are to be reduced so that the Aggregate Severance satisfies the limit set forth in the preceding
sentence. Notwithstanding any provision in this Agreement, if the Executive may exercise his right to terminate employment under this Section 3.3, the Executive may choose which provision shall be applicable. 
 3.4 Effect of Termination. Upon termination of the Executive’s employment hereunder for any reason, the Employer shall have no further
obligation to the Executive or the Executive’s estate with respect to this Agreement, except for: (i) the payment of any Base Salary due and owing under Section 4.1 on the effective date of termination of employment;
(ii) reimbursement under Section 4.5 of expenses incurred as of the effective date of termination of employment; (iii) and any payments due and owing to the Executive under Sections 3.2.1(b) or (c), Section 3.2.2, or
Section 3.3, as applicable. 
 4. Compensation. The Executive shall receive the following salary and benefits during the Term, except as
otherwise provided below: 
 4.1 Base Salary. The Executive shall be compensated at a base rate of $84,527.97 per year (the
“Base Salary”), which shall be paid in equal bi-weekly installments. The obligation for payment of Base Salary shall be apportioned between the Employer and CNB as they may agree from time to time in their sole discretion. The
Executive’s Base Salary shall be reviewed by the Board of Directors of CNB and the Employer at least annually, and the Executive shall be entitled to receive annually an increase in such amount, if any, as may be determined by the sole
discretion of the Board of Directors of CNB or the Employer based on its evaluation of the Executive’s performance. 
 4.2
Incentive Compensation. The Executive shall be eligible to receive an annual cash bonus if, in the sole and exclusive discretion of the Board of Directors, CNB achieves certain performance levels to be established by the Board of
Directors from time to time (the “Bonus Plan”). 
 4.3 Stock Options. In its sole and exclusive discretion, the
Employer may grant to the Executive options to purchase a number of shares of the Employer’s common stock. If granted, the options will be issued by the Employer pursuant to the Employer’s stock incentive plan and subject to the terms of a
related stock option agreement, including any vesting schedule. 
 4.4 Business Expenses. The Employer specifically agrees to
reimburse the Executive for reasonable and necessary business (including travel) expenses incurred by his in the performance of his duties hereunder, as approved by the Board of Directors of either CNB or the Employer, provided, however, that the
Executive shall, as a condition of reimbursement, submit verification of the nature and amount of such expenses in accordance with reimbursement policies from time to time adopted by the Employer and in sufficient detail to comply with rules and
regulations promulgated by the Internal Revenue Service. 
  

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 4.5 Vacation. In accordance with the Employer’s policies, the Executive shall be
entitled to four (4) weeks of vacation in each successive twelve (12) month period during the Term, during which his compensation shall be paid in full. The Executive may not take vacation in more than two (2) week increments at any
time. 
 4.6 Benefits. In addition to the benefits specifically described in this Agreement, the Executive shall be entitled to
such benefits as may be available from time to time to executives of the Employer similarly situated to the Executive. All such benefits shall be awarded and administered in accordance with the Employer’s standard policies and practices. Such
benefits may include, by way of example only, profit-sharing plans, retirement or investment funds, dental, health, life and disability insurance benefits and such other benefits as the Employer deems appropriate. 
 4.7 Withholding. The Employer may deduct from each payment of compensation hereunder all amounts required to be deducted and withheld in
accordance with applicable federal and state income tax, FICA and other withholding requirements. 
 5. Employer Information. 
 5.1 Ownership of Employer Information. All Employer Information received or developed by the Executive while employed by the Employer will
remain the sole and exclusive property of the Employer. 
 5.2 Obligations of the Executive. The Executive agrees: 

(a) to hold Employer Information in strictest confidence; 
 (b) not to use, duplicate, reproduce, distribute, disclose or otherwise disseminate Employer Information or any physical embodiments of Employer Information; and 
 (c) in any event, not to take any action causing or fail to take any action necessary in order to prevent any Employer Information from losing its
character or ceasing to qualify as Confidential Information or a Trade Secret. 
 In the event that the Executive is required by law to
disclose any Employer Information, the Executive will not make such disclosure unless (and then only to the extent that) the Executive has been advised by independent legal counsel that such disclosure is required by law and then only after prior
written notice is given to the Employer when the Executive becomes aware that such disclosure has been requested and is required by law. With respect to Confidential Information, this Section 5 shall survive for a period of twelve
(12) months following termination of this Agreement for any reason. With respect to Trade Secrets, this Section 5 shall survive termination of this Agreement for any reason for so long as is permitted by applicable law, but at least for a
period of twelve (12) months following termination of this Agreement for any reason. 
 5.3 Delivery upon Request or
Termination. Upon request by the Employer, and in any event upon termination of her employment with the Employer, the Executive will promptly deliver to the Employer all property belonging to the Employer, including, without limitation, all
Employer Information then in her possession or control. 
 6. Non-Competition. The Executive agrees that during his employment by the Employer
hereunder and, in the event of his termination: 
  

	 	•	 	by the Employer for Cause pursuant to Section 3.2.1(a), 

  

	 	•	 	by the Employer without Cause pursuant to Section 3.2.1(b); 

  

	 	•	 	by the Employer pursuant to Section 3.2.1(d); or 

  

	 	•	 	by the Employer or the Executive in connection with a Change of Control pursuant to Section 3.3, 

 for a period of six (6) months from the date of termination of this Agreement for any reason, she will not within the Area, directly or indirectly, engage in or provide services substantially similar to those
services Executive provided for either the Employer or CNB on behalf of himself or behalf of any other credit union, bank or other financial institution engaging in the Business of the Employer. 
 7. Non-Solicitation of Customers. The Executive agrees that during his employment by the Employer hereunder and, in the event of his termination:

  

	 	•	 	by the Employer for Cause pursuant to Section 3.2.1(a), 

  

	 	•	 	by the Employer without Cause pursuant to Section 3.2.1(b); 

  

	 	•	 	by the Employer pursuant to Section 3.2.1(d); or 

  

	 	•	 	by the Employer or the Executive in connection with a Change of Control pursuant to Section 3.3, 

  

 20 

 for a period of one (1) year from the date of termination of this Agreement for any reason, he will not, on his own
behalf or in the service of or on behalf of others, solicit, divert or appropriate or attempt to solicit, divert or appropriate, any business from any of the Employer’s or CNB’s customers, including prospective customers actively sought by
the Employer or CNB, with whom the Executive has or had material contact during the last one (1) year of his employment, for purposes of providing products or services that are competitive with those provided by the Employer or CNB. 

8. Non-Solicitation of Employees. The Executive agrees that during his employment by the Employer hereunder and, in the event of his termination:

  

	 	•	 	by the Employer for Cause pursuant to Section 3.2.1(a), 

  

	 	•	 	by the Employer without Cause pursuant to Section 3.2.1(b); 

  

	 	•	 	by the Employer pursuant to Section 3.2.1(d); or 

  

	 	•	 	by the Employer or the Executive in connection with a Change of Control pursuant to Section 3.3, 

 for a period of one (1) year from the date of termination of this Agreement for any reason, he will not, on his own behalf or in the service of or on behalf of others, solicit, recruit or hire away or attempt to
solicit, recruit or hire away, any employee of the Employer or its Affiliates to another person or entity providing products or services that are competitive with the Business of the Employer, regardless if such employee is a full-time, part-time or
temporary employee of the Employer or its Affiliates, such employment is pursuant to written agreement, for a determined period or is at will. 
 9.
Remedies. The Executive agrees that the covenants contained in Sections 5 to 8 of this Agreement are of the essence of this Agreement; that each of the covenants is reasonable and necessary to protect the business, interests and
properties of the Employer, and that irreparable loss and damage will be suffered by the Employer should he breach any of the covenants. Therefore, the Executive agrees and consents that, in addition to all the remedies provided by law or in equity,
the Employer shall be entitled to a temporary restraining order and temporary and permanent injunctions to prevent a breach or contemplated breach of any of the covenants. The Employer and the Executive agree that all remedies available to the
Employer or the Executive, as applicable, shall be cumulative. 
 10. Severability. The parties agree that each of the provisions included in
this Agreement is separate, distinct and severable from the other provisions of this Agreement and that the invalidity or unenforceability of any Agreement provision shall not affect the validity or enforceability of any other provision of this
Agreement. Further, if any provision of this Agreement is ruled invalid or unenforceable by a court of competent jurisdiction because of a conflict between the provision and any applicable law or public policy, the provision shall be redrawn to make
the provision consistent with and valid and enforceable under the law or public policy. 
 11. No Set-Off by the Executive. The existence of
any claim, demand, action or cause of action by the Executive against the Employer, or any Affiliate of the Employer, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement by the Employer of any of
its rights hereunder. 
 12. Notice. All notices and other communications required or permitted under this Agreement shall be in writing and
shall be delivered by hand or, if mailed, shall be sent via the United States Postal Service, certified mail, return receipt requested, or by overnight courier. All notices hereunder may be delivered by hand or overnight courier, in which event the
notice shall be deemed effective as of five (5) days of mailing. All notices and other communications under this Agreement shall be given to the parties hereto at the following addresses: 
  

	 	(i)	If to the Employer, to it at: 

 Citizens National
Bank. 
 11407 Windsor Boulevard 
 P.O. Box 100 
 Windsor, VA 23487 
 Attention: President & CEO 
  

	 	(ii)	If to the Executive, to him at: 

 Jerry R. Bryant

 301 Meadow Lane 
 Franklin,
VA 23851 
 Any party hereto may change his or its address by advising the others, in writing, of such change of address. 
 13. Binding Effect and Assignment. This Agreement will be binding and inure to the benefit of each of the parties and their successors. Employer may assign
this Agreement, subject to the provisions of this Section 13, and such assignee shall then acquire all the rights and obligations of Employer hereunder. 
  

 21 

 14. Waiver. A waiver by one party to this Agreement of any breach of this Agreement by the other party to
this Agreement shall not be effective unless in writing, and no waiver shall operate or be construed as a waiver of the same or another breach on a subsequent occasion. 
 15. Arbitration. Except for injunctive relief sought to enforce an ongoing violation resulting in irreparable harm, any civil controversy or claim arising out of or relating to this contract, or the
breach thereof, shall be settled by mediation and/or arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association. If arbitration is used, the arbitrator shall not have the authority to modify this
Agreement or to award punitive damages. The arbitration shall occur at a mutually convenient location or if none can be agreed upon, in the City of Norfolk, Virginia. Judgment upon the award rendered by the arbitrator may be entered only in the Isle
of Wight Circuit Court or the United States District Court for the Eastern District of Virginia. The Employer agrees to pay all fees and expenses associated with the arbitration proceedings. 
 Executive must initial here:              
 16. Attorneys’ Fees. In the event that the parties have complied with this Agreement with respect to arbitration of disputes and litigation ensues
between the parties concerning the enforcement of an arbitration award, the party prevailing in such litigation shall be entitled to receive from the other party all reasonable costs and expenses as permissible by law, including without limitation
attorneys’ fees, incurred by the prevailing party in connection with such litigation, and the other party shall pay such costs and expenses to the prevailing party promptly upon demand by the prevailing party.  
 17. Applicable Law. This Agreement shall be construed and enforced under and in accordance with the laws of the Commonwealth of Virginia. 
 18. Interpretation. Words importing any gender include all genders. Words importing the singular form shall include the plural and vice versa. The terms
“herein,” “hereunder,” “hereby,” “hereto,” “hereof” and any similar terms refer to this Agreement. Any captions, titles or headings preceding the text of any article, section or subsection herein are
solely for convenience of reference and shall not constitute part of this Agreement or affect its meaning, construction or effect. 
 19. Entire
Agreement. This Agreement embodies the entire and final agreement of the parties on the subject matter stated in this Agreement. No amendment or modification of this Agreement shall be valid or binding upon the Employer or the Executive
unless made in writing and signed by both parties. All prior understandings and agreements relating to the subject matter of this Agreement are hereby expressly terminated. 
 20. Rights of Third Parties. Nothing herein expressed is intended to or shall be construed to confer upon or give to any person, firm or other entity, other than the parties hereto and their permitted
assigns, any rights or remedies under or by reason of this Agreement. 
 21. Survival. The obligations of the Executive pursuant to Sections 5,
6, 7, 8 and 9 shall survive the termination of the employment of the Executive hereunder for the period designated under each of those respective Sections. 
 22. Joint and Several. The obligations of CNB and the Employer to Executive hereunder shall be joint and several. 
 23.
Counterparts. This Agreement may be executed in counterparts, together which shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the Employer and the Executive have executed and delivered this Agreement as of the date first shown above. 
  

			
	THE EMPLOYER:
	
	CITIZENS NATIONAL BANK
		
	By:	 	 /s/ Robert E. Spencer, Jr.

	Print Name:	 	Robert E. Spencer, Jr.
	Title:	 	Chief Executive Officer
	
	THE EXECUTIVE:
	
	 /s/ Jerry R. Bryant
 Jerry R. Bryant

  

 22

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