Document:

Exhibit 10.4

 

EXECUTIVE EMPLOYMENT AGREEMENT

for

Dr. Srinivasan Venkateshwaran

 

This Executive Employment
Agreement (the “Agreement”), made between Lipocine Inc. (the “Company”) and Dr. Srinivasan
Venkateshwaran (“Executive”) (collectively, the “Parties”), is effective as of January 7,
2014.

 

WHEREAS, the
Company desires for Executive to provide services to the Company; and

 

WHEREAS, Executive
is willing to perform services for the Company on the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE,
in consideration of the mutual promises and covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows:

 

		1.	Employment by the Company.

 

1.1.        Position.
Executive shall serve as the Company’s Chief Technology Officer and Vice President of Research and Development. During the
term of Executive’s employment with the Company, Executive will devote substantially all of Executive’s business time
and attention to the business of the Company, except for approved vacation periods and reasonable periods of illness or other incapacities
permitted by the Company’s general employment policies.

 

1.2.        Duties
and Location. Executive shall perform such duties as are required by the Company’s Chief Executive Officer, to whom Executive
will report. Executive’s primary office location shall be the Company’s offices located in Salt Lake City, Utah. The
Company reserves the right to reasonably require Executive to perform Executive’s duties at places other than Executive’s
primary office location from time to time, and to require reasonable business travel.

 

1.3.        Policies
and Procedures. The employment relationship between the Parties shall be governed by the general employment policies and practices
of the Company, except that when the terms of this Agreement differ from or are in conflict with the Company’s general employment
policies or practices, this Agreement shall control.

 

		2.	Compensation.

 

2.1.        Salary.
For services to be rendered hereunder, Executive shall initially receive a base salary at the rate of Two Hundred Thirty-Seven
Thousand Five Hundred and Forty-Four Dollars ($237,544) per year (the “Base Salary”), subject to standard payroll
deductions and withholdings payable in accordance with the Company’s regular payroll schedule.

 

    	 

    	 

    

 

2.2.        Bonus.
Executive will be eligible for an annual discretionary bonus of up to Twenty Percent (20%) of Executive’s Base Salary or
such higher amount as may be determined by the Company’s Board of Directors (“Board”) (or compensation
committee thereof) from time to time. Whether Executive receives an annual bonus, and the amount of any such annual bonus, will
be determined by the Board in its sole discretion based upon the Company’s and Executive’s achievement of objectives
and milestones to be determined on an annual basis by the Board. Bonuses are generally paid by March 15 following the applicable
bonus year, and Executive must be an active employee on the date any Annual Bonus is paid in order to earn any such Annual Bonus.
Executive will not be eligible for, and will not earn, any Annual Bonus (including a prorated bonus) if Executive’s employment
terminates for any reason before the date Annual Bonuses are paid except as agreed to in Section 3.2.

 

2.3.        Standard
Company Benefits. Executive shall be entitled to participate in all employee benefit programs for which Executive is eligible
under the terms and conditions of the benefit plans that may be in effect from time to time and provided by the Company to its
employees. The Company reserves the right to cancel or change the benefit plans or programs it offers to its employees at any time.

 

2.4.        Expenses.
The Company will reimburse Executive for reasonable travel, entertainment or other expenses, including cellular phone, incurred
by Executive in furtherance or in connection with the performance of Executive’s duties hereunder, in accordance with the
Company’s expense reimbursement policy as in effect from time to time.

 

2.5.        Other.
The Company has D&O insurance coverage and will specifically name Executive as a covered employee under that policy. The Company
will also enter into its standard Indemnification Agreement with Executive.

 

		3.	Termination of Employment; Severance.

 

3.1.        At-Will
Employment. Executive’s employment relationship is at-will. Either Executive or the Company may terminate the employment
relationship at any time, with or without Cause or advance notice. Upon termination for any reason, Executive shall receive (i) all
unpaid salary and unpaid vacation accrued through the separation date; (ii) any payments/benefits to which the Executive is
entitled under the express terms of any applicable Company employee benefit plan; and (iii) any unreimbursed valid business
expenses for which the Executive has submitted properly documented reimbursement requests. Executive’s right to payment under
any then outstanding equity awards shall be governed by their applicable terms.

 

3.2.        Termination
Without Cause; Resignation for Good Reason.

 

(i)          The
Company may terminate Executive’s employment with the Company at any time without Cause (as defined below). Further, Executive
may resign at any time for Good Reason (as defined below).

 

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(ii)         In
the event Executive’s employment with the Company is terminated by the Company without Cause, or Executive resigns for Good
Reason, then provided such termination constitutes a “separation from service” (as defined under Treasury Regulation
Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”),
and provided that Executive remains in compliance with the terms of this Agreement and satisfies the requirements set forth in
Section 4, then Executive shall receive the following severance benefits:

 

(a)          Severance
(the “Severance”) in an amount equal to the sum of the following:

 

(1)         Twenty-six
weeks of Base Salary as in effect immediately prior to the separation date; and

 

(2)         An
amount equal to the product of (A)  twenty-six, multiplied by (B) Executive’s Base Salary as in effect immediately
prior to the separation date divided by fifty-two, multiplied by (C) Executive’s annual bonus percentage target as in
effect immediately prior to the separation date.

 

The Severance shall
be subject to standard payroll deductions and withholdings, and payable in a lump-sum on the 60th day following Executive’s
Separation from Service.

 

(b)          If
Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s group health
plans following such termination, then the Company shall pay the COBRA premiums necessary to continue Employee’s and his
covered dependents’ health insurance coverage in effect for himself on the termination date twenty-six weeks, with such payments
to cease in the event Executive becomes eligible for health insurance coverage in connection with new employment or Executive ceases
to be eligible for COBRA continuation coverage for any reason. Notwithstanding the foregoing, if at any time the Company determines
that its payment of COBRA premiums on Executive’s behalf would result in a violation of applicable law (including, without
limitation, Section 2716 of the Public Health Service Act), then in lieu of paying COBRA premiums pursuant to this Section,
the Company shall pay Executive on the last day of each remaining month of the payment period, a fully taxable cash payment equal
to the COBRA premium for such month, subject to applicable tax withholding, to be made without regard to Executive’s payment
of COBRA premiums.

 

(c)          The
exercise period for all of Executive’s equity interests in the Company shall, to the extent permitted under the Amended and
Restated 2011 Equity Incentive Plan or other applicable plan document, be extended so that such period terminates upon the later
of either (1) three years following the Executive’s last day of employment, or (2) the exercise period set forth
under the Amended and Restated 2011 Equity Incentive Plan, other applicable plan document or applicable option agreement. This
paragraph (d) shall operate as an amendment of any applicable option or option agreement.

 

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(iii)        If
Executive’s termination without Cause or resignation for Good Reason occurs as of or immediately prior to, or within twelve months,
following the closing of a Corporate Transaction (and provided such termination or resignation constitutes a Separation from Service),
then in lieu of the benefits set forth in Section 3.2(ii)(a) and (b), Executive shall receive the following severance benefits:

 

(a)          Severance
in an amount equal to the sum of the following (shall be subject to standard payroll deductions and withholdings, and payable in
a lump-sum on the 60th day following Executive’s Separation from Service):

 

(1)         Twenty-six
weeks of Base Salary as in effect immediately prior to the separation date; and

 

(2)         The
product of (A) twenty-six, multiplied by (B) Executive’s Base Salary as in effect immediately prior to the separation
date divided by fifty-two, multiplied by (C) Executive’s annual bonus percentage target as in effect immediately prior
to the separation date.

 

(b)          If
Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s group health
plans following such termination, then the Company shall pay the COBRA premiums necessary to continue Employee’s and his
covered dependents’ health insurance coverage in effect for himself on the termination date for twenty-six weeks, subject
to the terms and conditions set forth in Section 3.2(ii)(b).

 

(c)          The
vesting of all of Executive’s equity interests in the Company shall be accelerated such that all equity interests shall be
deemed vested and exercisable as of Executive’s last day of employment.

 

(d)          The
exercise period for all of Executive’s equity interests in the Company shall, to the extent permitted under the Amended and
Restated 2011 Equity Incentive Plan or other applicable plan document, be extended so that such period terminates upon the later
of either (1) three years following the Executive’s last day of employment, or (2) the exercise period set forth
under the Amended and Restated 2011 Equity Incentive Plan, other applicable plan document or applicable option agreement. This
paragraph (d) shall operate as an amendment of any applicable option or option agreement.

 

3.3.        Termination
for Cause; Resignation Without Good Reason; Death or Disability.

 

(i)          The
Company may terminate Executive’s employment with the Company at any time for Cause. Further, Executive may resign at any
time without Good Reason. Executive’s employment with the Company may also be terminated due to Executive’s death or
disability.

 

(ii)         If
Executive resigns without Good Reason, or the Company terminates Executive’s employment for Cause, or upon Executive’s
death or disability, then (a) Executive will no longer vest in any equity interests that are subject to vesting, (b) all
payments of compensation by the Company to Executive hereunder will terminate immediately (except as to amounts already earned),
and (c) Executive will not be entitled to any severance benefits, including the Severance.

 

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4.           Conditions
to Receipt of the Severance Benefits. Executive’s receipt of the severance benefits set forth in Sections 3.2(ii)
and (iii) will be subject to Executive signing and not revoking a separation agreement and release of claims in a form reasonably
satisfactory to the Company (the “Separation Agreement”). No severance benefits will be paid or provided until
the Separation Agreement becomes effective.

 

5.           Section 409A.
It is intended that all of the severance benefits and other payments payable under this Agreement satisfy, to the greatest extent
possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A 1(b)(4), 1.409A
1(b)(5) and 1.409A 1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions,
and to the extent no so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with
Section 409A. For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A
2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement (whether severance payments, reimbursements
or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder
shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this Agreement,
if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee”
for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth herein and/or
under any other agreement with the Company are deemed to be “deferred compensation”, then to the extent delayed commencement
of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i)
and the related adverse taxation under Section 409A, such payments shall not be provided to Executive prior to the earliest
of (i) the expiration of the six-month period measured from the date of Executive’s Separation from Service with the
Company, (ii) the date of Executive’s death or (iii) such earlier date as permitted under Section 409A without
the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i)
period, all payments deferred pursuant to this Paragraph shall be paid in a lump sum to Executive, and any remaining payments due
shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred.

 

6.           Definitions.

 

(i)          Cause.
For purposes of this Agreement, “Cause” for termination will have the meaning set forth in the Lipocine Inc.
Amended and Restated 2011 Equity Incentive Plan.

 

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(ii)         Good
Reason. For purposes of this Agreement, Executive shall have “Good Reason” for resignation of employment
with the Company if any of the following actions are taken by the Company without Executive’s prior written consent: (a) a
material reduction in Executive’s Base Salary, unless the reduction is proportional to an across-the-board decrease affecting
all senior executives; (b) a material reduction in Executive’s duties, including responsibilities and/or authorities;
or (c) relocation of Executive’s principal place of employment to a place that increases Executive’s one-way commute
by more than twenty-five (25) miles as compared to Executive’s then-current principal place of employment immediately
prior to such relocation. In order to resign for Good Reason, Executive must provide written notice to the Company’s Board
within 30 days after the first occurrence of the event giving rise to Good Reason setting forth the basis for Executive’s
resignation, allow the Company at least 30 days from receipt of such written notice to cure such event, and if such event
is not reasonably cured within such period, Executive must resign from all positions Executive then holds with the Company not
later than 90 days after the expiration of the cure period.

 

(iii)        Corporate
Transaction. For purposes of this Agreement, “Corporate Transaction” will have the meaning set forth in
the Lipocine Inc. Amended and Restated 2011 Equity Incentive Plan.

 

7.           Proprietary
Information Obligations. Executive shall be required to executed and abide by the Company’s standard form of Employee
Proprietary Information and Inventions Agreement.

 

8.           Outside
Activities During Employment.

 

8.1.        Non-Company
Business. Except with the prior written consent of the Board, Executive will not during the term of Executive’s employment
with the Company undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive
is a passive investor. Executive may engage in civic and not-for-profit activities so long as such activities do not materially
interfere with the performance of Executive’s duties hereunder.

 

8.2.        No
Adverse Interests. Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment
or interest known to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise.

 

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9.           Code
Section 280G. If any payment or benefit Executive would receive from the Company or otherwise in connection with a Corporate
Transaction or other similar transaction (“Payment”) would (i) constitute a “parachute payment”
within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount. The
“Reduced Amount” will be either (x) the largest portion of the Payment that would result in no portion
of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment,
whichever amount ((x) or (y)), after taking into account all applicable federal, state and local employment taxes, income taxes,
and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt of the greater
economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a Reduced Amount
will give rise to the greater after tax benefit, the reduction in the Payments will occur in the following order: (a) reduction
of cash payments; (b) cancellation of accelerated vesting of equity awards in such a manner as to produce the least amount
of reduction necessary; and (c) reduction of other benefits paid to Executive. Within any such category of payments and benefits
(that is, (a), (b) or (c)), a reduction will occur first with respect to amounts that are not “deferred compensation”
within the meaning of Section 409A and then with respect to amounts that are. In the event that acceleration of compensation
from Executive’s equity awards is to be reduced, such acceleration of vesting will be canceled, subject to the immediately
preceding sentence, in the reverse order of the date of grant, except to the extent a different chronology is necessary to produce
the least amount of reduction. The registered public accounting firm engaged by the Company for general audit purposes as of the
day prior to the effective date of the event described in Section 280G(b)(2)(A)(i) of the Code will perform the foregoing
calculations. If the registered public accounting firm so engaged by the Company is serving as accountant or auditor for the acquirer
or is otherwise unable or unwilling to perform the calculations, the Company will appoint a nationally recognized firm that has
expertise in these calculations to make the determinations required hereunder. The Company will bear all expenses with respect
to the determinations by such independent registered public accounting firm required to be made hereunder. Any good faith determinations
of the independent registered public accounting firm made hereunder will be final, binding and conclusive upon the Company and
Executive.

 

10.         General
Provisions.

 

10.1.     Notices.
Any notices provided must be in writing and will be deemed effective upon the earlier of personal delivery (including personal
delivery by fax) or the next day after sending by overnight carrier, to the Company at its primary office location and to Executive
at the address as listed on the Company payroll.

 

10.2.     Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction to the extent possible in keeping
with the intent of the parties.

 

10.3.     Waiver.
Any waiver of any breach of any provisions of this Agreement must be in writing to be effective, and it shall not thereby be deemed
to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.

 

10.4.     Complete
Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to this subject matter
and is the complete, final, and exclusive embodiment of the Parties’ agreement with regard to this subject matter. This Agreement
is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein,
and it supersedes any other such promises, warranties or representations. It is entered into without reliance on any promise or
representation other than those expressly contained herein, and it cannot be modified or amended except in a writing signed by
a duly authorized officer of the Company.

 

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10.5.     Counterparts.
This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but
all of which taken together will constitute one and the same Agreement.

 

10.6.     Headings.
The headings of the paragraphs hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor
to affect the meaning thereof.

 

10.7.     Successors
and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company,
and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of his
duties hereunder. In addition, Executive may not assign any of his rights hereunder without the written consent of the Company.

 

10.8.     Tax
Withholding and Indemnification. All payments and awards contemplated or made pursuant to this Agreement will be subject to
withholdings of applicable taxes in compliance with all relevant laws and regulations of all appropriate government authorities.
Executive acknowledges and agrees that the Company has neither made any assurances nor any guarantees concerning the tax treatment
of any payments or awards contemplated by or made pursuant to this Agreement. Executive has had the opportunity to retain a tax
and financial advisor and fully understands the tax and economic consequences of all payments and awards made pursuant to the Agreement.

 

10.9.     Choice
of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the laws
of the State of Utah, without regards to conflicts of law. Any dispute arising out of this Agreement, or the breach thereof, shall
be brought in a court of competent jurisdiction in Salt Lake County, the State of Utah; the parties expressly consenting to venue
in Salt Lake County, the State of Utah.

 

[Signature Page Follows]

 

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In
Witness Whereof, the Parties have executed this Agreement on the day and year first written above.

 

	 	Lipocine Inc.
	 	 	 
	 	By:	/s/ Mahesh Patel
	 	 	Mahesh Patel, Ph.D.
	 	 	President and CEO
	 	 
	 	Executive
	 	 
	 	/s/ Srinivasan Venkateshwaran
	 	Dr. Srinivasan Venkateshwaran

 

[Signature Page to Employment Agreement
– Dr. Venkateshwaran]Exhibit 4.1

 

WARRANT
TO PURCHASE COMMON STOCK

 

THE SECURITIES REPRESENTED BY THIS
INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT
BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT
AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. THIS INSTRUMENT
IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SECURITIES PURCHASE AGREEMENT BETWEEN THE ISSUER OF
THESE SECURITIES AND THE INVESTOR REFERRED TO THEREIN, A COPY OF WHICH IS ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED BY
THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT. ANY SALE OR OTHER TRANSFER NOT
IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.

 

WARRANT

to purchase

780,000

Shares of Common Stock

 

of Community Bankers Trust Corporation
(a Virginia corporation)

 

(which represents the number of shares
of common stock previously issued to Investor by Acquired Company)

 

Effective Date: January 1, 2014

 

1.                 
Definitions. Unless the context otherwise requires, when used herein the following terms shall have the meanings
indicated.

 

“Affiliate” has the meaning
ascribed to it in the Purchase Agreement.

 

“Appraisal Procedure”
means a procedure whereby two independent appraisers, one chosen by the Company and one by the Original Warrantholder, shall mutually
agree upon the determinations then the subject of appraisal. Each party shall deliver a notice to the other appointing its appraiser
within 15 days after the Appraisal Procedure is invoked. If within 30 days after appointment of the two appraisers they are unable
to agree upon the amount in question, a third independent appraiser shall be chosen within 10 days thereafter by the mutual consent
of such first two appraisers. The decision of the third appraiser so appointed and chosen shall be given within 30 days after the
selection of such third appraiser. If three appraisers shall be appointed and the determination of one appraiser is disparate from
the middle determination by more than twice the amount by which the other determination is disparate from the middle determination,
then the determination of such appraiser shall be excluded, the remaining two determinations shall be averaged and such average
shall be binding and conclusive upon the Company and the Original Warrantholder; otherwise, the average of all three determinations
shall be binding upon the Company and the Original Warrantholder. The costs of conducting any Appraisal Procedure shall be borne
by the Company.

 

    	 

    	 

    

 

“Board of Directors”
means the board of directors of the Company, including any duly authorized committee thereof.

 

“Business Combination”
means a merger, consolidation, statutory share exchange or similar transaction that requires the approval of the Company’s
stockholders.

 

“business day” means
any day except Saturday, Sunday and any day on which banking institutions in the State of New York generally are authorized or
required by law or other governmental actions to close.

 

“Capital Stock” means
(A) with respect to any Person that is a corporation or company, any and all shares, interests, participations or other
equivalents (however designated) of capital or capital stock of such Person and (B) with respect to any Person that is not a corporation
or company, any and all partnership or other equity interests of such Person.

 

“Charter” means, with
respect to any Person, its certificate or articles of incorporation, articles of association, or similar organizational document.

 

“Common Stock” has the
meaning ascribed to it in the Purchase Agreement.

 

“Company” means the Person
whose name, corporate or other organizational form and jurisdiction of organization is set forth in Item 1 of Schedule A hereto.

 

“conversion” has the
meaning set forth in Section 13(B).

 

“convertible securities”
has the meaning set forth in Section 13(B).

 

“CPP” has the meaning
ascribed to it in the Purchase Agreement.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

 

“Exercise Price” means
the amount set forth in Item 2 of Schedule A hereto.

 

“Expiration Time” has
the meaning set forth in Section 3.

 

“Fair Market Value” means,
with respect to any security or other property, the fair market value of such security or other property as determined by the Board
of Directors, acting in good faith or, with respect to Section 14, as determined by the Original Warrantholder acting in good faith.
For so long as the Original Warrantholder holds this Warrant or any portion thereof, it may object in writing to the Board of Director’s
calculation of fair market value within 10 days of receipt of written notice thereof. If the Original Warrantholder and the Company
are unable to agree on fair market value during the 10-day period following the delivery of the Original Warrantholder’s
objection, the Appraisal Procedure may be invoked by either party to determine Fair Market Value by delivering written notification
thereof not later than the 30th day after delivery of the Original Warrantholder’s objection.

 

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“Governmental Entities”
has the meaning ascribed to it in the Purchase Agreement.

 

“Initial Number” has
the meaning set forth in Section 13(B).

 

“Issue Date” means the
date set forth in Item 3 of Schedule A hereto.

 

“Market Price” means,
with respect to a particular security, on any given day, the last reported sale price regular way or, in case no such reported
sale takes place on such day, the average of the last closing bid and ask prices regular way, in either case on the principal national
securities exchange on which the applicable securities are listed or admitted to trading, or if not listed or admitted to trading
on any national securities exchange, the average of the closing bid and ask prices as furnished by two members of the Financial
Industry Regulatory Authority, Inc. selected from time to time by the Company for that purpose. “Market Price” shall
be determined without reference to after hours or extended hours trading. If such security is not listed and traded in a manner
that the quotations referred to above are available for the period required hereunder, the Market Price per share of Common Stock
shall be deemed to be (i) in the event that any portion of the Warrant is held by the Original Warrantholder, the fair market value
per share of such security as determined in good faith by the Original Warrantholder or (ii) in all other circumstances, the fair
market value per share of such security as determined in good faith by the Board of Directors in reliance on an opinion of a nationally
recognized independent investment banking corporation retained by the Company for this purpose and certified in a resolution to
the Warrantholder. For the purposes of determining the Market Price of the Common Stock on the "trading day" preceding,
on or following the occurrence of an event, (i) that trading day shall be deemed to commence immediately after the regular scheduled
closing time of trading on the New York Stock Exchange or, if trading is closed at an earlier time, such earlier time and (ii)
that trading day shall end at the next regular scheduled closing time, or if trading is closed at an earlier time, such earlier
time (for the avoidance of doubt, and as an example, if the Market Price is to be determined as of the last trading day preceding
a specified event and the closing time of trading on a particular day is 4:00 p.m. and the specified event occurs at 5:00 p.m.
on that day, the Market Price would be determined by reference to such 4:00 p.m. closing price).

 

“Ordinary Cash Dividends”
means a regular quarterly cash dividend on shares of Common Stock out of surplus or net profits legally available therefor (determined
in accordance with generally accepted accounting principles in effect from time to time), provided that Ordinary Cash Dividends
shall not include any cash dividends paid subsequent to the Issue Date to the extent the aggregate per share dividends paid on
the outstanding Common Stock in any quarter exceed the amount set forth in Item 4 of Schedule A hereto, as adjusted for any stock
split, stock dividend, reverse stock split, reclassification or similar transaction.

 

“Original Warrantholder”
means the United States Department of the Treasury. Any actions specified to be taken by the Original Warrantholder hereunder may
only be taken by such Person and not by any other Warrantholder.

 

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“Permitted Transactions”
has the meaning set forth in Section 13(B).

 

“Person” has the meaning given
to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act.

 

“Per Share Fair Market Value”
has the meaning set forth in Section 13(C).

 

“Preferred Shares” means
the perpetual preferred stock issued to the Original Warrantholder on the Issue Date pursuant to the Purchase Agreement and Post-Merger
Side Letter.

 

“Pro Rata Repurchases”
means any purchase of shares of Common Stock by the Company or any Affiliate thereof pursuant to (A) any tender offer or exchange
offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (B) any other offer available
to substantially all holders of Common Stock, in the case of both (A) or (B), whether for cash, shares of Capital Stock of the
Company, other securities of the Company, evidences of indebtedness of the Company or any other Person or any other property (including,
without limitation, shares of Capital Stock, other securities or evidences of indebtedness of a subsidiary), or any combination
thereof, effected while this Warrant is outstanding. The “Effective Date” of a Pro Rata Repurchase shall mean the date
of acceptance of shares for purchase or exchange by the Company under any tender or exchange offer which is a Pro Rata Repurchase
or the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange offer.

 

“Purchase Agreement”
means the Securities Purchase Agreement – Standard Terms incorporated into the Letter Agreement, dated as of the date set
forth in Item 5 of Schedule A hereto, as amended from time to time, between the Company and the United States Department of the
Treasury (the “Letter Agreement”), including all annexes and schedules thereto.

 

“Qualified Equity Offering”
has the meaning ascribed to it in the Purchase Agreement.

 

“Regulatory Approvals”
with respect to the Warrantholder, means, to the extent applicable and required to permit the Warrantholder to exercise this Warrant
for shares of Common Stock and to own such Common Stock without the Warrantholder being in violation of applicable law, rule or
regulation, the receipt of any necessary approvals and authorizations of, filings and registrations with, notifications to, or
expiration or termination of any applicable waiting period under, the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, and the rules and regulations thereunder.

 

“SEC” means the U.S.
Securities and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

 

“Shares” has the meaning
set forth in Section 2.

 

“trading day” means (A)
if the shares of Common Stock are not traded on any national or regional securities exchange or association or over-the-counter
market, a business day or (B) if the shares of Common Stock are traded on any national or regional securities exchange or association
or over-the-counter market, a business day on which such relevant exchange or quotation system is scheduled to be open for business
and on which the shares of Common Stock (i) are not suspended from trading on any national or regional securities exchange or association
or over-the-counter market for any period or periods aggregating one half hour or longer; and (ii) have traded at least once on
the national or regional securities exchange or association or over-the-counter market that is the primary market for the trading
of the shares of Common Stock.

 

    	- 4 -

    	 

    

 

“U.S. GAAP” means United
States generally accepted accounting principles.

 

“Warrantholder” has the
meaning set forth in Section 2.

 

“Warrant” means this
Warrant, issued pursuant to the Purchase Agreement and the Post-Merger Side Letter.

 

2.                 
Number of Shares; Exercise Price. This certifies that, for value received, the United States Department of the Treasury
or its permitted assigns (the “Warrantholder”) is entitled, upon the terms and subject to the conditions hereinafter
set forth, to acquire from the Company, in whole or in part, after the receipt of all applicable Regulatory Approvals, if any,
up to an aggregate of the number of fully paid and nonassessable shares of Common Stock set forth in Item 6 of Schedule A hereto,
at a purchase price per share of Common Stock equal to the Exercise Price. The number of shares of Common Stock (the “Shares”)
and the Exercise Price are subject to adjustment as provided herein, and all references to “Common Stock,” “Shares”
and “Exercise Price” herein shall be deemed to include any such adjustment or series of adjustments.

 

3.                 
Exercise of Warrant; Term. Subject to Section 2, to the extent permitted by applicable laws and regulations, the
right to purchase the Shares represented by this Warrant is exercisable, in whole or in part by the Warrantholder, at any time
or from time to time after the execution and delivery of this Warrant by the Company on the date hereof, but in no event later
than 5:00 p.m., New York City time on the tenth anniversary of the Issue Date, as provided in Schedule A attached hereto (the “Expiration
Time”), by (A) the surrender of this Warrant and Notice of Exercise annexed hereto, duly completed and executed on behalf
of the Warrantholder, at the principal executive office of the Company located at the address set forth in Item 7 of Schedule A
hereto (or such other office or agency of the Company in the United States as it may designate by notice in writing to the Warrantholder
at the address of the Warrantholder appearing on the books of the Company), and payment of the Exercise Price for the Shares thereby
purchased:

 

i.                   
by having the Company withhold, from the shares of Common Stock that would otherwise be delivered to the Warrantholder upon
such exercise, shares of Common Stock issuable upon exercise of the Warrant equal in value to the aggregate Exercise Price as to
which this Warrant is so exercised based on the Market Price of the Common Stock on the trading day on which this Warrant is exercised
and the Notice of Exercise is delivered to the Company pursuant to this Section 3, or

 

    	- 5 -

    	 

    

 

ii.                 
with the consent of both the Company and the Warrantholder, by tendering in cash, by certified or cashier’s check
payable to the order of the Company, or by wire transfer of immediately available funds to an account designated by the Company.

 

If the Warrantholder does not exercise this
Warrant in its entirety, the Warrantholder will be entitled to receive from the Company within a reasonable time, and in any event
not exceeding three business days, a new warrant in substantially identical form for the purchase of that number of Shares equal
to the difference between the number of Shares subject to this Warrant and the number of Shares as to which this Warrant is so
exercised. Notwithstanding anything in this Warrant to the contrary, the Warrantholder hereby acknowledges and agrees that its
exercise of this Warrant for Shares is subject to the condition that the Warrantholder will have first received any applicable
Regulatory Approvals.

 

4.                 
Issuance of Shares; Authorization; Listing. Certificates for Shares issued upon exercise of this Warrant will be
issued in such name or names as the Warrantholder may designate and will be delivered to such named Person or Persons within a
reasonable time, not to exceed three business days after the date on which this Warrant has been duly exercised in accordance with
the terms of this Warrant. The Company hereby represents and warrants that any Shares issued upon the exercise of this Warrant
in accordance with the provisions of Section 3 will be duly and validly authorized and issued, fully paid and nonassessable and
free from all taxes, liens and charges (other than liens or charges created by the Warrantholder, income and franchise taxes incurred
in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith). The
Company agrees that the Shares so issued will be deemed to have been issued to the Warrantholder as of the close of business on
the date on which this Warrant and payment of the Exercise Price are delivered to the Company in accordance with the terms of this
Warrant, notwithstanding that the stock transfer books of the Company may then be closed or certificates representing such Shares
may not be actually delivered on such date. The Company will at all times reserve and keep available, out of its authorized but
unissued Common Stock, solely for the purpose of providing for the exercise of this Warrant, the aggregate number of shares of
Common Stock then issuable upon exercise of this Warrant at any time. The Company will (A) procure, at its sole expense, the listing
of the Shares issuable upon exercise of this Warrant at any time, subject to issuance or notice of issuance, on all principal stock
exchanges on which the Common Stock is then listed or traded and (B) maintain such listings of such Shares at all times after issuance.
The Company will use reasonable best efforts to ensure that the Shares may be issued without violation of any applicable law or
regulation or of any requirement of any securities exchange on which the Shares are listed or traded.

 

5.                 
No Fractional Shares or Scrip. No fractional Shares or scrip representing fractional Shares shall be issued upon
any exercise of this Warrant. In lieu of any fractional Share to which the Warrantholder would otherwise be entitled, the Warrantholder
shall be entitled to receive a cash payment equal to the Market Price of the Common Stock on the last trading day preceding the
date of exercise less the pro-rated Exercise Price for such fractional share.

 

6.                 
No Rights as Stockholders; Transfer Books. This Warrant does not entitle the Warrantholder to any voting rights or
other rights as a stockholder of the Company prior to the date of exercise hereof. The Company will at no time close its transfer
books against transfer of this Warrant in any manner which interferes with the timely exercise of this Warrant.

 

    	- 6 -

    	 

    

 

7.                 
Charges, Taxes and Expenses. Issuance of certificates for Shares to the Warrantholder upon the exercise of this Warrant
shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance
of such certificates, all of which taxes and expenses shall be paid by the Company.

 

8.                 
Transfer/Assignment.

 

(A)            
Subject to compliance with clause (B) of this Section 8, this Warrant and all rights hereunder are transferable, in whole
or in part, upon the books of the Company by the registered holder hereof in person or by duly authorized attorney, and a new warrant
shall be made and delivered by the Company, of the same tenor and date as this Warrant but registered in the name of one or more
transferees, upon surrender of this Warrant, duly endorsed, to the office or agency of the Company described in Section 3. All
expenses (other than stock transfer taxes) and other charges payable in connection with the preparation, execution and delivery
of the new warrants pursuant to this Section 8 shall be paid by the Company.

 

(B)             
The transfer of the Warrant and the Shares issued upon exercise of the Warrant are subject to the restrictions set forth
in Section 4.4 of the Purchase Agreement. If and for so long as required by the Purchase Agreement, this Warrant shall contain
the legends as set forth in Sections 4.2(a) and 4.2(b) of the Purchase Agreement.

 

9.                 
Exchange and Registry of Warrant. This Warrant is exchangeable, upon the surrender hereof by the Warrantholder to
the Company, for a new warrant or warrants of like tenor and representing the right to purchase the same aggregate number of Shares.
The Company shall maintain a registry showing the name and address of the Warrantholder as the registered holder of this Warrant.
This Warrant may be surrendered for exchange or exercise in accordance with its terms, at the office of the Company, and the Company
shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry.

 

10.             
Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant, and in the case of any such loss, theft or destruction, upon
receipt of a bond, indemnity or security reasonably satisfactory to the Company, or, in the case of any such mutilation, upon surrender
and cancellation of this Warrant, the Company shall make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant,
a new Warrant of like tenor and representing the right to purchase the same aggregate number of Shares as provided for in such
lost, stolen, destroyed or mutilated Warrant.

 

11.             
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised
on the next succeeding day that is a business day.

 

12.             
Rule 144 Information. The Company covenants that it will use its reasonable best efforts to timely file all reports
and other documents required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated
by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request of any Warrantholder,
make publicly available such information as necessary to permit sales pursuant to Rule 144 under the Securities Act), and it will
use reasonable best efforts to take such further action as any Warrantholder may reasonably request, in each case to the extent
required from time to time to enable such holder to, if permitted by the terms of this Warrant and the Purchase Agreement, sell
this Warrant without registration under the Securities Act within the limitation of the exemptions provided by (A) Rule 144 under
the Securities Act, as such rule may be amended from time to time, or (B) any successor rule or regulation hereafter adopted by
the SEC. Upon the written request of any Warrantholder, the Company will deliver to such Warrantholder a written statement that
it has complied with such requirements.

 

    	- 7 -

    	 

    

 

13.             
Adjustments and Other Rights. The Exercise Price and the number of Shares issuable upon exercise of this Warrant
shall be subject to adjustment from time to time as follows; provided, that if more than one subsection of this Section
13 is applicable to a single event, the subsection shall be applied that produces the largest adjustment and no single event shall
cause an adjustment under more than one subsection of this Section 13 so as to result in duplication:

 

(A)            
Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company shall (i) declare and pay a dividend
or make a distribution on its Common Stock in shares of Common Stock, (ii) subdivide or reclassify the outstanding shares of Common
Stock into a greater number of shares, or (iii) combine or reclassify the outstanding shares of Common Stock into a smaller number
of shares, the number of Shares issuable upon exercise of this Warrant at the time of the record date for such dividend or distribution
or the effective date of such subdivision, combination or reclassification shall be proportionately adjusted so that the Warrantholder
after such date shall be entitled to purchase the number of shares of Common Stock which such holder would have owned or been entitled
to receive in respect of the shares of Common Stock subject to this Warrant after such date had this Warrant been exercised immediately
prior to such date. In such event, the Exercise Price in effect at the time of the record date for such dividend or distribution
or the effective date of such subdivision, combination or reclassification shall be adjusted to the number obtained by dividing
(x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment and (2) the Exercise
Price in effect immediately prior to the record or effective date, as the case may be, for the dividend, distribution, subdivision,
combination or reclassification giving rise to this adjustment by (y) the new number of Shares issuable upon exercise of the Warrant
determined pursuant to the immediately preceding sentence.

 

(B)             
Certain Issuances of Common Shares or Convertible Securities. Until the earlier of (i) the date on which the Original
Warrantholder no longer holds this Warrant or any portion thereof and (ii) the third anniversary of the Issue Date, if the Company
shall issue shares of Common Stock (or rights or warrants or other securities exercisable or convertible into or exchangeable (collectively,
a “conversion”) for shares of Common Stock) (collectively, “convertible securities”) (other
than in Permitted Transactions (as defined below) or a transaction to which subsection (A) of this Section 13 is applicable) without
consideration or at a consideration per share (or having a conversion price per share) that is less than 90% of the Market Price
on the last trading day preceding the date of the agreement on pricing such shares (or such convertible securities) then, in such
event:

 

    	- 8 -

    	 

    

 

(A)            
the number of Shares issuable upon the exercise of this Warrant immediately prior to the date of the agreement on pricing
of such shares (or of such convertible securities) (the “Initial Number”) shall be increased to the number obtained
by multiplying the Initial Number by a fraction (A) the numerator of which shall be the sum of (x) the number of shares of Common
Stock of the Company outstanding on such date and (y) the number of additional shares of Common Stock issued (or into which convertible
securities may be exercised or convert) and (B) the denominator of which shall be the sum of (I) the number of shares of Common
Stock outstanding on such date and (II) the number of shares of Common Stock which the aggregate consideration receivable by the
Company for the total number of shares of Common Stock so issued (or into which convertible securities may be exercised or convert)
would purchase at the Market Price on the last trading day preceding the date of the agreement on pricing such shares (or such
convertible securities); and

 

(B)             
the Exercise Price payable upon exercise of the Warrant shall be adjusted by multiplying such Exercise Price in effect immediately
prior to the date of the agreement on pricing of such shares (or of such convertible securities) by a fraction, the numerator of
which shall be the number of shares of Common Stock issuable upon exercise of this Warrant prior to such date and the denominator
of which shall be the number of shares of Common Stock issuable upon exercise of this Warrant immediately after the adjustment
described in clause (A) above.

 

For purposes of the foregoing, the aggregate
consideration receivable by the Company in connection with the issuance of such shares of Common Stock or convertible securities
shall be deemed to be equal to the sum of the net offering price (including the Fair Market Value of any non-cash consideration
and after deduction of any related expenses payable to third parties) of all such securities plus the minimum aggregate amount,
if any, payable upon exercise or conversion of any such convertible securities into shares of Common Stock; and “Permitted
Transactions” shall mean issuances (i) as consideration for or to fund the acquisition of businesses and/or related assets,
(ii) in connection with employee benefit plans and compensation related arrangements in the ordinary course and consistent with
past practice approved by the Board of Directors, (iii) in connection with a public or broadly marketed offering and sale of Common
Stock or convertible securities for cash conducted by the Company or its affiliates pursuant to registration under the Securities
Act or Rule 144A thereunder on a basis consistent with capital raising transactions by comparable financial institutions and (iv)
in connection with the exercise of preemptive rights on terms existing as of the Issue Date. Any adjustment made pursuant to this
Section 13(B) shall become effective immediately upon the date of such issuance.

 

(C)             
Other Distributions. In case the Company shall fix a record date for the making of a distribution to all holders
of shares of its Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding Ordinary Cash
Dividends, dividends of its Common Stock and other dividends or distributions referred to in Section 13(A)), in each such case,
the Exercise Price in effect prior to such record date shall be reduced immediately thereafter to the price determined by multiplying
the Exercise Price in effect immediately prior to the reduction by the quotient of (x) the Market Price of the Common Stock on
the last trading day preceding the first date on which the Common Stock trades regular way on the principal national securities
exchange on which the Common Stock is listed or admitted to trading without the right to receive such distribution, minus the amount
of cash and/or the Fair Market Value of the securities, evidences of indebtedness, assets, rights or warrants to be so distributed
in respect of one share of Common Stock (such amount and/or Fair Market Value, the “Per Share Fair Market Value”)
divided by (y) such Market Price on such date specified in clause (x); such adjustment shall be made successively whenever such
a record date is fixed. In such event, the number of Shares issuable upon the exercise of this Warrant shall be increased to the
number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such
adjustment, and (2) the Exercise Price in effect immediately prior to the distribution giving rise to this adjustment by (y) the
new Exercise Price determined in accordance with the immediately preceding sentence. In the case of adjustment for a cash dividend
that is, or is coincident with, a regular quarterly cash dividend, the Per Share Fair Market Value would be reduced by the per
share amount of the portion of the cash dividend that would constitute an Ordinary Cash Dividend. In the event that such distribution
is not so made, the Exercise Price and the number of Shares issuable upon exercise of this Warrant then in effect shall be readjusted,
effective as of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets,
rights, cash or warrants, as the case may be, to the Exercise Price that would then be in effect and the number of Shares that
would then be issuable upon exercise of this Warrant if such record date had not been fixed.

 

    	- 9 -

    	 

    

 

(D)            
Certain Repurchases of Common Stock. In case the Company effects a Pro Rata Repurchase of Common Stock, then the
Exercise Price shall be reduced to the price determined by multiplying the Exercise Price in effect immediately prior to the Effective
Date of such Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of shares of Common
Stock outstanding immediately before such Pro Rata Repurchase and (y) the Market Price of a share of Common Stock on the trading
day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro
Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the denominator shall be the
product of (i) the number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase minus the number
of shares of Common Stock so repurchased and (ii) the Market Price per share of Common Stock on the trading day immediately preceding
the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase. In such
event, the number of shares of Common Stock issuable upon the exercise of this Warrant shall be increased to the number obtained
by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment, and
(2) the Exercise Price in effect immediately prior to the Pro Rata Repurchase giving rise to this adjustment by (y) the new Exercise
Price determined in accordance with the immediately preceding sentence. For the avoidance of doubt, no increase to the Exercise
Price or decrease in the number of Shares issuable upon exercise of this Warrant shall be made pursuant to this Section 13(D).

 

(E)             
Business Combinations. In case of any Business Combination or reclassification of Common Stock (other than a reclassification
of Common Stock referred to in Section 13(A)), the Warrantholder’s right to receive Shares upon exercise of this Warrant
shall be converted into the right to exercise this Warrant to acquire the number of shares of stock or other securities or property
(including cash) which the Common Stock issuable (at the time of such Business Combination or reclassification) upon exercise of
this Warrant immediately prior to such Business Combination or reclassification would have been entitled to receive upon consummation
of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth herein with respect
to the rights and interests thereafter of the Warrantholder shall be appropriately adjusted so as to be applicable, as nearly as
may reasonably be, to the Warrantholder’s right to exercise this Warrant in exchange for any shares of stock or other securities
or property pursuant to this paragraph. In determining the kind and amount of stock, securities or the property receivable upon
exercise of this Warrant following the consummation of such Business Combination, if the holders of Common Stock have the right
to elect the kind or amount of consideration receivable upon consummation of such Business Combination, then the consideration
that the Warrantholder shall be entitled to receive upon exercise shall be deemed to be the types and amounts of consideration
received by the majority of all holders of the shares of common stock that affirmatively make an election (or of all such holders
if none make an election).

 

    	- 10 -

    	 

    

 

(F)              
Rounding of Calculations; Minimum Adjustments. All calculations under this Section 13 shall be made to the nearest
one-tenth (1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may be. Any provision of this Section
13 to the contrary notwithstanding, no adjustment in the Exercise Price or the number of Shares into which this Warrant is exercisable
shall be made if the amount of such adjustment would be less than $0.01 or one-tenth (1/10th) of a share of Common Stock, but any
such amount shall be carried forward and an adjustment with respect thereto shall be made at the time of and together with any
subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate $0.01
or 1/10th of a share of Common Stock, or more.

 

(G)            
Timing of Issuance of Additional Common Stock Upon Certain Adjustments. In any case in which the provisions of this
Section 13 shall require that an adjustment shall become effective immediately after a record date for an event, the Company may
defer until the occurrence of such event (i) issuing to the Warrantholder of this Warrant exercised after such record date and
before the occurrence of such event the additional shares of Common Stock issuable upon such exercise by reason of the adjustment
required by such event over and above the shares of Common Stock issuable upon such exercise before giving effect to such adjustment
and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional share of Common Stock; provided, however,
that the Company upon request shall deliver to such Warrantholder a due bill or other appropriate instrument evidencing such Warrantholder’s
right to receive such additional shares, and such cash, upon the occurrence of the event requiring such adjustment.

 

(H)            
Completion of Qualified Equity Offering. In the event the Company (or any successor by Business Combination) completes
one or more Qualified Equity Offerings on or prior to December 31, 2009 that result in the Company (or any such successor ) receiving
aggregate gross proceeds of not less than 100% of the aggregate liquidation preference of the Preferred Shares (and any preferred
stock issued by any such successor to the Original Warrantholder under the CPP), the number of shares of Common Stock underlying
the portion of this Warrant then held by the Original Warrantholder shall be thereafter reduced by a number of shares of Common
Stock equal to the product of (i) 0.5 and (ii) the number of shares underlying the Warrant on the Issue Date (adjusted to take
into account all other theretofore made adjustments pursuant to this Section 13).

 

    	- 11 -

    	 

    

 

(I)               
Other Events. For so long as the Original Warrantholder holds this Warrant or any portion thereof, if any event occurs
as to which the provisions of this Section 13 are not strictly applicable or, if strictly applicable, would not, in the good faith
judgment of the Board of Directors of the Company, fairly and adequately protect the purchase rights of the Warrants in accordance
with the essential intent and principles of such provisions, then the Board of Directors shall make such adjustments in the application
of such provisions, in accordance with such essential intent and principles, as shall be reasonably necessary, in the good faith
opinion of the Board of Directors, to protect such purchase rights as aforesaid. The Exercise Price or the number of Shares into
which this Warrant is exercisable shall not be adjusted in the event of a change in the par value of the Common Stock or a change
in the jurisdiction of incorporation of the Company.

 

(J)               
Statement Regarding Adjustments. Whenever the Exercise Price or the number of Shares into which this Warrant is exercisable
shall be adjusted as provided in Section 13, the Company shall forthwith file at the principal office of the Company a statement
showing in reasonable detail the facts requiring such adjustment and the Exercise Price that shall be in effect and the number
of Shares into which this Warrant shall be exercisable after such adjustment, and the Company shall also cause a copy of such statement
to be sent by mail, first class postage prepaid, to each Warrantholder at the address appearing in the Company’s records.

 

(K)            
Notice of Adjustment Event. In the event that the Company shall propose to take any action of the type described
in this Section 13 (but only if the action of the type described in this Section 13 would result in an adjustment in the Exercise
Price or the number of Shares into which this Warrant is exercisable or a change in the type of securities or property to be delivered
upon exercise of this Warrant), the Company shall give notice to the Warrantholder, in the manner set forth in Section 13(J), which
notice shall specify the record date, if any, with respect to any such action and the approximate date on which such action is
to take place. Such notice shall also set forth the facts with respect thereto as shall be reasonably necessary to indicate the
effect on the Exercise Price and the number, kind or class of shares or other securities or property which shall be deliverable
upon exercise of this Warrant. In the case of any action which would require the fixing of a record date, such notice shall be
given at least 10 days prior to the date so fixed, and in case of all other action, such notice shall be given at least 15 days
prior to the taking of such proposed action. Failure to give such notice, or any defect therein, shall not affect the legality
or validity of any such action.

 

(L)             
Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to the taking of any action which
would require an adjustment pursuant to this Section 13, the Company shall take any action which may be necessary, including obtaining
regulatory, New York Stock Exchange, NASDAQ Stock Market or other applicable national securities exchange or stockholder approvals
or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all shares of
Common Stock that the Warrantholder is entitled to receive upon exercise of this Warrant pursuant to this Section 13.

 

    	- 12 -

    	 

    

 

(M)           
Adjustment Rules. Any adjustments pursuant to this Section 13 shall be made successively whenever an event referred
to herein shall occur. If an adjustment in Exercise Price made hereunder would reduce the Exercise Price to an amount below par
value of the Common Stock, then such adjustment in Exercise Price made hereunder shall reduce the Exercise Price to the par value
of the Common Stock.

 

14.             
Exchange. At any time following the date on which the shares of Common Stock of the Company are no longer listed
or admitted to trading on a national securities exchange (other than in connection with any Business Combination), the Original
Warrantholder may cause the Company to exchange all or a portion of this Warrant for an economic interest (to be determined by
the Original Warrantholder after consultation with the Company) of the Company classified as permanent equity under U.S. GAAP having
a value equal to the Fair Market Value of the portion of the Warrant so exchanged. The Original Warrantholder shall calculate any
Fair Market Value required to be calculated pursuant to this Section 14, which shall not be subject to the Appraisal Procedure.

 

15.             
No Impairment. The Company will not, by amendment of its Charter or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist
in the carrying out of all the provisions of this Warrant and in taking of all such action as may be necessary or appropriate in
order to protect the rights of the Warrantholder.

 

16.             
Governing Law. This Warrant will be governed by and construed in accordance with the federal law of the United
States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable
to contracts made and to be performed entirely within such State. Each of the Company and the Warrantholder agrees (a) to submit
to the exclusive jurisdiction and venue of the United States District Court for the District of Columbia for any civil action,
suit or proceeding arising out of or relating to this Warrant or the transactions contemplated hereby, and (b) that notice may
be served upon the Company at the address in Section 20 below and upon the Warrantholder at the address for the Warrantholder set
forth in the registry maintained by the Company pursuant to Section 9 hereof. To the extent permitted by applicable law, each of
the Company and the Warrantholder hereby unconditionally waives trial by jury in any civil legal action or proceeding relating
to the Warrant or the transactions contemplated hereby or thereby.

 

17.             
Binding Effect. This Warrant shall be binding upon any successors or assigns of the Company.

 

18.             
Amendments. This Warrant may be amended and the observance of any term of this Warrant may be waived only with the
written consent of the Company and the Warrantholder.

 

19.             
Prohibited Actions. The Company agrees that it will not take any action which would entitle the Warrantholder to
an adjustment of the Exercise Price if the total number of shares of Common Stock issuable after such action upon exercise of this
Warrant, together with all shares of Common Stock then outstanding and all shares of Common Stock then issuable upon the exercise
of all outstanding options, warrants, conversion and other rights, would exceed the total number of shares of Common Stock then
authorized by its Charter.

 

    	- 13 -

    	 

    

 

20.             
Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other will
be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally, or by facsimile,
upon confirmation of receipt, or (b) on the second business day following the date of dispatch if delivered by a recognized next
day courier service. All notices hereunder shall be delivered as set forth in Item 8 of Schedule A hereto, or pursuant to such
other instructions as may be designated in writing by the party to receive such notice.

 

21.             
Entire Agreement. This Warrant, the forms attached hereto and Schedule A hereto (the terms of which are incorporated
by reference herein), and the Letter Agreement (including all documents incorporated therein), contain the entire agreement between
the parties with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or undertakings
with respect thereto.

 

[Remainder
of page intentionally left blank]

 

    	- 14 -

    	 

    

 

[Form of Notice of Exercise]

 

Date:
_________

 

	TO:	Community Bankers Trust Corporation (a Virginia corporation)
	 	 
	RE:	Election to Purchase Common Stock

 

The undersigned, pursuant to the provisions
set forth in the attached Warrant, hereby agrees to subscribe for and purchase the number of shares of the Common Stock set forth
below covered by such Warrant. The undersigned, in accordance with Section 3 of the Warrant, hereby agrees to pay the aggregate
Exercise Price for such shares of Common Stock in the manner set forth below. A new warrant evidencing the remaining shares of
Common Stock covered by such Warrant, but not yet subscribed for and purchased, if any, should be issued in the name set forth
below.

 

	Number of Shares of Common Stock 	 	 

 

Method of Payment of Exercise Price (note
if cashless exercise pursuant to Section 3(i) of the Warrant or cash exercise pursuant to Section 3(ii) of the

	the Warrant, with consent of the Company and the Warrantholder)	 	 

 

	Aggregate Exercise Price:	 	 

 

	 	Holder:  	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	- 15 -

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be duly executed by a duly authorized officer.

 

Dated: January 1, 2014

 

	 	COMPANY:  COMMUNITY BANKERS TRUST CORPORATION (a Virginia corporation)
	 	 	 
	 	By:	/s/ Rex L. Smith, III
	 	 	Name: Rex L. Smith, III
	 	 	Title: President and C.E.O.
	 	 	 
	 	Attest
	 	 	 
	 	By:  	/s/ John M. Oakey, III
	 	 	Name: John M. Oakey, III
	 	 	Title: Executive Vice President, 

General Counsel and Secretary

 

[Signature Page to Warrant]

 

    	 

    	 

    

 

SCHEDULE
A

 

Item 1

Name: Community Bankers Trust Corporation

Corporate or other organizational form: Stock corporation

Jurisdiction of organization: Virginia

 

Item 2

Exercise Price: $3.40

 

Item 3

Issue Date: December 19, 2008

 

Item 4

Amount of last dividend declared by Community Bankers Trust
Corporation (a Delaware corporation) (“Acquired Company”) prior to the Issue Date: $0.04 per share of Common Stock

 

Item 5

Date of Letter Agreement between Acquired Company and the United
States Department of the Treasury: December 19, 2008

 

Date of Post-Merger Side Letter: January 1, 2014

 

Item 6

Number of shares of Common Stock: 780,000

 

	Item 7	 
	Company’s address:	Community Bankers Trust Corporation
	 	4235 Innslake Drive, Suite 200
	 	Glen Allen, Virginia  23060
	 	 
	Item 8	 
	Notice information:	John M. Oakey, III
	 	Executive Vice President, General Counsel and Secretary
	 	Community Bankers Trust Corporation
	 	4235 Innslake Drive, Suite 200
	 	Glen Allen, Virginia  23060
	 	joakey@essexbank.com
	 	(804) 417-7373
	 	 
	 	Bruce E. Thomas
	 	Executive Vice President and Chief Financial Officer
	 	Community Bankers Trust Corporation
	 	4235 Innslake Drive, Suite 200
	 	Glen Allen, Virginia  23060
	 	bthomas@essexbank.com
	 	(804) 443-8515

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