Document:

Amendment to Adoption Agreement

 Exhibit 10.5.2 
 VIRGINIA BANKERS ASSOCIATION 
 MODEL NON-QUALIFIED DEFERRED COMPENSATION PLAN 
 FOR DIRECTORS 
 (As Restated Effective
January 1, 2008) 
 AMENDMENT TO 
 ADOPTION AGREEMENT 
 If the Corporation completing this document has any questions about the
adoption of the Plan, the provisions of the Plan, its representative should contact Bette J. Albert, C.L.U. at the Virginia Bankers Association Benefits Corporation, 4490 Cox Road, Glen Allen, VA 23060-3341 - telephone number (804) 643-7469
during business hours.  
  

	1.	EMPLOYER(S) ADOPTING PLAN NAMED IN PARAGRAPH 1.11 OF THE PLAN. 

  

			
	 (a)    Name of Plan Sponsor:
	  	 (b)    Plan Sponsor’s telephone Number:

		
	 C & F Financial Corporation
	  	 (804) 843-2360

		
	 (c)    Address of Plan Sponsor:
	  	 (d)    Plan Sponsor’s EIN:

		
	 Post Office Box 391
	  	 54-1680165

		
	 West Point, VA 23181
	  	 (e)    Plan Sponsor’s Tax Year End:

		
		  	 12/31

  

	2.	GENERAL PLAN INFORMATION. 

  

	 	(a)	Name of Plan: 

 VBA Director’s Non-Qualified Deferred
Compensation Plan for C & F Financial Corporation 
  

	 	(b)	Name, Address and EIN of Plan Administrator(s): [If other than Plan Sponsor, appointment must be by resolution] 

  

											
	 8.      2008 409A TRANSITION ELECTIONS.
	  		  	
						
	 Paragraph 6.4
	  		  		  		  		  	
		
	 (a)    Availability Generally
	  	A Participant shall not be permitted to change Deferred Compensation Elections made for the Plan Years 2005, 2006, 2007 and 2008 except as may otherwise be permitted in paragraph
6.3 unless the Plan Sponsor permits by an election below:
				
		  	x	  	(1)	  	Permitted. A Participant shall be permitted to change Deferred Compensation Elections made for Plan Years 2005, 2006, 2007 and 2008 prior to December 31, 2008 as follows
[Check one]:
						
		  		  		  	 ̈	  	(A)	  	A separate change election may be made for each Plan Year.
						
		  		  		  	þ	  	(B)	  	Only one change election may be made which shall to apply to all four Plan Years.

  

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 Plan Amendment 
 Pursuant to subparagraph 10.1 of the Plan, the Board hereby adopts the following amendment to the Model Plan. This amendment is effective only if adopted
by the Board prior to December 31, 2008. 
  

	1.	Paragraph 6.4 of the Plan is amended to read as follows: 

 6.4 Transition Election Changes. 
 6.4(a) If permitted by the Plan Sponsor in Option 8 of the Adoption Agreement,
prior to December 31, 2007, a Participant who made a Deferral Election for the Plan Year 2005, 2006 and/or 2007 may elect a new Benefit Commencement Date and/or a different form of payment applicable to a subdivision of his Deferral Account
related to any or all of such Plan Years in accordance with the following provisions: 
 (i) No such change may accelerate
payments into the 2007 Plan Year that were not otherwise scheduled to be made during such year. 
 (ii) No such change may
delay payment into a later Plan Year that were otherwise scheduled to be paid during the 2007 Plan Year. 
 (iii) A separate
change election may be made for the subdivision of his Deferral Account related to each of the Plan Years or one change election shall be applicable to the subdivisions of his Deferral Account related to all three Plan Years, as selected by the Plan
Sponsor in Option 8(a)(2). 
 (iv) The Benefit Commencement Date and the form of payment that may be elected shall be one that
is permitted under the provisions of this restatement of the Plan. 
 (v) If a Participant does not file an election to change
the Benefit Commencement Date and/or the form of payment, then the provisions of the original deferral election shall govern the time and form of payment. 
 6.4(b) If permitted by the Plan Sponsor in Option 8 of this Amendment to the Adoption Agreement, prior to December 31, 2008, a Participant who made a Deferral Election for the Plan Year 2005, 2006, 2007 and/or
2008 may elect a new Benefit Commencement Date and/or a different form of payment applicable to a subdivision of his Deferral Account related to any or all of such Plan Years in accordance with the following provisions: 
 (i) No such change may accelerate payments into the 2008 Plan Year that were not otherwise scheduled to be made during such year.

 (ii) No such change may delay payment into a later Plan Year that were otherwise scheduled to be paid during the 2008 Plan
Year. 
 (iii) A separate change election may be made for the subdivision of his Deferral Account related to each of the Plan
Years or one change election shall be applicable to the subdivisions of his Deferral Account related to all three Plan Years, as selected by the Plan Sponsor in Option 8(a)(1) of this Amendment to the Adoption Agreement. 
 (iv) The Benefit Commencement Date and the form of payment that may be elected shall be one that is permitted under the provisions of the
2008 restatement of the Plan. 
  

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 (v) If a Participant does not file an election to change the Benefit Commencement Date
and/or the form of payment, then the provisions of the original deferral election or 2007 Transition Election, whichever is later, shall govern the time and form of payment. 
 IN WITNESS WHEREOF, each Corporation, by its duly authorized representatives, has executed this
instrument this 31st day of December, 2008. 
  

									
		 		 		 	 C & F Financial Corporation

		 		 		 	[Enter Name of Corporation]
					
		 		 		 	By	 	 /s/ Laura H. Shreaves

		 		 		 	Its	 	 SVP

				
	[SEAL]	 		 		 	
				
	ATTEST:	 		 		 	
				
	  
	 		 		 	
	Its	 	  
	 		 		 	
				
		 		 		 	  

		 		 		 	[Enter Name of Corporation]
					
		 		 		 	By	 	  

		 		 		 	Its	 	  

				
	[SEAL]	 		 		 	
				
	ATTEST:	 		 		 	
				
	  
	 		 		 	
	Its	 	  
	 		 		 	
				
		 		 		 	
		 		 		 	[Enter Name of Corporation]
					
		 		 		 	By	 	  

					
		 		 		 	Its	 	  

				
	[SEAL]	 		 		 	
				
	ATTEST:	 		 		 	
				
	  
	 		 		 	
	Its	 	  
	 		 		 	

  

 - 3 -Amendment to Employment Agreement

 Exhibit 10.12.1 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT is entered into as of the 30th day of December,
2008, by and between C&F FINANCIAL CORPORATION, a Virginia corporation (the “Company”), and BRYAN MCKERNON (the “Executive”). 
 RECITALS 
 I. The Company and the Executive previously entered into an Employment Agreement dated as of
December 19, 2006 (the “Agreement”); and 
 II. The Company and the Executive desire to amend the Agreement to comply with the requirements of
Section 409A of the Internal Revenue Code and applicable guidance issued thereunder (“Code Section 409A”). 
 NOW, THEREFORE, it is
hereby agreed as follows: 
 1. Section 2 of the Agreement is amended to read as follows: 
 2. Compensation; Bonus. McKernon shall be paid monthly salary payments, based on an annual salary of no less than $195,000.00. 
 In addition, C&F will pay to McKernon a bonus equal to a percentage of
            (calculated according to Generally Accepted Accounting Principles)             realized by C&F, according to the
following schedule: 
  

							
	  
	  	%    	  		  	

							
	  
	  	  
	  		  	
	  
	  	  
	  		  	
	  
	  	  
	  		  	

 The bonus will be computed at the end of each month and will be paid prior to the end of the next
month, except as limited by the next paragraph. The bonus computation will be based upon 80% of the annualized year-to-date results and will be adjusted at year-end based upon final results in order that the total bonus will be equal to the
appropriate percentage of year end             . Any amount due based on the adjustment after the end of any calendar year will be paid no later than 60 days after the end of such calendar
year. 
 2. Section 4(B) is amended to read as follows: 
 4. Further Termination of Agreement 
 B. C & F shall have the right, at any time and at its
sole option, to buy out McKernon’s interest in this Agreement and terminate his employment, thereafter having no further obligation to McKernon except as may be set out in this Agreement, based upon the following chart: 
  

											
	  
	  		  	  
	  		  	  
	  	
	  
	  		  	  
	  		  	  
	  	
	  
	  		  	  
	  		  	  
	  	
	  
	  		  	  
	  		  	  
	  	

 For purposes of this paragraph, NIBT shall be defined as Net Income Before Taxes, as defined in
paragraph 2 of this Agreement) for the 12 months immediately preceding the buy out. Such buyout payments shall be paid in a lump sum within 30 days of McKernon’s termination of employment. 
 Should this Agreement be terminated under the provisions of this paragraph, C&F may purchase a “non-competition” commitment from McKernon,
on a month-to-month basis for up to 12 months, based upon the following monthly purchase price: (i) If McKernon is gainfully employed at the time of a monthly payment, a monthly amount equal to one-half of his monthly base salary at C&F at
the time of termination; or (ii) if McKernon is not gainfully employed at the time of a monthly payment, a monthly amount equal to his full monthly base salary at C&F at the time of termination. Under the non-competition commitment,
McKernon shall be prohibited from communicating with, soliciting or hiring any employee of C&F. 

 3. Section 9(E) is hereby added to the Agreement as follows: 
 9. General Provisions.  
 E.
Code Section 409A Provisions. 
 (a) The intent of the parties is that payments and benefits under this Agreement comply with Code
Section 409A or comply with an exemption from the application of Code Section 409A and, accordingly, all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under
Code Section 409A. 
 (b) Neither McKernon nor C&F shall take any action to accelerate or delay the payment of any monies and/or
provision of any benefits in any matter which would not be in compliance with Code Section 409A (including any transition or grandfather rules thereunder) to the extent Code Section 409A applies to such payment or benefit. 
 (c) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the form or timing of
payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” (within the meaning of Code Section 409A) and, for purposes of any such provision of this
Agreement under which (and to the extent) deferred compensation subject to Code Section 409A is paid, references to a “termination” or “termination of employment” or like references shall mean separation from service. If
McKernon is deemed on the date of separation from service with the Company to be a “specified employee”, within the meaning of that term under Code Section 409A(a)(2)(B) and using the identification methodology selected by the Company
from time to time, or if none, the default methodology, then with regard to any payment or benefit that is required to be delayed in compliance with Code Section 409A(a)(2)(B), such payment or benefit shall not be made or provided prior to the
earlier of (i) the expiration of the six- month period measured from the date of McKernon’s separation from service or (ii) the date of McKernon’s death. On the first day of the seventh month following the date of McKernon’s
separation from service or, if earlier, on the date of McKernon’s death, all payments delayed pursuant to this Section 9.E. (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay)
shall be paid or reimbursed to Fox in a lump sum (without interest), and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 
 (d) With regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except as permitted by Code Section 409A,
(i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursement, or in- kind benefits, provided during any taxable year shall not
affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by
Section 105(b) of the Internal Revenue Code solely because such expenses are subject to a limit related to the period the arrangement is in effect. All reimbursements shall be reimbursed in accordance with C&F’s reimbursement policies
but in no event later than the calendar year following the calendar year in which the related expense is incurred. 
 (e) If under this
Agreement, an amount is to be paid in two or more installments, for purposes of Code Section 409A, each installment shall be treated as a separate payment. 
 (f) When, if ever, a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within ten (10) days following the date of termination”),
the actual date of payment within the specified period shall be within the sole discretion of C&F. 
 (g) Notwithstanding any of the
provisions of this Agreement, C&F shall not be liable to McKernon if any payment or benefit which is to be provided pursuant to this Agreement and which is considered deferred compensation subject to Code Section 409A otherwise fails to
comply with, or be exempt from, the requirements of Code Section 409A. 
  

 - 2 - 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the
authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 
  

			
	 /s/ Bryan McKernon

	Bryan McKernon
	
	C&F FINANCIAL CORPORATION
		
	By:	 	 /s/ Larry G. Dillon

		 	Larry G. Dillon
		 	Chairman, Board of Directors

  

 - 3 -

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