Document:

Exhibit 10.6

EMPLOYMENT
AGREEMENT

THIS EMPLOYMENT AGREEMENT
(the “Employment Agreement” or the “Agreement”) is made and entered into as of
the 8th day of June, 2005 by and between CARDINAL
FINANCIAL CORPORATION, a Virginia corporation, hereinafter called the
“Corporation” or “Cardinal”, and JOHN W. FISHER,
hereinafter called the “Employee”, and provides as follows:

RECITALS

WHEREAS,
the Corporation desires to retain the services of
Employee on the terms and conditions set forth herein and, for purpose of effecting
the same, the Board of Directors of the Corporation (the “Board of Directors”)
has approved this Employment Agreement and authorized its execution and
delivery on the Corporation’s behalf to the Employee; and

WHEREAS, the
Employee is presently the duly elected President and Chief Executive Officer of
the Corporation and, as such, is a key Employee officer of the Corporation
whose continued dedication, availability, advice and counsel to the Corporation
is deemed important to the Board of Directors, the Corporation and its
stockholders; and

WHEREAS,
the services of the Employee, his experience and knowledge of the affairs of
the Corporation, and his reputation and contacts in the industry are valuable
to the Corporation; and

WHEREAS,
the Corporation wishes to attract and retain such well-qualified Employees and
it is in the best interests of the Corporation and of the Employee to secure
the continued services of the Employee; and

WHEREAS,
The Employee owns 90% of the Corporation’s issued and outstanding common stock;
and

WHEREAS,
contemporaneously with the execution of this Employment Agreement the
Corporation is entering into an Amended and Restated Agreement and Plan of
Share Exchange, dated May 26, 2005, (the “Share Exchange Agreement”) with
Cardinal Financial Corporation, a Virginia corporation (“Cardinal”) pursuant to
which the Corporation will become a wholly-owned subsidiary of Cardinal (the “Share
Exchange”); and

WHEREAS,
if the Share Exchange is consummated, Employee, in his capacity as a shareholder
of the Corporation, shall receive consideration with a value of $5,940,000.00;
and

WHEREAS,   the Corporation and Employee understand and
acknowledge that the execution of this Agreement is a material inducement for
Cardinal to enter into the Share Exchange Agreement;

NOW, THEREFORE,
to assure the Corporation of the Employee’s continued dedication, the
availability of his advice and counsel to the Board of Directors, and to induce
the Employee to remain and continue in the employ of the Corporation and for
other good and valuable consideration, the receipt and adequacy whereof each
party hereby acknowledges, the Corporation and the Employee hereby agree as
follows:

TERMS OF
AGREEMENT

Section 1.
Employment. (a)  The
Corporation and Employee agree that Employee shall be employed to perform such
services for the Corporation as may be assigned to Employee by the Corporation
from time to time upon the terms and conditions herein provided. Employee’s
services shall be rendered in an executive capacity and shall be of a type for
which Employee is suited by background and training; provided that Employee
shall serve as the President and Chief Executive Officer of Wilson/Bennett
Capital Management, Inc., a wholly-owned subsidiary of the Corporation.

(b)   References in
this Agreement to services rendered for the Corporation and compensation and
benefits payable or provided by the Corporation shall include services rendered
for and compensation and benefits payable or provided by any Affiliate. References
in this Agreement to the “Corporation” also shall mean and refer to each
Affiliate for which Employee performs services. References in this Agreement to
“Affiliate” shall mean any business entity that, directly or indirectly,
through one or more intermediaries, is controlled by the Corporation.

(c)    Employee
acknowledges that he is entering into this Agreement on his own free will and
that he has had the benefit of the advice of, and is relying solely upon,
independent counsel of his own choice.

Section 2. Term.   The
term of this Agreement shall commence on the date hereof and continue until April 30,
2008 (the “Employment Period”) unless sooner terminated under the terms of this
Agreement. Beginning on April 30, 2008 and each April 30 thereafter,
the Employment Period and this Agreement and all its terms and provisions shall
be automatically extended for one additional year, unless prior notice of
non-renewal is provided by the Corporation or Employee or employment under this
Agreement is otherwise terminated in accordance with the provisions of Section 9.

Section 3. Exclusive Service.   Employee
shall devote his best efforts and full time to rendering services on behalf of
the Corporation in furtherance of its best interests. Employee shall comply
with all policies, standards and regulations of the Corporation now or
hereafter promulgated, and shall perform his duties under this Agreement to the
best of his abilities and in accordance with standards of conduct appropriate
for the chief executive officer of a registered investment adviser.

Section 4. Cash Compensation.   (a)  As
compensation while employed hereunder, Employee shall receive a salary at the
rate of  $200,000 per year, payable twice
monthly.

(b)   For each
calendar year, or part thereof, Employee shall be entitled to a bonus equal to
10% of the net income of Wilson/Bennett Capital Management, Inc. if such
net income does not exceed $1,000,000. If such net income exceeds $1,000,000,
Employee’s bonus shall be $100,000, plus 20% of the amount by which net income
exceeds $1,000,000.

For 2005 the bonus formula will be annualized. For
example, if the Effective Date is July 1, 2005, the bonus will be 10% of
the net income of the Corporation for the period from July 1, 2005 to December 31,
2005 if such net income doe not exceed $500,000. If such net income exceeds
$500,000, the bonus shall be $50,000, plus 20% of the amount by which net
income exceeds $500,000.

If this Agreement terminates during a year for any
reason other than Cause or resignation without Good Reason, the bonus for the
year will be annualized. For example, if this Agreement terminates on July 1
of a year, the bonus will be 10% of the net income of the Corporation for the
period from January 1, through June 30 if such net income does not
exceed $500,000. If such net income exceeds $500,000, the bonus shall be
$50,000, plus 20% of the amount by which net income exceeds $500,000.

In 2005 annualization shall be based on the ratio of
the number of days from the Effective Date to the end of the year to the number
of days in the year. In the year Employee’s employment terminates, 

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annualization shall be
based on the ratio of the number of days in the year before the Date of
Termination to the number of days in the year.

For purposes of
this Section 4(b), net income shall be computed according to generally
accepted accounting principles, consistently applied, but without deduction for
income taxes, amortization of intangible assets or allocations of indirect
overhead. For purposes of the Agreement, “indirect overhead” will include expenses paid or
incurred by Cardinal or its Affiliates that are allocated to the income
statement of the Corporation by Cardinal and that did not cause Cardinal to
incur any incremental cost. This includes, but is not limited to, advertising
costs, insurance costs, and officers’ salaries that are allocated to the
Corporation but which would have been incurred irrespective of whether Cardinal
owned the Corporation. However, if a Cardinal expense is greater in
amount due to its ownership of the Corporation, then such incremental
cost may be deemed direct overhead for purposes of the Agreement.

(c)    The
Corporation shall withhold state and federal income taxes, social security
taxes and such other payroll deductions as may from time to time be required by
law or agreed upon in writing by Employee and the Corporation. The Corporation
shall also withhold and remit to the proper party any amounts agreed to in
writing by the Corporation and the Employee for participation in any corporate
sponsored benefit plans in which Employee is a participant and for which a
contribution is required.

(d)   Except as
otherwise expressly set forth hereunder, no compensation shall be paid pursuant
to this Agreement in respect of any month or portion thereof subsequent to any
termination of Employee’s employment by the Corporation.

Section 5. Corporate Benefit Plans.   Employee
shall be entitled to participate in or become a participant in any employee
benefit plan maintained by the Corporation for which he is or will become
eligible on such terms as the Board of Directors may, in its discretion,
establish, modify or otherwise change. On and after the effective date of the
Share Exchange, Employee shall be entitled to participate in the Cardinal
plans, as set forth in Section 5.1 of the Share Exchange Agreement. Notwithstanding
the above, Employee will not be eligible to participate in the Cardinal Bank
Deferred Compensation Plan. However on or after the Effective Date, he will be
eligible to participate in an executive deferred compensation plan that is
materially equivalent to the George Mason Mortgage, LLC Executive Deferred
Compensation Plan.

Section 6. Expense Account.   The
Corporation shall reimburse Employee for reasonable and customary business
expenses incurred in the conduct of the Corporation’s business. Such expenses
will include business meals, out-of-town lodging and travel expenses. In no
event will there be reimbursement for items which are not reimbursable under
Corporation policy. Employee agrees to timely submit records and receipts of
reimbursable items and agrees that the Corporation can adopt reasonable rules and
policies regarding such reimbursement. The Corporation agrees to make prompt
payment to the Employee following receipt and verification of such reports.

Section 7. Personal and Sick Leave.   Employee
shall be entitled to the same personal and sick leave as the Board of Directors
may from time to time designate for all full-time employees of the Corporation.

Section 8. Vacations.   Employee
shall be entitled to four (4) weeks of vacation leave each year, which
shall be taken at such time or times as may be approved by the Corporation and
during which Employee’s compensation hereunder shall continue to be paid.

Section 9. Termination.   (a) 
Notwithstanding the termination of Employee’s employment pursuant to any
provision of this Agreement, the parties shall be required to carry out any
provisions of this Agreement which contemplate performance by them subsequent
to such termination, including the Corporation’s obligations under Section 10
and the Employee’s obligations under Section 11. In addition, no
termination shall affect any liability or other obligation of either party
which shall have accrued prior to such 

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termination,
including, but not limited to, any liability, loss or damage on account of
breach. No termination of employment shall terminate the obligation of the
Corporation to make payments of any vested benefits provided hereunder or the
obligations of the Employee under Sections 11 and 12.

(b)   This
Agreement shall terminate upon death of the Employee. The Corporation may
terminate Employee’s employment under this Agreement, after having established
the Employee’s disability by giving to the Employee written notice of its
intention to terminate his employment for disability, and his employment with
the Corporation shall terminate effective on the 90th day after receipt of such
notice (the “Disability Effective Date”) if within 90 days after such receipt
the Employee shall fail to return to the full-time performance of the essential
functions of his position (and if the Employee’s disability has been
established pursuant to the definition of “disability” set forth below). For
purposes of this Agreement, “disability” means either (i) disability which
after the expiration of more than 13 consecutive weeks after its commencement
is determined to be total and permanent by a physician selected and paid for by
the Corporation or its insurers, and acceptable to the Employee or his legal
representative, which consent shall not be unreasonably withheld, or (ii) disability
as defined in the policy of disability insurance maintained by the Corporation
for the benefit of the Employee, whichever shall be more favorable to the
Employee. Notwithstanding any other provision of this Agreement, the
Corporation shall comply with all requirements of the Americans with
Disabilities Act, 42 U.S.C. § 12101 et.  seq.

(c)    The
Corporation may terminate the Employee’s employment, in its sole discretion at
any time during the Employment Period, with or without “Cause.”

(d)   The
Employee’s employment may be terminated by the Employee, in the Employee’s sole
discretion at any time during the Employment Period, with or without “Good
Reason.”

(e)    For
purposes of this Agreement,

(i)    “Cause”
shall mean the Employee’s:

(A)  continued
willful failure, without Cure (as defined below), to perform substantially the
Employee’s duties with the Corporation (other than any such failure resulting
from incapacity due to physical or mental illness);

(B)  acts or
conduct involving embezzlement, theft, larceny, fraud, or any other material
acts of dishonesty by the Employee in the performance of the Employee’s duties;

(C)  conviction
of, or entrance of a plea of guilty or nolo contendere to, a felony or any
crime by the Employee involving moral turpitude which crime of moral turpitude
is demonstrably injurious to the Corporation or client relationships;

(D)  acts or
conduct which result in the Employee becoming subject to an order of a
governmental agency or other regulatory body which prevents or materially
restricts the Employee in performing the Employee’s duties hereunder;

(E)  reporting to
work under the influence of alcohol, narcotics or unlawful controlled
substances, or any other material violation, without Cure (to the extent such
other material violation is capable of Cure), of any Corporation employment
policy or procedure or any other material violation of the Corporation’s
employment policy or procedure which has the potential to subject the
Corporation to legal liability;

(F)   conduct
that is demonstrably and materially injurious to the Corporation without Cure
(to the extent such conduct is capable of Cure); or

(G)  breach of
any of the provisions of Section 11 of this Agreement.

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(ii)   “Cure”
shall mean, following the giving of notice of Cause or Good Reason, the
Employee or the Corporation, as the case may be, shall have cured the Cause or
Good Reason within thirty (30) days of such notice having been given.

(iii)  “Good
Reason” shall mean a termination by Employee resulting from a material breach
by the Corporation of a material obligation of the Corporation under this
Agreement without Cure. A breach described in this clause shall include, but
not be limited to:

(A)  a
detrimental alteration or failure to comply with the terms of the Employee’s
employment as they relate to the Employee’s position, responsibilities,
reporting and duties, or the compensation and benefit arrangements applicable
to the Employee;

(B)  the failure
of the Corporation to obtain an agreement reasonably satisfactory to the
Employee from any successor of the Corporation to assume and agree to perform
this Agreement, as contemplated in Section 13(b) hereof; or

(C)  any
termination of the Employee’s employment which is not effected pursuant to the
terms of this Agreement.

(f)    Any
termination by the Corporation with or without Cause, or by the Employee with
or without Good Reason, shall be communicated by Notice of Termination to the
other party hereto in accordance with this Section and Section 16 of
this Agreement. For purposes of this Agreement, a “Notice of Termination” means
a written notice which (i) indicates the specific termination provision in
this Agreement relied upon, and (ii) to the extent applicable, sets forth
in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Employee’s employment under the provision so indicated. The
failure by the Employee or the Corporation to set forth in the Notice of
Termination any fact or circumstance which contributes to a showing of Good Reason
or Cause shall not waive any right of the Employee or the Corporation hereunder
or preclude the Employee or the Corporation from asserting such fact or
circumstance in enforcing the Employee’s or the Corporation’s rights hereunder.

(g)    “Date of
Termination” means if the Employee’s employment is terminated (i) by the
Corporation for Cause or by the Employee for Good Reason, the date that is one
day after the last day of the cure period, if any, (ii) by the Corporation
other than for Cause or Disability, or by the Employee without Good Reason, the
date that is 30 days after the date on which the Corporation or the Employee
notifies the Employee or the Corporation, as applicable, of such termination,
and (iii) by reason of death or disability, the date of death of the
Employee or the Disability Effective Date, as the case may be.

Section 10.   Obligations of the Corporation upon Termination.

(a)    If, during
the Employment Period, the Corporation shall terminate the Employee’s
employment other than for Cause, death or disability or the Employee shall
terminate employment for Good Reason, then the Corporation shall pay to the
Employee each month for 12 months one-twelfth of the Employee’s annual salary,
and the amounts set forth below:

(i)    To the
extent not theretofore paid, the Employee’s accrued salary through the Date of
Termination, any bonus for a prior year that remains unpaid; and

(ii)   The
Employee’s bonus for the year in which his employment terminates calculated
according to Section 4(b).

(b)   If, during
the Employment Period, the Corporation shall terminate the Employee’s
employment for Cause or the Employee shall terminate his employment without
Good Reason, then the Corporation shall have no further obligation to the
Employee; provided the Corporation shall pay 

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to the Employee, to the
extent not theretofore paid, the Employee’s accrued salary through the Date of
Termination and any bonus for the prior year that remains unpaid; and, provided
further, in order that Section 11(c) shall apply for twelve (12) months
following a termination of employment for cause or a resignation by Employee
without Good Reason, the Corporation may, at its option, pay to the Employee
the same amounts at the same times as set forth in Section 10(a).

(c)    If, during
the Employment Period, the Employee is terminated due to disability, as defined
in Section 9(b) hereof, then the Corporation shall pay to the
Employee in a lump sum in cash within 30 days after the Date of Termination to
the extent not theretofore paid, the Employee’s accrued salary through the Date
of Termination and any bonus for a prior year that remains unpaid.

(d)   If, during
the Employment Period, the Employee shall die, then the Corporation shall pay
to the Employee’s personal representative in a lump sum in cash within 30 days
after the Date of Termination to the extent not theretofore paid, the Employee’s
accrued salary through the Date of Termination and any bonus for a prior year
that remains unpaid.

(e)    Notwithstanding
anything in this Agreement to the contrary, if Employee breaches Section 11,
Employee will not thereafter be entitled to receive any further compensation or
benefits pursuant to this Section 10. All
payments to Employee pursuant to Sections 10(a)(ii) and 10(b)(ii) shall
be solely in exchange for Employee’s covenants and agreements set forth in Section 11
and shall not be deemed to be severance payments.

(f)(1)    If
Employee resigns for any reason within three months after a Change of Control
shall have occurred, or within three months of the date that Bernard H.
Clineburg ceases to serve as the Corporation’s chief executive officer, then on
or before Employee’s last day of employment with the Corporation, the
Corporation shall pay to Employee as compensation for services rendered to the
Corporation a cash amount (subject to any applicable payroll or other taxes
required to be withheld) equal to one hundred fifty percent (150%) of the sum
of the payments received by him under Sections 4(a) and 4(b) in the
12 months that precede the Date of Termination. The cash amount required to be
paid hereby shall be paid by the Corporation in equal monthly installments over
the eighteen (18) months succeeding the date of termination, payable on the
first day of each such month. Payment under this Section 8(f)(1) shall
be in lieu of any amount that is or might be due under Section 10(a).

(2)   For
purposes of this Agreement, a Change of Control occurs if, after the date of
this Agreement, (i) any person, including a “group” as defined in Section 13(d)(3) of
the Securities Exchange Act of 1934, becomes the owner or beneficial owner of
Corporation or Cardinal securities having 50% or more of the combined voting
power of the then outstanding Corporation or Cardinal securities that may be
cast for the election of the Corporation’s or Cardinal’s directors other than
as a result of an issuance of securities initiated by the Corporation’s or
Cardinal’s directors, or open market purchases approved by the Board of
Directors, as long as the majority of the Board of Directors approving the
purchases is a majority at the time the purchases are made; or (ii) as the
direct or indirect result of, or in connection with, a tender or exchange
offer, a share exchange or other business combination, a sale of assets, a
contested election of directors, or any combination of these events, the
persons who were directors of the Corporation or Cardinal  before such events cease to constitute a
majority of the Corporation’s or Cardinal’s Board, or any successor’s board,
within two years of the last of such transactions. For purposes of this
Agreement, a Change of Control occurs on the date on which an event described
in (i) or (ii) occurs. If a Change of Control occurs on account of a
series of transactions or events, the Change of Control occurs on the date of
the last of such transactions or events.

(3)   It is the
intention of the parties that no payment be made or benefit provided to
Employee pursuant to this Agreement that would constitute an “excess parachute
payment” within the meaning of Section 280G of the Code and any
regulations thereunder, thereby resulting in a loss of an income 

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tax deduction by the
Corporation or the imposition of an excise tax on Employee under Section 4999
of the Code. If the independent accountants serving as auditors of the
Corporation on the date of a Change of Control (or any other accounting firm
designated by the Corporation) determine that some or all of the payments or
benefits scheduled under this Agreement, as well as any other payments or
benefits on a Change of Control, would be nondeductible by the Company under Section 280G
of the Code, then the payments scheduled under this Agreement will be reduced
to one dollar less than the maximum amount which may be paid without causing
any such payment or benefit to be nondeductible. The determination made as to
the reduction of benefits or payments required hereunder by the independent
accountants shall be binding on the parties. Employee shall have the right to
designate within a reasonable period, which payments or benefits will be
reduced; provided, however that if no direction is received from Employee, the
Corporation shall implement the reductions in its discretion.

Section 11.   Confidentiality/Nondisclosure/Noncompetition/Nonsolicitation.
(a)(i)  The Employee acknowledges:

(A)  The
Corporation’s business has been built over a period of  eleven (11) years through the efforts of
Employee; and

(B)   That all or
substantially all relationships with the Corporation’s customers are personal
to Employee; and

(C)   That it is
his intent, if the Share Exchange is consummated, that the Corporation’s
goodwill, including the value of the long term relationships he has developed
with the Corporation’s customers, shall, indirectly through its ownership of
the Corporation, become the property of Cardinal.

(ii)   By
entering into this Agreement, the Employee intends:

(A)  To induce
the Corporation and Cardinal to enter into the Share Exchange Agreement; and

(B)   To induce
Cardinal to consummate the Share Exchange.

(b)   Employee
covenants and agrees that any and all information concerning the customers,
businesses and services of the Corporation of which he has knowledge or access
as a result of his association with the Corporation in any capacity shall be
deemed confidential in nature and shall not, without the prior written consent
of the Corporation, be directly or indirectly used, disseminated, disclosed or
published by Employee to third parties other than in connection with the usual
conduct of the business of the Corporation. Such information shall expressly
include, but shall not be limited to, information concerning the Corporation’s
asset management methods, other trade secrets, business operations, business
records, customer lists or other customer information. Upon termination of
employment the Employee shall deliver to the Corporation all originals and
copies of documents, forms, records or other information, in whatever form it
may exist, concerning the Corporation or its business, customers, products or
services. In construing this provision it is agreed that it shall be
interpreted broadly so as to provide the Corporation with the maximum
protection. This Section 11(b) shall not be applicable to any
information which, through no misconduct or negligence of Employee, is
disclosed to the public by anyone other than Employee or that Employee, after
notifying the Corporation, is compelled to disclose by legal process.

(c)   During the
term of this Agreement and throughout any further period that he is an officer
or employee of the Corporation, and for a period of eighteen (18) months from
and after the date that Employee is (for any reason) no longer employed by the
Corporation or 

 7
 

for a period of eighteen
(18) months from the date of entry by a court of competent jurisdiction of a
final judgment enforcing this covenant in the event of a breach of Employee,
whichever is later, Employee covenants and agrees that he will not, directly or
indirectly, either for himself or as a principal, agent, employee, employer,
stockholder, co-partner or in any other individual or representative capacity
whatsoever provide Competitive Services (as defined in Section 11(e)) in
any state in which Employee has been licensed or registered as an investment
adviser representative or agent of the Corporation at any time within nine (9) months
of the date Employee ceases to be employed by the Corporation. Notwithstanding
the foregoing, this Section 11(c) shall not apply during any period
after a termination of Employee’s employment in which or for which he is not
receiving compensation under Section 10.

This Section 11(c) shall
not preclude Employee from merely becoming the holder of any publicly traded
stock, provided Employee does not acquire a stock interest in excess of 5%.

(d)   While
employed by the Corporation and for eighteen (18) months after the Employee’s
termination of employment with the Corporation for any reason, the Employee
will not, directly or indirectly, on behalf of the Employee or any other person
or entity, solicit or induce, or attempt to solicit or induce, any person
employed by the Corporation during the two-year period immediately prior to the
Employee’s termination, to terminate his or her relationship with the
Corporation and/or to enter into an employment or agency relationship with the
Employee or with any other person or entity with whom the Employee is
affiliated.

(e)   While
employed by the Corporation and for eighteen (18) months after the Employee’s
termination of employment with the Corporation for any reason, the Employee
will not, except to the extent necessary to carry out his duties as an employee
of the Corporation, directly or indirectly provide Competitive Services (as
defined below) to any Customer (as defined below), directly or indirectly, on
behalf of the Employee or any other person or entity, or solicit or divert away
or attempt to solicit or divert away any Customer of the Corporation for the
purpose of selling or providing Competitive Services, provided the Corporation
is then still engaged in the sale or provision of Competitive Services.

(f)(1)  For
purposes of this Agreement, the term “Customer” means any individual or entity
to whom or to which the Corporation provided Competitive Services within two
years of Employee’s Date of Termination (or, within one year of the Date of
Termination, the Corporation had identified as a prospect for the provision of
Competitive Services, and with whom or with which the Employee had, alone or in
conjunction with others, material contact) during the year immediately prior to
the Date of Termination.

(2)   For
purposes of this Agreement, the Employee shall have had material contact with a
person or entity if (i) the Employee had direct business dealings with the
person or entity on behalf of the Corporation; (ii) the Employee was
responsible for supervising or coordinating the business dealings between the
person or entity and the Corporation; (iii) the Employee was responsible
for supervising or coordinating the identification of such person or entity as
a prospective Customer of the Corporation; or (iv) the Employee obtained
trade secrets or confidential information about the person or entity as a
direct result of the Employee’s business involvement with the person or entity
on behalf of the Corporation.

(3)   For
purposes of this Agreement, “Competitive Services” shall mean acting as an
investment adviser, investment adviser agent or representative, trust officer
or employee or in any other capacity advising others, directly or indirectly,
for compensation, as to the value of securities or as to the advisability of
investing in, purchasing or selling securities. 

 8
 

Notwithstanding the
foregoing, the word “securities” as used in this Section 11(f)(3) shall
not include equity securities that are not registered under the Securities
Exchange Act of 1934, unless on or within nine (9) months prior to the
Date of Termination, the Corporation has advised others, directly or
indirectly, for compensation, as to the value of such securities or as to the
advisability of investing in, purchasing or selling such securities as part of
a portfolio of investments.

(g)   The
Employee agrees that the covenants in this Section 11 are reasonably
necessary to protect the legitimate interests of the Corporation, are
reasonable with respect to time and territory and do not interfere with the
interests of the public. The Employee further agrees that the descriptions of
the covenants contained in this Section 11 are sufficiently accurate and
definite to inform the Employee of the scope of the covenants. Finally, the
Employee agrees that the consideration set forth in the Share Exchange
Agreement and in this Agreement is full, fair and adequate to support the
Employee’s obligations hereunder and the Corporation’s rights hereunder before
and after the effective date of the Share Exchange. The Employee acknowledges
that in the event the Employee’s employment with the Corporation is terminated
for any reason, the Employee will be able to earn a livelihood without
violating such covenants.

(h)   The parties
have attempted to limit the Employee’s right to compete only to the extent
necessary to protect the Corporation from unfair competition. The parties
recognize, however, that reasonable people may differ in making such a
determination. Accordingly, the parties intend that the covenants contained in
this Section 11 and the
subparts thereof to be completely severable and
independent, and any invalidity or unenforceability of any one or more such
covenants will not render invalid or unenforceable any one or more of the other
covenants. The parties further agree that, if the scope or enforceability of a
covenant contained in this Section 11 or a subpart thereof is in any way
disputed at any time, a court or other trier of fact may modify and reform such
provision to substitute such other terms as are reasonable to protect the
Corporation’s legitimate business interests.

(i)    In the
event Employee shall desire to engage in any activity which Employee believes
could breach the covenants in this Section 11, Employee may give notice of
such desired activity to the Corporation, and the Corporation shall advise
Employee in writing, within thirty (30) days following receipt of such notice,
of its determination as to whether the proposed activity is permissible
hereunder, or whether the Corporation is willing to permit such activity even
if the Corporation believes such activity is not permissible hereunder.

(j)    The
parties intend that the covenants and restrictions in this Section 11 be
enforceable against Employee regardless of the reason that his employment by
the Corporation may terminate and that such covenants and restrictions shall be
enforceable against Employee even if this Agreement expires after a notice of
non-renewal given by Employee or the Corporation under Section 2.

Section 12.   Injunctive Relief, Damages, Etc. The Employee agrees that,
given the nature of the positions held by Employee with the Corporation, each
and every one of the covenants and restrictions set forth in Section 11
above are reasonable in scope, length of time and geographic area and are
necessary for the protection of the significant investment of the Corporation
in developing, maintaining and expanding its business. Accordingly, the parties
hereto agree that in the event of any breach by Employee of any of the
provisions of Section 11 that monetary damages alone will not adequately
compensate the Corporation for its losses and, therefore, that it shall be
entitled to any and all legal or equitable relief available to it, specifically
including, but not limited to, injunctive relief, and the Employee shall be
liable for all damages, including actual and consequential damages, costs and
expenses, including legal costs and actual attorneys’ 

 9
 

fees, incurred by the
Corporation as a result of taking action to enforce, or recover for any breach
of, Section 11, or incidental to a declaratory judgment action filed by
Employee in which the Company is the prevailing party. The covenants contained
in Section 11 shall be construed and interpreted in any judicial
proceeding to permit their enforcement to the maximum extent permitted by law.

Section 13.   Binding Effect/Successors.   (a) 
This Employment Agreement shall be binding upon and inure to the benefit of the
Corporation and Employee and their respective heirs, legal representatives,
executors, administrators, successors and assigns. Neither this Agreement, nor
any of the rights hereunder, shall be assignable by the Employee or any
beneficiary or beneficiaries designated by the Employee.

(b)   The
Corporation will require any successor (whether direct or indirect, by
purchase, Share Exchange, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Corporation, or either one of them, by
agreement in form and substance satisfactory to the Employee, to expressly
assume and agree to perform this Agreement in its entirety. Failure of the
Corporation to obtain such agreement prior to the effectiveness of any such
succession shall be a breach of this Agreement and shall entitle the Employee
to the compensation described in Section 10(a).

Section 14.   Governing Law.   This Employment
Agreement shall be subject to and construed in accordance with the laws of
Virginia.

Section 15.   Invalid Provisions.
The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect. Any provision in this
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be valid and enforceable to the fullest extent permitted by
law without invalidating or affecting the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

Section 16.   Notices.   Any and all
notices, designations, consents, offers, acceptance or other communications
provided for herein shall be given in writing and shall be deemed properly
delivered if delivered in person or by registered or certified mail, return
receipt requested, addressed in the case of the Corporation to its registered
office or in the case of Employee to his last known address.

Section 17.   Litigation.   If litigation shall
be brought to challenge, enforce or interpret any provision of this Agreement,
and such litigation ends with judgment against a party, that party shall
indemnify the other for one-half of its reasonable attorneys’ fees and
disbursements incurred in such litigation.

Section 18.   Entire Agreement.

(a)    This
Employment Agreement constitutes the entire agreement among the parties with
respect to the subject matter hereof and supersedes any and all other
agreements, either oral or in writing, among the parties hereto with respect to
the subject matter hereof.

(b)   This
Employment Agreement may be executed in one or more counterparts, each of which
shall be considered an original copy of this Agreement, but all of which
together shall evidence only one agreement.

Section 19.   Amendment and Waiver.   This
Employment Agreement may not be amended except in accordance with the
Shareholder Agreement  by an instrument
in writing signed by or on behalf of each of the parties hereto. No provision
of this Agreement may be waived, except in accordance with the Shareholder
Agreement. Any such waiver shall be in writing, signed by the Employee and on
behalf of the Corporation by such officer as may be specifically designated by
the Board of Directors. No waiver by either party hereto at any time of any
breach by the other party hereto of, or compliance with, any 

 10
 

condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of
any similar or dissimilar provision or conditions at the same or at any prior
or subsequent time

Section 20.   Captions.   The captions used
in this Employment Agreement are intended for descriptive and reference
purposes only and are not intended to affect the meaning of any Section hereunder.

IN WITNESS WHEREOF, the
Corporation has caused this Employment Agreement to be signed by its duly
authorized officer and Employee has hereunto set his hand and seal on the day
and year first above written.

	
  

  	
  CARDINAL
  FINANCIAL CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title: Executive
  Vice President

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  	
  (SEAL)

  
	
   

  	
  John W. Fisher

  
				

 

 11Exhibit 10.7

REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS
AGREEMENT (the “Agreement”), dated as of June 8, 2005, is made between
Cardinal Financial Corporation, a Virginia corporation (the “Company”), John W.
Fisher (“Fisher”) and James B. Moloney (“Moloney”).

W I T N E S S E T H:

WHEREAS, the Company and Wilson/Bennett Capital
Management, Inc., a Virginia corporation (“Wilson/Bennett”), entered into
an Amended and Restated Agreement and Plan of Share Exchange dated May 26,
2005 (the “Share Exchange Agreement”), pursuant to which the Company acquired
all of the shares of the capital stock of Wilson/Bennett; and

WHEREAS, pursuant to the Share Exchange Agreement,
Fisher and Moloney, as the sole shareholders of Wilson/Bennett (collectively,
the Shareholders”), acquired an aggregate of 611,111 shares of Common Stock (as
hereinafter defined); and

WHEREAS, the Company has agreed to enter into this
Agreement to provide certain registration rights to the Shareholders in order
to facilitate the distribution of the shares of Common Stock acquired by them
pursuant to the Share Exchange Agreement.

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, the
Company and the Shareholders hereby agree as follows:

ARTICLE
I

Definitions

Except as otherwise
specified herein, capitalized terms used in this Agreement shall have the
respective meanings assigned to such terms in the Share Exchange Agreement. For
purposes of this Agreement, the following terms have the following meanings:

(a)   “Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 under the
Exchange Act as in effect on the date of this Agreement.

(b)   “Blue Sky
Filing” shall mean a filing made in connection with the registration or
qualification of the Registrable Shares under a particular state’s securities
or blue sky laws.

(c)   “Common
Stock” shall mean the Common Stock, par value $1.00 per share, of the Company.

(d)   “Effective
Period,” with respect to the Registrable Shares, shall mean the period from the
date of effectiveness of the Registration Statement relating to the Registrable
Shares under Section 2.2 below to the date that is two years from the date
of such effectiveness; provided, that,
for each Holdback Period required by the Company under Article III of this
Agreement and for each Discontinuance Period (as defined in Section 2.4(k) below),
the Effective Period shall be extended by the number of days during which the
applicable Holdback Period or Discontinuance Period was in effect.

(e)   “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

(f)    “Nasdaq”
shall mean the Nasdaq Stock Market.

(g)   “Person”
shall have the meaning set forth in Section 3(a)(9) of the Exchange
Act as in effect on the date of this Agreement, and shall include, without
limitation, corporations, partnerships, limited liability companies and trusts.

(h)   “Prospectus”
shall mean the prospectus included in a Registration Statement (including a
prospectus that discloses information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A
under the Securities Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the
Registrable Shares covered by such Registration Statement, and all other
amendments and supplements to such prospectus, including post-effective
amendments, and all material incorporated by reference or deemed to be
incorporated by reference in any such prospectus.

(i)    “Registrable
Shares” shall mean the shares of Common Stock that the Shareholders acquired
from the Company pursuant to the Share Exchange Agreement and such additional
shares of Common Stock that the Company may issue with respect to such shares
pursuant to any stock splits, stock dividends, recapitalizations,
restructurings, reclassifications or similar transactions.

(j)    “Registration
Statement” shall mean a registration statement of the Company under the
Securities Act that covers the resale of the Registrable Shares pursuant to the
terms of this Agreement, including the related Prospectus, all amendments and
supplements to such registration statement, including pre- and post-effective
amendments, all exhibits thereto and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement.

(k)   “SEC” shall
mean the Securities and Exchange Commission.

(l)    “Securities Act” shall mean the Securities Act of 1933, as
amended.

ARTICLE II

Registration
of Securities

Section 2.1.   Securities
Subject to this Agreement.   The securities entitled to the
benefits of this Agreement are the Registrable Shares. For the purposes of this
Agreement, one or more of the Registrable Shares will no longer be subject to
this Agreement when and to the extent that (i) a Registration Statement
covering such Registrable Shares has been declared effective under the
Securities Act and such Registrable Shares have been sold pursuant to such
effective Registration Statement, (ii) such Registrable Shares are
distributed to the public pursuant to Rule 144 under the Securities Act, (iii) such
Registrable Shares shall have been otherwise transferred or disposed of, new
certificates therefor not bearing a legend restricting further transfer or
disposition shall have been delivered by the Company and, at such time,
subsequent transfer or disposition of such securities shall not require
registration or qualification of such Registrable Shares under the Securities
Act or any similar state law then in force, or (iv) such Registrable
Shares have ceased to be outstanding.

Section 2.2.   Demand
Registration.

(a)   The
Shareholders shall have the right to make one written request to the Company
for the registration of Registrable Shares subject to this Agreement that are
beneficially owned by the Shareholders at the time of the request, subject to
the following provisions:

(1)   The maximum
number of Registrable Shares that may be included in such written request shall
be one-third of such shares; provided, however, that, in the event that (i) a
Change of Control (as defined below) has occurred with respect to the Company
or (ii) the Company’s employment of Bernard H. Clineburg as its the chief
executive officer has terminated for any reason, such maximum number shall be
all of such shares.

(2)   For
purposes of this Section 2.2, a Change of Control occurs if (i) any
person, including a “group” as defined in Section 13(d)(3) of the
Exchange Act becomes the owner or beneficial owner of Common Stock having 40%
or more of the combined voting power of the then outstanding Common Stock that
may be cast for the election of the Company’s directors other than a result of
an issuance of 

 2
 

securities initiated by
the Company, or open market purchases approved by the Company’s Board of
Directors, as long as the majority of the Board of Directors approving the purchases
is a majority at the time that the purchases are made; or (ii) as the
direct or indirect result of, or in connection with, a tender or exchange
offer, a merger or other business combination, a sale of assets, a contested
election of directors, or any combination of these events, the persons who were
directors of the Company before such events cease to constitute a majority of
the Company’s Board of Directors, or any successor’s board, within two years of
the last of such transactions. For purposes of Section 2.2(a)(1) above,
a Change of Control occurs on the date on which an event described in (i) or
(ii) above occurs. If a Change of Control occurs on account of a series of
transactions or events, the Change of Control occurs on the date of the last of
such transactions or events.

(3)   The maximum
number of Registrable Shares subject to this Section 2.2(a) shall be
subject to adjustment in the event that the Company issues additional shares
with respect to such shares pursuant to any stock splits, stock dividends,
recapitalizations, restructurings, reclassifications or similar transactions.

(b)   The
Shareholders shall have the right to make one additional request to the Company
for the registration of Registrable Shares subject to this Agreement that are
beneficially owned by the Shareholders at the time of the request, provided
that the Shareholders have previously made a request under Section 2.2(a) above
and subsequent to that request either (i) a Change of Control (as defined
below) has occurred with respect to the Company or (ii) the Company’s
employment of Bernard H. Clineburg as its the chief executive officer has
terminated for any reason. The maximum number of Registrable Shares that may be
included in such additional request shall be all of the Registrable Shares,
less any shares included in the prior request made under Section 2.2(a) above.

(c)   The Company
shall have the option to purchase the shares of Common Stock covered by a
request under either Section 2.2(a) or (b) above directly from
the Shareholders. In order to exercise this option, the Company shall provide
the Shareholders with written notice of its intention to do so to the
Shareholders within 10 days of the receipt of such request. The purchase of
such shares by the Company shall be completed with 30 days of the receipt of
such request, and the purchase price for the shares shall be the average
closing sale price on Nasdaq for sales of shares of Common Stock for the 20
days on which shares of Common Stock trade immediately preceding the fifth day
before the date of such written notice from the Company, adjusted, if
necessary, for any stock split or stock dividend, during such twenty (20) day
period.

(d)   Upon the
receipt of a request described in Section 2.2(a) or (b) above,
and to the extent that the Company has not exercised the option set forth in Section 2.2(c) above,
the Company shall (i) within 45 days of such request, file a Registration
Statement with the SEC under the Securities Act to register the resale of the
Registrable Shares as set forth in such request and (ii) use its best
efforts to cause such Registration Statement to become effective as soon as
practicable after the filing thereof with the SEC. On or before the Closing
Date, the Company shall have listed on Nasdaq, on a when issued basis, the
Registrable Shares (except to the extent that such Registrable Shares have been
listed previously).

(e)   The Company
shall use its best efforts to maintain the effectiveness of the Registration
Statement relating to the Registrable Shares, and maintain the listing of such
shares, as applicable, on Nasdaq or any exchange or automated interdealer
quotation system on which the Common Stock is then listed or quoted, during the
Effective Period.

(f)    The
Company shall not be obligated to register any of the Registrable Shares held
by an Affiliate of the Shareholders.

 3
 

Section 2.3.   Registration
Procedures.   In order to comply with the requirements of Section 2.2
above, the Company will:

(a)   prepare and
file with the SEC a Registration Statement covering the Registrable Shares on Form S-3,
if the Company is eligible to use such form, or such other form or forms for
which the Company then qualifies and that counsel for the Company shall deem
appropriate, and which form shall be available for the sale of the Registrable
Shares on a delayed or continuous basis in accordance with Rule 415 under
the Securities Act (or any successor rule); provided,
however, that the methods of distribution permitted by such Registration
Statement shall not include underwritten offerings.

(b)   prepare and
file with the SEC pre- and post-effective amendments to the Registration
Statement and such amendments and supplements to the Prospectus used in
connection therewith as may be required by the rules, regulations or
instructions applicable to the registration form utilized by the Company, or by
the Securities Act or the rules and regulations thereunder, and cause the
Prospectus as so supplemented to be filed pursuant to Rule 424 under the
Securities Act, and otherwise comply with the provisions of the Securities Act
with respect to the disposition of the Registrable Shares;

(c)   furnish to
the Shareholders such number of copies of the Registration Statement and each
pre- and post-effective amendment thereto, any Prospectus or Prospectus
supplement and each amendment thereto and such other documents as the Shareholders
may reasonably request in order to facilitate the transfer or disposition of
the Registrable Shares by the Shareholders;

(d)   make such
Blue Sky Filings, if necessary, to register or qualify the Registrable Shares
under such state securities or blue sky laws of such jurisdictions as the
Shareholders may reasonably request, and do any and all other acts that may be
reasonably necessary or advisable to enable the Shareholders to consummate the
transfer or disposition in such jurisdictions of the Registrable Shares, except
that the Company shall not for any such purpose be required (i) to qualify
generally to do business as a foreign corporation in any jurisdiction where,
but for the requirements of this Section 2.3(d), it would not be obligated
to be so qualified, (ii) to subject itself to taxation in any such
jurisdiction, or (iii) to consent to general service of process in any
such jurisdiction;

(e)   notify the
Shareholders, at any time when a Prospectus is required to be delivered under
the Securities Act with respect to one or more of the Registrable Shares, of
the Company’s becoming aware that a Prospectus included in the Registration
Statement, as then in effect, includes an untrue statement of a material fact
or omits to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, and prepare and furnish to the Shareholders a reasonable number of
copies of an amendment to such Prospectus as may be necessary so that, as
thereafter delivered to the purchasers of such Registrable Shares, such
Prospectus shall not include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading;

(f)    notify the
Shareholders

(1)   when any
Prospectus or Prospectus supplement or pre- or post-effective amendment
has been filed, and, with respect to the Registration Statement or any post-effective
amendment, when such Registration Statement or post-effective amendment
has become effective;

(2)   of any
request by the SEC or any other applicable regulatory authority for amendments
or supplements to the Registration Statement or Prospectus or for additional
information;

(3)   of the issuance
by the SEC or any other applicable regulatory authority of any stop order of
which the Company or its counsel is aware suspending the effectiveness of the
Registration Statement or any order preventing the use of a related Prospectus,
or the initiation or any threats of any proceedings for such purpose; and

 4

(4)   of the
receipt by the Company of any written notification of the suspension of the
registration or qualification of any of the Registrable Shares for sale in any
jurisdiction, or the initiation or any threats of any proceeding for such
purpose;

(g)   make
generally available to the Company’s shareholders, as soon as reasonably
practicable, an earnings statement that shall satisfy the provisions of
Section 11(a) of the Securities Act, provided that the Company shall
be deemed to have complied with this Section 2.3(g) if it has
complied with Rule 158 under the Securities Act;

(h)   provide for
the Company’s transfer agent at the time to serve as transfer agent and
registrar for the Registrable Shares covered by the Registration Statement no
later than the effective date of such Registration Statement;

(i)    cooperate
with the Shareholders to facilitate the timely preparation and delivery of
certificates (not bearing any restrictive legends) representing the securities
to be sold under the Registration Statement, and enable such securities to be
in such denominations and registered in such names as the Shareholders may
reasonably request;

(j)    provide
the Shareholders and any attorney, accountant or other agent retained by the
Shareholders (collectively, the “Inspectors”) with reasonable access during
normal business hours to appropriate officers of the Company and its
subsidiaries to ask questions and to obtain information that any such Inspector
may reasonably request and make available for inspection all financial and
other records, pertinent corporate documents and properties of any of the
Company and its subsidiaries (collectively, the “Records”), as shall be
reasonably necessary to enable them to exercise their due diligence
responsibility; provided, however, that the
Records that the Company determines, in good faith, to be confidential and that
it notifies the Inspectors in writing are confidential shall not be disclosed
to any Inspector unless such Inspector signs or is otherwise bound by a
confidentiality agreement reasonably satisfactory to the Company; and

(k)   in the
event of the issuance of any stop order of which the Company or its counsel is
aware suspending the effectiveness of the Registration Statement or any order
suspending or preventing the use of any related Prospectus or suspending the
registration or qualification of any Registrable Shares for sale in any
jurisdiction, the Company promptly will use its best efforts to obtain its
withdrawal.

The Shareholders shall furnish to the Company in
writing such information regarding the Shareholders and their Affiliates as is
required to be disclosed pursuant to the Securities Act. The Shareholders agree
to notify the Company promptly of any inaccuracy or change in information
previously furnished by the Shareholders to the Company or of the happening of
any event in either case as a result of which the Registration Statement, a
Prospectus, or any amendment or supplement thereto contains an untrue statement
of a material fact regarding the Shareholders or any of their Affiliates or
omits to state a material fact regarding the Shareholders or any of their
Affiliates required to be stated therein or necessary to make the statements
therein not misleading and to furnish promptly to the Company any additional information
required to correct and update any previously furnished information or required
so that such Registration Statement, Prospectus, or amendment or supplement,
shall not contain, with respect to the Shareholders or any of their Affiliates,
an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading.

The Shareholders agree that, upon receipt of any
notice from the Company of the happening of any event of the kind described in
Sections 2.3(e) or (k) above, the Shareholders will forthwith
discontinue (and cause any Affiliate to discontinue) the transfer or
disposition of any Registrable Shares pursuant to the Prospectus relating to
the Registration Statement covering such Registrable Shares until the
Shareholders’ receipt of the copies of the amended or supplemented Prospectus
contemplated by Section 2.3(e) or the withdrawal of any order
contemplated by Section 2.3(k), and, if so directed by the 

 5
 

Company, the Shareholders
will deliver to the Company all copies, other than permanent file copies then
in the Shareholders’ possession, of the Prospectus covering such Registrable
Shares at the time of receipt of such notice. The period during which any
discontinuance under this paragraph is in effect is referred to herein as a
“Discontinuance Period.”

Section 2.4.   Registration
Expenses.   In connection with the registration of
the Registrable Shares pursuant to Section 2.2 above, the Company will pay
any and all out-of-pocket expenses incident to the Company’s
performance of or compliance with this Agreement, including, without
limitation, (i) all registration and filing fees with the SEC relating to
the Registrable Shares, (ii) all fees and expenses of complying with state
securities or blue sky laws, (iii) all printing and delivery expenses,
(iv) all fees and expenses incurred in connection with the listing of the
Registrable Shares on Nasdaq, or any other exchange or automated interdealer
quotation system as then applicable, (v) the fees and disbursements of the
Company’s counsel and of its independent public accountants, and (vi) the
fees and expenses of any special experts retained by the Company in connection
with the requested registration, and the Shareholders shall pay any and all out-of-pocket
expenses incurred by the Shareholders, including, without limitation,
(x) all fees or disbursements of counsel to the Shareholders and
(y) all brokerage commissions, fees and expenses and all transfer taxes
and documentary stamp taxes, if any, relating to the sale or disposition of the
Registrable Shares.

ARTICLE III

Holdback
Period

If one or more
underwritten public offerings of shares of Common Stock (other than the
Registrable Shares) by the Company occur during the Effective Period, then, in
connection with each such public offering, the Company may require the
Shareholders to refrain from, and the Shareholders will refrain from, selling
any of the Registrable Shares for a period determined by the Company but not to
exceed 120 days (or such lesser period as the Company may require its officers
and directors or other holders of shares of Common Stock to so refrain) (each
such period referred to as a “Holdback Period”) so long as the Company delivers
written notice to the Shareholders of the Company’s requirement of a Holdback
Period and the length of such Holdback Period prior to commencement of the
Holdback Period.

ARTICLE IV

Indemnification;
Contribution

Section 4.1.   Indemnification
by the Company.   The Company will, and hereby agrees to,
indemnify and hold harmless, to the fullest extent permitted by law, and,
subject to Section 4.3 below, defend each of Fisher and Moloney and their
respective agents and representatives (each, a “Company Indemnitee”), against
any and all losses, claims, damages, liabilities and expenses, joint or
several, to which they or any of them may become subject under the Securities
Act or any other statute or common law, including any amount paid in settlement
of any action or proceeding, commenced or threatened, and to reimburse them for
any reasonable legal or other expenses incurred by them in connection with
investigating any claims and defending any actions (collectively, “Losses”),
with respect to sales of Registrable Shares under the Registration Statement,
insofar as any Losses arise out of or are based upon (i) any untrue
statement or alleged untrue statement of a material fact contained in the
Registration Statement or any pre- or post-effective amendment thereto or in
any Blue Sky Filing, or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading or (ii) any untrue statement or alleged untrue
statement of a material fact contained in the Prospectus or any amendment or
supplement thereto, or the omission or alleged omission to state therein a
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; or (iii) any
violation of the Securities Act of 1933; provided,
however, that the indemnification agreement contained herein shall not (i) apply
to Losses arising out of, or based upon, any 

 6
 

such untrue statement or
alleged untrue statement, or any such omission or alleged omission, if such
statement or omission was made in reliance upon and in conformity with
information furnished in writing to the Company by such Company Indemnitee from
time to time specifically for use in the Registration Statement, the Prospectus
or any such amendment or supplement thereto or any Blue Sky Filing or (ii) inure
to the benefit of any Person, to the extent that any such Loss arises out of
such Person’s failure to send or give a copy of the Prospectus, as the same may
be then supplemented or amended, to the Person asserting an untrue statement or
alleged untrue statement, or omission or alleged omission, at or prior to the
written confirmation of the sale of the Registrable Shares to such Person if
such statement or omission was corrected in the Prospectus or any amendment or
supplement thereto prior to the written confirmation of the sale. Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such Company Indemnitee or any other Person and shall
survive the transfer of such securities by such Company Indemnitee.

Section 4.2.   Indemnification
by the Shareholders.   The Shareholders will, and hereby agree
to, indemnify and hold harmless and, subject to Section 4.3 below, defend
(in the same manner and to the same extent as set forth in Section 4.1
above), hold harmless and defend, the Company and the Company’s officers,
directors, employees, agents, representatives and each other Person, if any,
who controls the Company within the meaning of the Securities Act, with respect
to any such untrue statement or alleged untrue statement in, or any such
omission or alleged omission from, the Registration Statement, any Prospectus,
or any amendment or supplement thereto, if such statement or omission was made
in reliance upon and in conformity with information furnished in writing to the
Company by the Shareholders from time to time specifically for use in the
Registration Statement, the Prospectus, and any such amendment or supplement
thereto. Such indemnity shall remain in full force and effect, regardless of
any investigation made by or on behalf of the Company or any such director,
officer or any other Person and shall survive the transfer of such securities
by the Shareholders. The liability of an indemnifying party under this Section 4.2
shall be limited to the amount of the net proceeds received by such
indemnifying party upon the resale of any Registrable Shares pursuant to the
Registration Statement creating such liability.

Section 4.3.   Notices of
Claims.   Promptly after receipt by an indemnified party of
notice of the commencement of any action or proceeding involving a claim
referred to in Sections 4.1 and 4.2 above, such indemnified party will give, if
a claim in respect thereof is to be made against an indemnifying party, written
notice to the latter of the commencement of such action, provided that the
failure of any indemnified party to give notice as provided herein shall not
relieve the indemnifying party of its obligations under this Article IV,
except to the extent that the indemnifying party is actually prejudiced in any
material respect by such failure to give notice. In case any such action is
brought against an indemnified party, the indemnifying party shall be entitled
to participate in and, unless in such indemnified party’s reasonable judgment a
conflict of interest between such indemnified and indemnifying parties may
exist in respect of such claim, to assume the defense thereof, jointly with any
other indemnifying party similarly notified to the extent that it may wish,
with counsel reasonably satisfactory to such indemnified party, and, after
notice from the indemnifying party to such indemnified party of its election to
assume the defense thereof, the indemnifying party shall not be liable to such
indemnified party for any legal or other expenses subsequently incurred by the
latter in connection with the defense thereof other than reasonable costs of
reasonable investigation. If the indemnifying party advises an indemnified
party that it will contest a claim for indemnification hereunder, or fails,
within 30 days of receipt of any indemnification notice to notify, in writing,
such Person of its election to defend, settle or compromise, at its sole cost
and expense, any action, proceeding or claim (or discontinues its defense at
any time after it commences such defense), then the indemnified party may, at
its option, defend, settle or otherwise compromise or pay such action or claim
in each case at the indemnifying party’s expense. In any event, unless and
until the indemnifying party elects in writing to assume and does so assume the
defense of any such claim, proceeding or action, the indemnified party’s
reasonable costs and expenses arising out of the defense, settlement or
compromise of any such action, claim or proceeding shall be losses subject to
indemnification hereunder. 

 7
 

The indemnified party
shall cooperate fully with the indemnifying party in connection with any
negotiation or defense of any such action or claim by the indemnifying party
and shall furnish to the indemnifying party all information reasonably
available to the indemnified party that relates to such action or claim. The
indemnifying party shall keep the indemnified party fully informed at all times
as to the status of the defense or any settlement negotiations with respect
thereto. If the indemnifying party elects to defend any such action or claim,
then the indemnified party shall be entitled to participate in such defense
with counsel of its choice at its sole cost and expense, except that the
indemnifying party shall be liable for such reasonable ­costs and expenses if,
in such indemnified party’s reasonable judgment, a conflict of interest between
such indemnified and indemnifying parties may exist as described above. If the
indemnifying party does not assume such defense, the indemnified party shall
keep the indemnifying party informed at all times as to the status of the
defense; provided, however, that the failure to
keep the indemnifying party so informed shall not affect the obligations of the
indemnifying party hereunder. No indemnifying party shall be liable for any
settlement of any action, claim or proceeding effected without its written
consent; provided, however, that the indemnifying
party shall not unreasonably withhold, delay or condition its consent. No
indemnifying party shall, without the written consent of the indemnified party,
consent to entry of any judgment or enter into any settlement that does not
include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of a general written release from all
liability with respect to such claim or litigation.

Section 4.4.   Indemnification
Payments.   The indemnification required by this Article IV
shall be made by periodic payments of the amount thereof during the course of
the investigation or defense as and when bills are received or Losses are
incurred, subject to the receipt of such documentary support therefor as the
indemnifying party may reasonably request.

Section 4.5.   Contribution.   If
the indemnification provided for in this Article IV is unavailable to or
insufficient to hold harmless a party otherwise entitled to be indemnified
thereunder in respect to any Losses referred to therein, then the parties
required to provide indemnification under this Article IV shall contribute
to the amount paid or payable by such party as a result of Losses in such
proportion as is appropriate to reflect the relative fault of each such
indemnifying party in connection with the statements or omissions that resulted
in such Losses. The relative fault of each indemnifying party shall be
determined by reference to whether the untrue statement or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the indemnifying party and the
parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The Company and the Shareholders agree
that it would not be just and equitable if contributions pursuant to this Section 4.5
were determined by pro rata allocation or by any other method of allocation
that does not take account of the equitable considerations referred to above in
this Section 4.5. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who is not guilty of such fraudulent
misrepresentation.

Section 4.6.   Other Rights and
Liabilities.   The indemnity and contribution agreements
contained herein shall be in addition to (i) any cause of action or
similar right of the indemnified party against the indemnifying party or others
and (ii) any liabilities the indemnifying party may be subject to pursuant
to the law.

 8
 

ARTICLE
V

Miscellaneous

Section 5.1.   Notices.   Any notices or other communications required or
permitted hereunder shall be sufficiently given if in writing (including
telecopy or similar teletransmission), addressed as follows:

	
  If to the Company, to it at:
  

  	
   

  	
  Cardinal Financial Corporation

  
	
   

  	
   

  	
  8270 Greensboro
  Drive, Suite 500

  
	
   

  	
   

  	
  McLean, Virginia  22102

  
	
   

  	
   

  	
  Telecopier:  (703)
  584-3435

  
	
   

  	
   

  	
  Attention: 
  Bernard H. Clineburg

  
	
  With a copy to: 

  	
   

  	
  Williams, Mullen,
  Clark & Dobbins

  
	
   

  	
   

  	
  1021 East Cary
  Street, 17th Floor

  
	
   

  	
   

  	
  Richmond,
  Virginia  23219

  
	
   

  	
   

  	
  Telecopier:  (804) 783-6507

  
	
   

  	
   

  	
  Attention:  Wayne
  A. Whitham, Jr., Esquire

  
	
  If to Fisher, to him at:

  	
   

  	
  John W. Fisher

  
	
   

  	
   

  	
  201 N. Union Street, #230

  
	
   

  	
   

  	
  Alexandria,
  Virginia 22314

  
	
   

  	
   

  	
  With a copy
  to:  Janis Orfe

  
	
   

  	
   

  	
  8280 Greensboro
  Drive, Suite 601

  
	
   

  	
   

  	
  McLean, Virginia
  22102

  
	
   

  	
   

  	
  Tel. (703) 848-4220)

  
	
  If to Moloney, to him at: 

  	
   

  	
  James Bennett Moloney

  
	
   

  	
   

  	
  201 N. Union Street, #230

  
	
   

  	
   

  	
  Alexandria, Virginia 22314

  

 

Unless otherwise specified herein, such notices or
other communications shall be deemed received (a) in the case of any
notice or communication sent other than by mail, on the date actually delivered
to such address (evidenced, in the case of delivery by overnight courier, by
confirmation of delivery from the overnight courier service making such
delivery, and in the case of a telecopy, by receipt of a transmission
confirmation form or the addressee’s confirmation of receipt), or (b) in
the case of any notice or communication sent by mail, three Business Days after
being sent, if sent by registered or certified mail, with first-class
postage prepaid. Each of the parties hereto shall be entitled to specify a
different address by giving notice as aforesaid to each of the other parties
hereto.

Section 5.2.   Amendments,
Waivers, Etc.   This Agreement may not be amended, changed,
supplemented, waived or otherwise modified or terminated except by an
instrument in writing signed by the Company and the Shareholders.

Section 5.3.   Successors and
Assigns.   Except as otherwise provided herein, this Agreement
shall be binding upon and shall inure to the benefit of and be enforceable by
the parties and their respective successors and assigns, including without
limitation in the case of any corporate party hereto any corporate successor by
merger or otherwise; provided that
no party may assign this Agreement without the other party’s prior written
consent.

Section 5.4.   Entire Agreement.   This
Agreement embodies the entire agreement and understanding among the parties
relating to the subject matter hereof and supersedes all prior agreements and
understandings relating to such subject matter. There are no representations,
warranties or covenants by 

 9
 

the parties hereto
relating to such subject matter other than those expressly set forth in this
Agreement and the Share Exchange Agreement.

Section 5.5.   Specific
Performance.   The parties acknowledge that money damages are
not an adequate remedy for violations of this Agreement and that any party may,
in its sole discretion, apply to a court of competent jurisdiction for specific
performance or injunctive or such other relief as such court may deem just and
proper in order to enforce this Agreement or prevent any violation hereof and,
to the extent permitted by applicable law, each party waives any objection to
the imposition of such relief.

Section 5.6.   Remedies
Cumulative.   All rights, powers and remedies provided under
this Agreement or otherwise available in respect hereof at law or in equity
shall be cumulative and not alternative, and the exercise or beginning of the
exercise of any thereof by any party shall not preclude the simultaneous or
later exercise of any other such right, power or remedy by such party.

Section 5.7.   No Waiver.   The
failure of any party hereto to exercise any right, power or remedy provided
under this Agreement or otherwise available in respect hereof at law or in
equity, or to insist upon compliance by any other party hereto with its
obligations hereunder, and any custom or practice of the parties at variance
with the terms hereof, shall not constitute a waiver by such party of its right
to exercise any such or other right, power or remedy or to demand such
compliance.

Section 5.8.   No Third Party
Beneficiaries.   Except as provided in Article IV above,
this Agreement is not intended to be for the benefit of and shall not be
enforceable by any Person who or which is not a party hereto.

Section 5.9.   Consent to
Jurisdiction.   Each party to this Agreement, by its execution
hereof, (i) hereby irrevocably submits, and agrees to cause each of its
Affiliates to submit, to the jurisdiction of the federal courts located in
Virginia, and in the event that such federal courts shall not have subject
matter jurisdiction over the relevant proceeding, then of the state courts
located either in Virginia, for the purpose of any Action (as such term is
defined in the Stock Purchase Agreement) arising out of or based upon this
Agreement or relating to the subject matter hereof or the transactions
contemplated hereby, (ii) hereby waives, and agrees to cause each of its
Affiliates to waive, to the extent not prohibited by applicable law, and agrees
not to assert, and agrees not to allow any of its Affiliates to assert, by way
of motion, as a defense or otherwise, in any such Action, any claim that it is
not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that any
such proceeding brought in one of the above-named courts is improper, or
that this Agreement or the subject matter hereof may not be enforced in or by
such court and (iii) hereby agrees not to commence or to permit any of its
Affiliates to commence any Action arising out of or based upon this Agreement
or relating to the subject matter hereof other than before one of the above-named
courts nor to make any motion or take any other action seeking or intending to
cause the transfer or removal of any such Action to any court other than one of
the above-named courts whether on the grounds of inconvenient forum or
otherwise. Each party hereby consents to service of process in any such
proceeding in any manner permitted by Virginia law, as the case may be, and
agrees that service of process by registered or certified mail, return receipt
requested, at its address specified pursuant to Section 5.1 above is
reasonably calculated to give actual notice. Notwithstanding anything contained
in this Section 5.9 to the contrary with respect to the parties’ forum
selection, if an Action is filed against a party to this Agreement, including
its Affiliates, by a person who or which is not a party to this Agreement, an
Affiliate of a party to this Agreement, or an assignee thereof (a “Third Party
Action”), in a forum other than the federal district court or a state court
located in Virginia, and such Third Party Action is based upon, arises from, or
implicates rights, obligations or liabilities existing under this Agreement or
acts or omissions pursuant to this Agreement, then the party to this Agreement,
including its Affiliates, joined as a defendant in such Third Party Action
shall have the right to file cross-claims or third-party claims in the Third
Party Action against the other party to this Agreement, including its Affiliates,
and even if not a defendant therein, to 

 10
 

intervene in such Third
Party Action with or without also filing cross-claims or third-party claims
against the other party to this Agreement, including its Affiliates.

Section 5.10.   Governing Law.   This
Agreement shall be governed by and construed in accordance with the domestic
substantive law of the Commonwealth of Virginia, without giving effect to any
choice or conflict of law provision or rule that would cause the
application of the law of any other jurisdiction.

Section 5.11.   Name, Captions.   The
name assigned to this Agreement and the section captions used herein are for
convenience of reference only and shall not affect the interpretation or
construction hereof.

Section 5.12.   Counterparts.   This
Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, but all of which together shall constitute one
instrument. Each counterpart may consist of a number of copies each signed by
less than all, but together signed by all, the parties hereto.

Section 5.13.   Expenses.   Each
of the parties hereto shall bear their own expenses incurred in connection with
this Agreement and the transactions contemplated hereby, except that in the
event of a dispute concerning the terms or enforcement of this Agreement, the
prevailing party in any such dispute shall be entitled to reimbursement of
reasonable legal fees and disbursements from the other party or parties to such
dispute.

Section 5.14.   Severability.   In
the event that any provision of this Agreement would, under applicable law, be
invalid or unenforceable in any respect, such provision shall (to the extent
permitted under applicable law) be construed by modifying or limiting it so as
to be valid and enforceable to the maximum extent compatible with, and possible
under, applicable law. The provisions of this Agreement are severable, and in
the event that any provision hereof should be held invalid or unenforceable in
any respect, it shall not invalidate, render unenforceable or otherwise affect
any other provision hereof.

IN WITNESS WHEREOF,
the parties hereto, intending to be legally bound hereby, have caused this
Registration Rights Agreement to be executed, as of the date first above
written by their respective officers thereunto duly authorized.

	
  

  	
  CARDINAL
  FINANCIAL CORPORATION

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robert A. Cern

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President

  
	
   

  	
   

  
	
   

  	
  JOHN W. FISHER

  
	
   

  	
   

  
	
   

  	
  JAMES B. MOLONEY

  

 

 11

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