Document:

FIRST COMMUNITY BANCSHARES, INC.

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (“Agreement”) is made as of this ___ day of _____, 201_, by and between First Community Bancshares,
Inc., a Nevada corporation (the “Company”), and _______________ (“Indemnitee”).

 

WHEREAS, Indemnitee
is an executive officer and/or director of the Company, as the case may be from time to time, and performs a valuable service for
the Company in such capacity (or capacities);

 

WHEREAS, the
Certificate of Incorporation, the Bylaws of the Corporation, and/or the laws of the State of Nevada and the United States permit
contracts between the Company and the members of its Board of Directors and officers with respect to indemnification of such directors
and officers;

 

WHEREAS, the
Company and Indemnitee recognize the increasing difficulty in obtaining directors’ and officers’ liability insurance,
the significant increases in the cost of such insurance and the general reductions in the coverage of such insurance;

 

WHEREAS, the
Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting officers and directors
to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited;

 

WHEREAS, Indemnitee
does not regard the current protection available as adequate under the present circumstances, and Indemnitee and other officers
and directors of the Company may not be willing to continue to serve as officers and directors without additional protection; and

 

WHEREAS, the
Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve as officers and
directors of the Company and to indemnify its officers and directors so as to provide them with the maximum protection permitted
by law.

 

NOW, THEREFORE,
the Company and Indemnitee hereby agree as follows:

 

    	 

    	 

    

  

1.           Indemnification.

 

(a)          Third
Party Proceedings. The Company shall indemnify Indemnitee if Indemnitee is or was a party or is threatened to be made a party
to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other
than an action by or in the right of the Company), by reason of the fact that Indemnitee is or was a director, officer, employee
or agent of the Company, by reason of any action or inaction on the part of Indemnitee while an officer or director or by reason
of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments,
fines and amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably
withheld) actually and reasonably incurred by Indemnitee in connection with such action, suit or proceeding, provided Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company,
and, with respect to any criminal action or proceeding, the Company had no reasonable cause to believe Indemnitee’s conduct
was unlawful; and further provided, that with respect to any administrative proceeding or civil action initiated by any federal
or state banking agency, the Company shall provide such indemnification upon receipt by the Company of notice of request for
indemnification, but only after the Board of the Company determines, in writing, after due investigation and consideration,
without any involvement by the Indemnitee, prior to and as a condition to any indemnification therefore, that the Indemnitee acted
in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, that
any requested payment of indemnification will not materially adversely affect the safety and soundness of either the Company or
First Community Bank that such indemnification payment is consistent with safe and sound banking practice, and that the
payment of indemnification does not meet the definition of a “prohibited indemnification payment” as defined in Section
1(a)(2) hereof, and as may be further defined from time to time at 12 C.F.R. Section 359.1 (l) of the regulations promulgated under
the Federal Deposit Insurance Act. The termination of any action, suit or proceeding by judgment, order, settlement, conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not
act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.
Notwithstanding the foregoing, Indemnitee shall have no right to indemnification for expenses and the payment of profits arising
from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as
amended; any similar provisions of federal state, or local law; or any similar successor statute. Indemnitee shall also have no
right to indemnification for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under
the Securities Exchange Act of 1934, as amended (including any such reimbursements that arise from an accounting restatement of
the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or
the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306
of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements).

 

(b)          Prohibited
Indemnification Payment. Notwithstanding Section(a)(1) hereof, the Company is prohibited from indemnifying the Indemnitee for
any “prohibited indemnification payment,” which for purposes of this Agreement, is the payment or reimbursement of
any civil money penalty or judgment resulting from any administrative or civil action instituted by a federal or state banking
agency, or any other liability or legal expense with regard to any administrative proceeding or civil expense instituted by a federal
or state banking agency which results in a final order or settlement pursuant to which the Indemnitee is assessed a civil money
penalty; is removed from office or prohibited from participating in the conduct of the affairs of the Company or is required to
cease and desist from or take any affirmative action described in section 8(b) of the Federal Deposit Insurance Corporation Act,
with respect to the Company.

 

    	2

    	 

    

  

(c)          Proceedings
By or in the Right of the Company. The Company shall indemnify Indemnitee if Indemnitee was or is a party or is threatened
to be made a party to any threatened, pending or completed action or suit by or in the right of the Company to procure a judgment
in its favor by reason of the fact that Indemnitee is or was a director, officer, employee or agent of the Company, by reason of
any action or inaction on the part of Indemnitee while an officer or director or by reason of the fact that Indemnitee is or was
serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, against expenses (including attorneys’ fees) actually and reasonably incurred by Indemnitee in
connection with the defense or settlement of such action or suit if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company and except that no indemnification shall be made in respect
of any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Company, unless and only to the
extent that the appropriate court of the State of Nevada or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly
and reasonably entitled to indemnity for such expenses which the appropriate court of the State of Nevada or such other court shall
deem proper. Notwithstanding the foregoing, Indemnitee shall have no right to indemnification for expenses and the payment of profits
arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of
1934, as amended; any similar provisions of federal, state, or local law; or any similar successor statute. Indemnitee shall also
have no right to indemnification for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under
the Securities Exchange Act of 1934, as amended (including any such reimbursements that arise from an accounting restatement of
the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or
the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306
of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements).

 

(d)          Mandatory
Payment of Expenses. To the extent that Indemnitee has been successful on the merits or otherwise in defense of any action,
suit or proceeding, or the defense of any claim, issue or matter therein (other than an administrative proceeding or civil action
initiated by any federal or state banking agency which shall be governed by Section 1(a)), Indemnitee shall be indemnified against
expenses (including attorneys’ fees) and any costs of settlement (including amounts paid in settlement if such settlement
is approved in advance by the Company, which approval shall not be unreasonably withheld) actually and reasonably incurred by Indemnitee
in connection therewith.

 

2.            Expenses;
Indemnification Procedure.

 

(a)          Advancement
of Expenses. The Company shall advance all expenses actually and reasonably incurred by the Indemnitee in connection with the
investigation, defense, settlement or appeal of any civil or criminal action, suit or proceeding referenced in Section 1 (other
than an administrative proceeding or civil action initiated by any federal or state banking agency which shall be governed by Section
1(a)). Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined
that the Indemnitee is not entitled to be indemnified by the Company as authorized hereby. The advances to be made hereunder shall
be paid by the Company to the Indemnitee within twenty (20) days following delivery of a written request therefor by the Indemnitee
to the Company.

 

    	3

    	 

    

  

(b)          Notice/Cooperation
by Indemnitee. Indemnitee shall, as a condition precedent to his right to be indemnified under this Agreement, give the Company
notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought
under this Agreement. Notice to the Company shall be directed to the Secretary of the Company at the address shown on the signature
page of this Agreement (or such other address as the Company shall designate in writing to Indemnitee). Notice shall be deemed
received five (5) days after the date postmarked, if sent by domestic certified or registered mail, properly addressed; otherwise
when such notice shall actually be received by the Company. In addition, Indemnitee shall (i) give the Company such information
and cooperation as it may reasonably require and as shall be within Indemnitee’s power and (ii) upon request of the Company
testify at, or be deposed in connection with, any proceeding to adjudicate or consider a Claim against Indemnitee for which indemnification
will or could be sought under this Agreement.

 

(c)          Procedure.
Any indemnification and advances provided for in Section 1 and this Section 2 shall be made no later than forty-five (45) days
after receipt of the written request of Indemnitee. If a claim under this Agreement, under any statute, or under any provision
of the Company’s Articles of Incorporation or By-laws providing for indemnification, is not paid in full by the Company within
forty-five (45) days after a written request for payment thereof has first been received by the Company, Indemnitee may, but need
not, at any time thereafter bring an action against the Company to recover the unpaid amount of the claim and, if successful in
whole or in part, Indemnitee shall also be entitled to be paid for the expenses (including attorneys’ fees) of bringing such
action. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in connection
with any action, suit or proceeding in advance of its final disposition) that Indemnitee has not met the standards of conduct which
make it permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed, but the burden of proving
such defense shall be on the Company, and Indemnitee shall be entitled to receive interim payments of expenses pursuant to Subsection
2(a) unless and until such defense may be finally adjudicated by court order or judgment from which no further right of appeal
exists. It is the parties’ intention that, if the Company contests Indemnitee’s right to indemnification, the question
of Indemnitee’s right to indemnification shall be for the court to decide, and neither the failure of the Company (including
its Board of Directors, independent legal counsel or its shareholders) to have made a determination that indemnification of Indemnitee
is proper in the circumstances because Indemnitee has met the applicable standard of conduct required by applicable law, nor an
actual determination by the Company (including its Board of Directors, any committee or subgroup of the Board of Directors, independent
legal counsel or its shareholders) that Indemnitee has not met such applicable standard of conduct, shall create a presumption
that Indemnitee has or has not met the applicable standard of conduct.

 

    	4

    	 

    

 

(d)          Notice
to Insurers. If, at the time of the receipt of a notice of a claim pursuant to Subsection 2(b) hereof, the Company has director
and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable
actions to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance
with the terms of such policies.

 

(e)          Selection
of Counsel. In the event the Company shall be obligated under Subsection 2(a) hereof to pay the expenses of any proceeding
against the Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, with counsel approved
by the Indemnitee, which counsel may be counsel for the Company, upon the delivery to the Indemnitee of written notice of its election
so to do. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company,
the Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred by the Indemnitee
with respect to the same proceeding, provided that (i) the Indemnitee shall have the right to employ his counsel in any such proceeding,
at the Indemnitee’s sole expense; and (ii) if (A) the employment of counsel by the Indemnitee has been previously authorized
by the Company, (B) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company
and the Indemnitee in the conduct of any such defense or (C) the Company shall not, in fact, have employed counsel to assume the
defense of such proceeding, the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company.

 

3.           Additional
Indemnification Rights; Nonexclusivity.

 

(a)          Scope.
Notwithstanding any other provision of this Agreement, the Company hereby agrees to indemnify the Indemnitee to the fullest extent
permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement,
the Company’s Articles of Incorporation, the Company’s By-laws or by statute. In the event of any change, after the
date of this Agreement, in any applicable law, statute, or rule which expands the right of a Nevada corporation to indemnify a
member of its board of directors or an officer, such changes shall be, ipso facto, within the purview of Indemnitee’s
rights and Company’s obligations, under this Agreement. In the event of any change in any applicable law, statute or rule
which narrows the right of a Nevada corporation to indemnify a member of its board of directors or an officer, such changes, to
the extent not otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this Agreement
or the parties’ rights and obligations hereunder.

 

(b)          Nonexclusivity.
The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which an Indemnitee may be entitled
under the Company’s Articles of Incorporation, its By-laws, any agreement, any vote of stockholders or disinterested Directors,
the General Corporation Law of the State of Nevada, or otherwise, both as to action in Indemnitee’s official capacity and
as to action in another capacity while holding such office (each an “Indemnified Capacity”). The indemnification
provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while serving in an Indemnified
Capacity even though he may have ceased to serve in an Indemnified Capacity at the time of any action, suit or other covered proceeding.

 

    	5

    	 

    

  

4.          Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some
or a portion of the expenses, judgments, fines or penalties actually and reasonably incurred by him in the investigation, defense,
appeal or settlement of any civil or criminal action, suit or proceeding, but not, however, for the total amount thereof, the Company
shall nevertheless indemnify Indemnitee for the portion of such expenses, judgments, fines or penalties to which Indemnitee is
entitled.

 

5.          Mutual
Acknowledgment. Both the Company and Indemnitee acknowledge that in certain instances, federal law, state law, or public policy
may override Nevada law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise.
For example, the Company and Indemnitee acknowledge that the Securities and Exchange Commission (“SEC”)
has taken the position that indemnification is not permissible for liabilities arising under certain federal securities laws, federal
legislation prohibits indemnification for certain Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
violations, and the Company, as the holding company for a bank, is subject to the prohibitions and limitations on indemnification
set forth in the federal banking laws including, without limitation, Sections 8(k) and 18(k), of the Federal Deposit Insurance
Act and the regulations promulgated thereunder. Indemnitee understands and acknowledges that the Company has undertaken or may
be required in the future to undertake with its applicable regulatory bodies to submit a question of indemnification to a court
in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee and agrees
that he will be bound by the findings of such court.

 

6.          Contribution.
If the indemnification provided for herein is unavailable by reason of a Court decision based on grounds other than any of those
set forth in Section 1(b), Section 5, or Section 9 hereof, then in respect of any threatened, pending or completed action, suit
or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Corporation shall contribute to the amount of expenses (including attorneys' fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (a) the relative
benefits received by the Company on the one hand and Indemnitee on the other hand from the transaction from which such action,
suit or proceeding arose, and (b) the relative fault of the Company on the one hand and of Indemnitee on the other in connection
with the events which resulted in such expenses, judgments, fines or settlement amounts, as well as any other relevant equitable
considerations. The relative fault of the Company on the one hand and of Indemnitee on the other shall be determined by reference
to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the
circumstances resulting in such expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just
and equitable if contribution pursuant to this Section were determined by pro rata allocation or any other method of allocation
that does not take account of the foregoing equitable considerations.

 

    	6

    	 

    

 

7.           Officer
and Director Liability Insurance. The Company shall, from time to time, make the good faith determination whether or not it
is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing
the officers and directors of the Company with coverage for losses from wrongful acts, or to ensure the Company’s performance
of its indemnification obligations under this Agreement. Among other considerations, the Company will weigh the costs of obtaining
such insurance coverage against the protection afforded by such coverage. In all policies of director and officer liability insurance,
the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee the same rights and benefits as are accorded
to the most favorably insured of the Company’s directors, if the Indemnitee is a director; or of the Company’s officers,
if the Indemnitee is not a director of the Company but is an officer; or of the Company’s key employees, if the Indemnitee
is not an officer or director but is a key employee. Notwithstanding the foregoing, the Company shall have no obligation to obtain
or maintain such insurance if the Company determines in good faith that such insurance is not reasonably available, the premium
costs for such insurance are disproportionate to the amount of coverage provided, the coverage provided by such insurance is limited
by exclusions so as to provide an insufficient benefit, or if the Indemnitee is covered by similar insurance maintained by a subsidiary
of the Company.

 

8.           Severability.
Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in
violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement
shall not constitute a breach of this Agreement. The provisions of this Agreement shall be severable as provided in this Section
7. If this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the
Company shall nevertheless indemnify Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall
not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms.

 

9.           Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:

 

(a)          Claims
Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to proceedings or claims initiated or
brought voluntarily by Indemnitee, including those brought against the Company or its directors, officers, employees, agents, or
other indemnitees, and not by way of defense, except with respect to proceedings brought to establish or enforce a right to indemnification
under this Agreement or any other statute or law or otherwise as required under Section 78.7502(3) of the Nevada General Corporation
Law, but such indemnification or advancement of expenses may be provided by the Company in specific cases if the Board of Directors
finds it to be appropriate; or

 

(b)          Lack
of Good Faith. To indemnify Indemnitee for any expenses incurred by the Indemnitee with respect to any proceeding instituted
by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material
assertions made by the Indemnitee in such proceeding was not made in good faith or was frivolous; or

 

(c)          Breach
of Fiduciary Duty Claims. To indemnify Indemnitee for any expenses incurred by Indemnitee on account of any suit or proceeding
brought by the Company and approved by a majority of the Board which alleges willful misappropriation of corporate assets by Indemnitee,
disclosure of confidential information in violation of Indemnitee’s fiduciary or contractual obligations to the Company,
or any other willful and deliberate breach in bad faith of Indemnitee’s duty to the Company or its shareholders; or

 

    	7

    	 

    

  

(d)          Willful
Misconduct. To indemnify Indemnitee for any expenses incurred by Indemnitee on account of Indemnitee’s conduct which
is finally adjudged to have been knowingly fraudulent or deliberately dishonest, or to constitute willful misconduct.

 

(e)          Claims
Paid by Insurer. Notwithstanding the foregoing, the Company shall not be obligated to indemnify Indemnitee for expenses or
liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts
paid in settlement) which have been paid directly to Indemnitee by an insurance carrier under a policy of officers’ and directors’
liability insurance maintained by the Company.

 

10.         Construction
of Certain Phrases.

 

(a)          For
purposes of this Agreement, references to the “Company” shall include, in addition to the resulting corporation, any
constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that
if Indemnitee is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request
of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust
or other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting
or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

 

(b)          For
purposes of this Agreement, references to “other enterprises” shall include employee benefit plans; references to “fines”
shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving
at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes
duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants
or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of
the participants and beneficiaries of an employee benefit plan Indemnitee shall be deemed to have acted in a manner “not
opposed to the best interests of the Company” as referred to in this Agreement.

 

11.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

 

12.         Successors
and Assigns. This Agreement shall be binding upon the Company and its successors and assigns, and shall inure to the benefit
of Indemnitee and Indemnitee’s estate, heirs, legal representatives and assigns.

 

    	8

    	 

    

 

13.         Attorneys’
Fees. In the event that any action is instituted by Indemnitee under this Agreement to enforce or interpret any of the terms
hereof, Indemnitee shall be entitled to be paid all court costs and expenses, including reasonable attorneys’ fees, actually
and reasonably incurred by Indemnitee with respect to such action, unless as a part of such action, the court of competent jurisdiction
determines that each of the material assertions made by Indemnitee as a basis for such action were not made in good faith or were
frivolous. In the event of an action instituted by or in the name of the Company under this Agreement or to enforce or interpret
any of the terms of this Agreement, Indemnitee shall be entitled to be paid all court costs and expenses, including attorneys’
fees, incurred by Indemnitee in defense of such action (including with respect to Indemnitee’s counterclaims and cross-claims
made in such action), unless as a part of such action the court determines that each of Indemnitee’s material defenses to
such action were made in bad faith or were frivolous.

 

14.         Notice.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given
(i) if delivered by hand and receipted for by the party addressee or (ii) if mailed by certified or registered mail with postage
prepaid, on the third business day after the mailing date. Addresses for notice to either party are as shown on the signature page
of this Agreement, or as subsequently modified by written notice.

 

15.         Choice
of Law. This Agreement shall be governed by and its provisions construed in accordance with the federal laws of the United
States with respect to federal banking law and in accordance with the laws of the State of Nevada for all other matters, including
as applied to contracts between Nevada residents entered into and to be performed entirely within Nevada.

  

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

 

	 	FIRST COMMUNITY BANCSHARES, INC.
	 	One Community Place
	 	P.O. Box 989
	 	Bluefield, Virginia 24605-0989
	 	 	 
	 	By:	 
	 	 	Name: Gary R. Mills
	 	 	Title:   President

 

	AGREED TO AND ACCEPTED:	 
	 	 
	INDEMNITEE:	 
	 	 
	 	 
	Name:	 
	Title:	 
	Address:	 

 

    	9

    	 

    

 

FIRST COMMUNITY BANCSHARES, INC.

 

SCHEDULE OF INDEMNITEES

 

David D. Brown

Robert L. Buzzo

Samuel L. Elmore

Franklin P. Hall

Richard S. Johnson

I. Norris Kantor

E. Stephen Lilly

Gary R. Mills

Robert L. Schumacher

William P. Stafford

William P. Stafford, IIFIRST COMMUNITY BANK

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (“Agreement”) is made as of this ___ day of _____, 201_, by and between First Community Bank (the
“Bank”), and _______________ (“Indemnitee”).

 

WHEREAS, Indemnitee
is an executive officer and/or director of the Bank, as the case may be from time to time, and performs a valuable service for
the Bank in such capacity (or capacities);

 

WHEREAS, the
Certificate of Incorporation, the Bylaws, and/or the laws of the State of Virginia and the United States permit contracts between
the Bank and the members of its Board of Directors and officers with respect to indemnification of such directors and officers;

 

WHEREAS, the
Bank and Indemnitee recognize the increasing difficulty in obtaining directors’ and officers’ liability insurance,
the significant increases in the cost of such insurance and the general reductions in the coverage of such insurance;

 

WHEREAS, the
Bank and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting officers and directors
to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited;

 

WHEREAS, Indemnitee
does not regard the current protection available as adequate under the present circumstances, and Indemnitee and other officers
and directors of the Bank may not be willing to continue to serve as officers and directors without additional protection; and

 

WHEREAS, the
Bank desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve as officers and directors
of the Bank and to indemnify its officers and directors so as to provide them with the maximum protection permitted by law.

 

NOW, THEREFORE,
the Bank and Indemnitee hereby agree as follows:

 

    	 

    	 

    

 

1.            Indemnification.

 

(a)          Third
Party Proceedings. The Bank shall indemnify Indemnitee if Indemnitee is or was a party or is threatened to be made a party
to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other
than an action by or in the right of the Bank), by reason of the fact that Indemnitee is or was a director, officer, employee or
agent of the Bank, by reason of any action or inaction on the part of Indemnitee while an officer or director or by reason of the
fact that Indemnitee is or was serving at the request of the Bank as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and
amounts paid in settlement (if such settlement is approved in advance by the Bank, which approval shall not be unreasonably withheld)
actually and reasonably incurred by Indemnitee in connection with such action, suit or proceeding, provided Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Bank, and, with
respect to any criminal action or proceeding, the Bank had no reasonable cause to believe Indemnitee’s conduct was unlawful;
and further provided, that with respect to any administrative proceeding or civil action initiated by any federal or state banking
agency, the Bank shall provide such indemnification upon receipt by the Bank of notice of request for indemnification, but
only after the Board of the Bank determines, in writing, after due investigation and consideration, without any involvement
by the Indemnitee, prior to and as a condition to any indemnification therefor, that the Indemnitee acted in good faith and in
a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Bank, that any requested payment of
indemnification will not materially adversely affect the safety and soundness of either the Bank or First Community Bancshares,
Inc, a Nevada corporation, that such indemnification payment is consistent with safe and sound banking practice, and that
the payment of indemnification does not meet the definition of a “prohibited indemnification payment” as defined in
Section 1(a)(2) hereof, and as may be further defined from time to time at 12 C.F.R. Section 359.1 (l) of the regulations promulgated
under the Federal Deposit Insurance Act. The termination of any action, suit or proceeding by judgment, order, settlement, conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not
act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Bank.
Notwithstanding the foregoing, Indemnitee shall have no right to indemnification for expenses and the payment of profits arising
from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as
amended; any similar provisions of federal, state, or local law; or any successor statute. Indemnitee shall also have no right
to indemnification for any reimbursement of the Bank by Indemnitee of any bonus or other incentive-based or equity-based compensation
or of any profits realized by Indemnitee from the sale of securities of the Bank, as required in each case under the Securities
Exchange Act of 1934, as amended (including any such reimbursements that arise from an accounting restatement of the Bank pursuant
to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Bank
of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act),
if Indemnitee is held liable therefor (including pursuant to any settlement arrangements).

 

(b)          Prohibited
Indemnification Payments. Notwithstanding Section 1(a)(1) hereof, the Bank is prohibited from indemnifying the Indemnitee for
any “prohibited indemnification payment,” which for purposes of this Agreement, is the payment or reimbursement of
any civil money penalty or judgment resulting from any administrative or civil action instituted by a federal or state banking
agency, or any other liability or legal expense with regard to any administrative proceeding or civil expense instituted by a federal
or state banking agency which results in a final order or settlement, pursuant to which the Indemnitee is assessed a civil money
penalty; is removed from office or prohibited from participating in the conduct of the affairs of the Bank; or is required to cease
and desist from or take any affirmative action described in section 8(b) of the Federal Deposit Insurance Corporation Act, with
respect to the Bank.

 

    	2

    	 

    

 

(c)          Proceedings
By or in the Right of the Bank. The Bank shall indemnify Indemnitee if Indemnitee was or is a party or is threatened to be
made a party to any threatened, pending or completed action or suit by or in the right of the Bank to procure a judgment in its
favor by reason of the fact that Indemnitee is or was a director, officer, employee or agent of the Bank, by reason of any action
or inaction on the part of Indemnitee while an officer or director or by reason of the fact that Indemnitee is or was serving at
the request of the Bank as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys’ fees) actually and reasonably incurred by Indemnitee in connection
with the defense or settlement of such action or suit if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Bank and except that no indemnification shall be made in respect of any claim,
issue or matter as to which Indemnitee shall have been adjudged to be liable to the Bank, unless and only to the extent that the
appropriate court of the State of Virginia or the court in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnity for such expenses which the appropriate court of the State of Virginia or such other court shall deem proper.
Notwithstanding the foregoing, Indemnitee shall have no right to indemnification for expenses and the payment of profits arising
from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as
amended; any similar provisions of federal, state, or local law; or any similar successor statute. Indemnitee shall also have no
right to indemnification for any reimbursement of the Bank by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Bank, as required in each case under the
Securities Exchange Act of 1934, as amended (including any such reimbursements that arise from an accounting restatement of the
Bank pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment
to the Bank of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley
Act), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements).

 

(d)          Mandatory
Payment of Expenses. To the extent that Indemnitee has been successful on the merits or otherwise in defense of any action,
suit or proceeding, or the defense of any claim, issue or matter therein (other than an administrative proceeding or civil action
initiated by any federal or state banking agency which shall be governed by Section 1(a)), Indemnitee shall be indemnified against
expenses (including attorneys’ fees) and any costs of settlement (including amounts paid in settlement if such settlement
is approved in advance by the Bank, which approval shall not be unreasonably withheld) actually and reasonably incurred by Indemnitee
in connection therewith.

 

2.            Expenses;
Indemnification Procedure.

 

(a)          Advancement
of Expenses. The Bank shall advance all expenses actually and reasonably incurred by the Indemnitee in connection with the
investigation, defense, settlement or appeal of any civil or criminal action, suit or proceeding (other than an administrative
proceeding or civil action initiated by any federal or state banking agency which shall be governed by Section 1(a)). Indemnitee
hereby undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined that the Indemnitee
is not entitled to be indemnified by the Bank as authorized hereby. The advances to be made hereunder shall be paid by the Bank
to the Indemnitee within twenty (20) days following delivery of a written request therefor by the Indemnitee to the Bank.

 

    	3

    	 

    

  

(b)          Notice/Cooperation
by Indemnitee. Indemnitee shall, as a condition precedent to his right to be indemnified under this Agreement, give the Bank
notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought
under this Agreement. Notice to the Bank shall be directed to the Secretary of the Bank at the address shown on the signature
page of this Agreement (or such other address as the Bank shall designate in writing to Indemnitee). Notice shall be deemed received
five (5) days after the date postmarked, if sent by domestic certified or registered mail, properly addressed; otherwise when
such notice shall actually be received by the Bank. In addition, Indemnitee shall (i) give the Bank such information and cooperation
as it may reasonably require and as shall be within Indemnitee’s power and (ii) upon request of the Bank testify at, or
be deposed in connection with, any proceeding to adjudicate or consider a claim against Indemnitee for which indemnification will
or could be sought under this Agreement.

 

(c)          Procedure.
Any indemnification and advances provided for in Section 1 and this Section 2 shall be made no later than forty-five (45) days
after receipt of the written request of Indemnitee. If a claim under this Agreement, under any statute, or under any provision
of the Bank’s Articles of Incorporation nor By-laws providing for indemnification, is not paid in full by the Bank within
forty-five (45) days after a written request for payment thereof has first been received by the Bank, Indemnitee may, but need
not, at any time thereafter bring an action against the Bank to recover the unpaid amount of the claim and, if successful in whole
or in part, Indemnitee shall also be entitled to be paid for the expenses (including attorneys’ fees) of bringing such action.
It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in connection
with any action, suit or proceeding in advance of its final disposition) that Indemnitee has not met the standards of conduct
which make it permissible under applicable law for the Bank to indemnify Indemnitee for the amount claimed, but the burden of
proving such defense shall be on the Bank, and Indemnitee shall be entitled to receive interim payments of expenses pursuant to
Subsection 2(a) unless and until such defense may be finally adjudicated by court order or judgment from which no further right
of appeal exists. It is the parties’ intention that, if the Bank contests Indemnitee’s right to indemnification, the
question of Indemnitee’s right to indemnification shall be for the court to decide, and neither the failure of the Bank
(including its Board of Directors, independent legal counsel or its shareholders) to have made a determination that indemnification
of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct required by applicable
law, nor an actual determination by the Bank (including its Board of Directors, any committee or subgroup of the Board of Directors,
independent legal counsel or its shareholders) that Indemnitee has not met such applicable standard of conduct, shall create a
presumption that Indemnitee has or has not met the applicable standard of conduct.

 

(d)          Notice
to Insurers. If, at the time of the receipt of a notice of a claim pursuant to Subsection 2(b) hereof, the Bank has director
and officer liability insurance in effect, the Bank shall give prompt notice of the commencement of such proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Bank shall thereafter take all necessary or desirable
actions to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance
with the terms of such policies.

 

    	4

    	 

    

  

(e)          Selection
of Counsel. In the event the Bank shall be obligated under Subsection 2(a) hereof to pay the expenses of any proceeding against
the Indemnitee, the Bank, if appropriate, shall be entitled to assume the defense of such proceeding, with counsel approved by
the Indemnitee, which counsel may be counsel for the Bank, upon the delivery to the Indemnitee of written notice of its election
so to do. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Bank,
the Bank will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred by the Indemnitee
with respect to the same proceeding, provided that (i) the Indemnitee shall have the right to employ his counsel in any such proceeding,
at the Indemnitee’s sole expense; and (ii) if (A) the employment of counsel by the Indemnitee has been previously authorized
by the Bank, (B) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Bank and
the Indemnitee in the conduct of any such defense or (C) the Bank shall not, in fact, have employed counsel to assume the defense
of such proceeding, the fees and expenses of Indemnitee’s counsel shall be at the expense of the Bank.

 

3.            Additional
Indemnification Rights; Nonexclusivity.

 

(a)          Scope.
Notwithstanding any other provision of this Agreement, the Bank hereby agrees to indemnify the Indemnitee to the fullest extent
permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement,
the Bank’s Articles of Incorporation, the Bank’s Bylaws or by statute. In the event of any change, after the date of
this Agreement, in any applicable law, statute, or rule which expands the right of a savings institution to indemnify a member
of its board of directors or an officer, such changes shall be, ipso facto, within the purview of Indemnitee’s
rights and Bank’s obligations, under this Agreement. In the event of any change in any applicable law, statute or rule which
narrows the right of a savings institution to indemnify a member of its board of directors or an officer, such changes, to the
extent not otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this Agreement
or the parties’ rights and obligations hereunder.

 

(b)          Nonexclusivity.
The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which an Indemnitee may be entitled
under the Bank’s Articles of Incorporation, its Bylaws, any agreement, any vote of stockholders or disinterested Directors,
the National Bank Act, as amended, the Office of the Comptroller of the Currency Rules and Regulations, and the Federal Deposit
Insurance Act, and the regulations promulgated thereunder, each as may be amended from time to time, or otherwise, both as to action
in Indemnitee’s official capacity and as to action in another capacity while holding such office (each an “Indemnified
Capacity”). The indemnification provided under this Agreement shall continue as to Indemnitee for any action taken
or not taken while serving in an Indemnified Capacity even though he may have ceased to serve in an Indemnified Capacity at the
time of any action, suit or other covered proceeding.

 

    	5

    	 

    

 

4.          Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Bank for some or
a portion of the expenses, judgments, fines or penalties actually and reasonably incurred by him in the investigation, defense,
appeal or settlement of any action, suit or proceeding, but not, however, for the total amount thereof, the Bank shall nevertheless
indemnify Indemnitee for the portion of such expenses, judgments, fines or penalties to which Indemnitee is entitled.

 

5.          Mutual
Acknowledgment. Both the Bank and Indemnitee acknowledge that in certain instances, federal law, state law, or public policy
may prohibit the Bank from indemnifying its directors and officers under this Agreement or otherwise. For example, the Bank and
Indemnitee acknowledge that the Bank is subject to the prohibitions and limitations on indemnification set forth in federal or
state banking laws including, without limitation, 12 CFR § 1838 of the Rules and Regulations of promulgated by the Office
Comptroller of the Currency and Sections 8(k) and 18(k) of the Federal Deposit Insurance Act and the regulations promulgated thereunder.
Indemnitee understands and acknowledges that the Bank has undertaken or may be required in the future to undertake with its applicable
regulatory bodies to submit a question of indemnification to a court in certain circumstances for a determination of the Bank’s
right under public policy to indemnify Indemnitee and agrees that he will be bound by the findings of such court.

 

6.          Contribution.
If the indemnification provided for herein is unavailable by reason of a Court decision based on grounds other than any of those
set forth in Section 1(b), Section 5, or Section 9 hereof, then in respect of any threatened, pending or completed action, suit
or proceeding in which the Bank is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the
Corporation shall contribute to the amount of expenses (including attorneys' fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (a) the relative
benefits received by the Bank on the one hand and Indemnitee on the other hand from the transaction from which such action, suit
or proceeding arose, and (b) the relative fault of the Bank on the one hand and of Indemnitee on the other in connection with the
events which resulted in such expenses, judgments, fines or settlement amounts, as well as any other relevant equitable considerations.
The relative fault of the Bank on the one hand and of Indemnitee on the other shall be determined by reference to, among other
things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances
resulting in such expenses, judgments, fines or settlement amounts. The Bank agrees that it would not be just and equitable if
contribution pursuant to this Section were determined by pro rata allocation or any other method of allocation that does not take
account of the foregoing equitable considerations.

 

7.          Officer
and Director Liability Insurance. The Bank shall, from time to time, make the good faith determination whether or not it is
practicable for the Bank to obtain and maintain a policy or policies of insurance with reputable insurance companies providing
the officers and directors of the Bank with coverage for losses from wrongful acts, or to ensure the Bank’s performance of
its indemnification obligations under this Agreement. Among other considerations, the Bank will weigh the costs of obtaining such
insurance coverage against the protection afforded by such coverage. Notwithstanding the foregoing, the Bank shall have no obligation
to obtain or maintain such insurance if the Bank determines in good faith that such insurance is not reasonably available, the
premium costs for such insurance are disproportionate to the amount of coverage provided, the coverage provided by such insurance
is limited by exclusions so as to provide an insufficient benefit, or the Indemnitee is covered by similar insurance maintained
by a subsidiary or parent company of the Bank

 

    	6

    	 

    

  

8.            Severability.
Nothing in this Agreement is intended to require or shall be construed as requiring the Bank to do or fail to do any act in violation
of applicable law. The Bank’s inability, pursuant to court order, to perform its obligations under this Agreement shall not
constitute a breach of this Agreement. The provisions of this Agreement shall be severable as provided in this Section 7. If this
Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Bank shall
nevertheless indemnify Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not have
been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms.

 

9.            Exceptions.
Any other provision herein to the contrary notwithstanding, the Bank shall not be obligated pursuant to the terms of this Agreement:

 

(a)          Claims
Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to proceedings or claims initiated or
brought voluntarily by Indemnitee, including those brought against the Bank or its directors, officers, employees, agents or other
indemnitees, and not by way of defense, except with respect to proceedings brought to establish or enforce a right to indemnification
under this Agreement or any other statute or law, but such indemnification or advancement of expenses may be provided by the Bank
in specific cases if the Board of Directors finds it to be appropriate; or

 

(b)          Lack
of Good Faith. To indemnify Indemnitee for any expenses incurred by the Indemnitee with respect to any proceeding instituted
by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material
assertions made by the Indemnitee in such proceeding was not made in good faith or was frivolous; or

 

(c)          Breach
of Fiduciary Duty Claims. To indemnify Indemnitee for any expenses incurred by Indemnitee on account of any suit or proceeding
brought by the Bank and approved by a majority of the Board which alleges willful misappropriate of corporate assets by Indemnitee,
disclosure of confidential information in violation of Indemnitee’s fiduciary or contractual obligations to the Bank, or
any other willful and deliberate breach in bad faith of Indemnitee’s duty to the Bank or its shareholders; or

 

(d)          Willful
Misconduct. To indemnify Indemnitee for any expenses incurred by Indemnitee on account of Indemnitee’s conduct which
is finally adjudged to have been knowingly fraudulent or deliberately dishonest, or to constitute willful misconduct.

 

(e)          Claims
Paid by Insurer. Notwithstanding the foregoing, the Bank shall not be obligated to indemnify Indemnitee for expenses or liabilities
of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement)
which have been paid directly to Indemnitee by an insurance carrier under a policy of officers’ and directors’ liability
insurance maintained by the Bank.

 

    	7

    	 

    

  

10.           Construction
of Certain Phrases.

 

(a)          For
purposes of this Agreement, references to the “Bank” shall include, in addition to the resulting corporation, any constituent
corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence
had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that if Indemnitee
is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent
corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation
as Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

 

(b)          For
purposes of this Agreement, references to “other enterprises” shall include employee benefit plans; references to “fines”
shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving
at the request of the Bank” shall include any service as a director, officer, employee or agent of the Bank which imposes
duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants,
or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of
the participants and beneficiaries of an employee benefit plan Indemnitee shall be deemed to have acted in a manner “not
opposed to the best interests of the Bank” as referred to in Section 1(a) of this Agreement.

 

11.           Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

 

12.           Successors
and Assigns. This Agreement shall be binding upon the Bank and its successors and assigns, and shall inure to the benefit of
Indemnitee and Indemnitee’s estate, heirs, legal representatives and assigns.

 

13.          Attorneys’
Fees. In the event that any action is instituted by Indemnitee under this Agreement to enforce or interpret any of the terms
hereof, Indemnitee shall be entitled to be paid all court costs and expenses, including reasonable attorneys’ fees, actually
and reasonably incurred by Indemnitee with respect to such action, unless as a part of such action, the court of competent jurisdiction
determines that each of the material assertions made by Indemnitee as a basis for such action were not made in good faith or were
frivolous. In the event of an action instituted by or in the name of the Bank under this Agreement or to enforce or interpret any
of the terms of this Agreement, Indemnitee shall be entitled to be paid all court costs and expenses, (including attorneys’
fees), incurred by Indemnitee in defense of such action (including with respect to Indemnitee’s counterclaims and cross-claims
made in such action), unless as a part of such action the court determines that each of Indemnitee’s material defenses to
such action were made in bad faith or were frivolous.

 

14.           Notice.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given
(i) if delivered by hand and receipted for by the party addressee or (ii) if mailed by certified or registered mail with postage
prepaid, on the third business day after the mailing date. Addresses for notice to either party are as shown on the signature page
of this Agreement, or as subsequently modified by a written notice.

 

    	8

    	 

    

  

15.           Choice
of Law. This Agreement shall be governed by and its provisions construed in accordance with the federal laws of the United
States with respect to federal banking law and in accordance with the laws of the State of Virginia for all other matters, including
as applied to contracts between Virginia residents entered into and to be performed entirely within Virginia.

 

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

 

	 	FIRST COMMUNITY BANK
	 	One Community Place
	 	P.O. Box 989
	 	Bluefield, Virginia 24605-0989
	 	 	 
	 	By:	 
	 	 	Name: Gary R. Mills
	 	 	Title:   Chief Executive Officer

 

	AGREED TO AND ACCEPTED:	 
	 	 
	INDEMNITEE:	 
	 	 
	 	 
	Name:	 
	Title:	 
	Address:	 

 

    	9

    	 

    

FIRST COMMUNITY BANK

 

SCHEDULE OF INDEMNITEES

 

James H. Atkinson, Jr.

W. C. Blankenship, Jr.

David D. Brown

Juanita G. Bryan

Robert L. Buzzo

C. William Davis

Samuel L. Elmore

T. Vernon Foster

Franklin P. Hall

Richard S. Johnson

I. Norris Kantor

E. Stephen Lilly

Gary R. Mills

Jeffrey D. Noble

Martyn A. Pell

Robert L. Schumacher

William P. Stafford

William P. Stafford, II

Frank C. Tinder

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]