Document:

Agreement

 Exhibit 10.1 
 AGREEMENT BY AND BETWEEN 
 Intervest National Bank 

New York, New York 

and 
 The
Comptroller of the Currency 
 WHEREAS, Intervest National Bank, New York, NY (“Bank”) and the Comptroller of
the Currency of the United States of America (“Comptroller”) wish to protect the interests of the depositors, other customers, and shareholders of the Bank, and, toward that end, wish the Bank to operate safely and soundly and in
accordance with all applicable laws, rules and regulations. 
 WHEREAS, the Comptroller has found unsafe and unsound
banking practices relating to capital, asset quality, management and board supervision, liquidity, earnings, sensitivity to market risk and risk management practices of the Bank. 

NOW, THEREFORE, in consideration of the above premises, it is agreed, between the Bank, by and through its duly elected and acting
Board of Directors (“Board”), and the Comptroller, through his authorized representative, that the Bank shall operate at all times in compliance with the articles of this Agreement. 

ARTICLE I 

JURISDICTION 
 (1) This Agreement shall be construed to be a “written agreement entered into with the agency” within the meaning of 12 U.S.C. § 1818(b)(1). 

(2) This Agreement shall be construed to be a “written agreement between such depository institution and such agency” within
the meaning of 12 U.S.C. § 1818(e)(1) and 12 U.S.C. § 1818(i)(2). 
 (3) This Agreement shall be
construed to be a “formal written agreement” within the meaning of 12 C.F.R. § 5.51(c)(6)(ii). See 12 U.S.C. § 1831i. 

 (4) This Agreement shall be construed to be a “written agreement” within the
meaning of 12 U.S.C. § 1818(u)(1)(A). 
 ARTICLE II 

COMPLIANCE COMMITTEE 
 (1) Within five (5) days of the date of this Agreement, the Board shall appoint and maintain an active Compliance Committee of at least three (3) directors, of which no more than one
(1) shall be an employee, former employee, or controlling shareholder of the Bank or any of its affiliates (as the term “affiliate” is defined in 12 U.S.C. § 371c (b)(1)), or a family member of any such person. Upon
appointment, the names of the members of the Compliance Committee and, in the event of a change of the membership, the name of any new member shall be submitted in writing to the Director for Special Supervision (“Director”). The
Compliance Committee shall be responsible for monitoring and coordinating the Bank’s adherence to the provisions of this Agreement. 
 (2) The Compliance Committee shall meet at least monthly. 
 (3) Within forty-five
(45) days of the date of this Agreement and every quarter thereafter, the Compliance Committee shall continue to ensure the submission of a written progress report to the Board setting forth in detail: 

 

	 	(a)	a description of the actions needed to achieve full compliance with each Article of this Agreement; 

 

	 	(b)	actions taken to comply with each Article of this Agreement; and 

  

	 	(c)	the results and status of those actions. 

 (4) The Board shall forward a copy of the Compliance Committee’s report, with any additional comments by the Board, to the Director within ten (10) days of receiving such report. 

  
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 (5) All reports or plans which the Bank or Board has agreed to submit to the Director
pursuant to this Agreement shall be forwarded, by overnight mail or via email, to the following: 
  

			
	Director for Special Supervision	  	with a copy to:
	Comptroller of the Currency	  	Comptroller of the Currency
	250 E Street, S.W.	  	Metro New York East Office
	Mail Stop 7-4	  	343 Thornall Street, Suite 610
	Washington, DC 20219	  	Edison, New Jersey 08837

 (6) The Board shall
ensure that the Bank has sufficient processes, personnel, and control systems to effectively implement and adhere to all provisions of this Agreement, and that Bank personnel have sufficient training and authority to execute their duties and
responsibilities under this Agreement. 
 ARTICLE III 
 STRATEGIC PLAN 
 (1) Within ninety (90) days, the Board shall forward
to the Director for his review and supervisory non-objection pursuant to paragraph (5) of this Article, a written Strategic Plan for the Bank that is acceptable to the Director, covering at least a three-year period. Immediately following
receipt of the Director’s written determination of no supervisory objection, the Board shall adopt and the Bank (subject to Board review and ongoing monitoring) shall implement and thereafter ensure adherence to the Strategic Plan. The
Strategic Plan shall establish objectives for the Bank’s overall risk profile, earnings performance, growth, balance sheet mix, off-balance sheet activities, liability structure, capital adequacy, reduction in the volume of nonperforming
assets, product line development, and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives, and shall, at a minimum, include: 

 

	 	(a)	a mission statement that forms the framework for the establishment of strategic goals and objectives; 

  
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	 	(b)	the strategic goals and objectives to be accomplished; 

  

	 	(c)	a description of the Bank’s targeted market(s) and an assessment of the current and projected risks and competitive factors in its identified target market(s);

  

	 	(d)	specific actions to improve Bank earnings and accomplish the identified strategic goals and objectives; 

 

	 	(e)	identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific timeframes;

  

	 	(f)	a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period
covered by the Strategic Plan; 

  

	 	(g)	a description of the assumptions used to determine financial projections and growth targets; 

 

	 	(h)	an identification and risk assessment of the Bank’s present and planned future product lines (assets and liabilities) that will be utilized to accomplish the
strategic goals and objectives established in the Strategic Plan, with the requirement that the risk assessment of new product lines must be completed prior to the offering of such product lines, consistent with OCC Bulletin 2004-10, Risk Management
(May 10, 2004); 

  

	 	(i)	a description of control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank’s markets;

  

	 	(j)	 an evaluation of the Bank’s internal operations, staffing requirements, board and management information systems, and policies and procedures

  
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for their adequacy and contribution to the accomplishment of the goals and objectives established in the Strategic Plan; 

 

	 	(k)	a management employment and succession program to promote the retention and continuity of capable management; 

 

	 	(l)	assigned responsibilities and accountability for the strategic planning process, new products, growth goals, and proposed changes in the Bank’s operating
environment; and 

  

	 	(m)	a description of systems to monitor the Bank’s progress in meeting the Strategic Plan’s goals and objectives. 

(2) At least monthly, the Board shall review financial reports and earnings analyses prepared by the Bank that evaluate the Bank’s
performance against the goals and objectives established in the Strategic Plan, as well as the Bank’s written explanation of significant differences between actual and projected balance sheet, income statement, and expense accounts, including
descriptions of extraordinary and/or nonrecurring items. Upon completion of the reports required by this paragraph, the Bank shall submit a copy of the reports to the Director. 

(3) At least quarterly, the Board shall prepare a written evaluation of the Bank’s performance against the Strategic Plan, based on
the Bank’s monthly reports, analyses, and written explanations of any differences between actual performance and the Bank’s strategic goals and objectives, and shall include a description of the actions the Board will require the Bank to
take to address any shortcomings, which shall be documented in the Board meeting minutes. Within ten (10) days of completing its evaluation, the Board shall submit a copy of the evaluation and Board minutes to the Director. 

  
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 (4) Prior to adoption by the Board, a copy of the Strategic Plan, and any subsequent
amendments or revisions, shall be forwarded to the Director for review and prior written determination of no supervisory objection. Upon receiving a written determination of no supervisory objection from the Director, the Board shall adopt and the
Bank shall immediately implement and adhere to the Strategic Plan. 
 (5) The Bank may not initiate any action that deviates
significantly from the Board-approved Strategic Plan, including subsequent amendments or revisions, without a written determination of no supervisory objection from the Director. The Board must give the Director advance, written notice of its intent
to deviate significantly from the Strategic Plan, along with an assessment of the impact of such change on the Bank’s condition, including a profitability analysis and an evaluation of the adequacy of the Bank’s organizational structure,
staffing, management information systems, internal controls, and written policies and procedures to identify, measure, monitor, and control the risks associated with the change in the Strategic Plan. 

(6) For the purposes of this Article, changes that may constitute a significant deviation from the Strategic Plan include, but are not
limited to, a change in the Bank’s marketing strategies, marketing partners, business lines, products and services, asset growth, underwriting practices and standards, credit administration, collection strategies or operations, accounting
processes and practices, or funding strategy, any of which, alone or in aggregate, may have a material impact on the Bank’s operations or financial performance; or any other changes in personnel, operations, or external factors that may have a
material impact on the Bank’s operations or financial performance. For purposes of this paragraph, “personnel” shall include the president, chief executive officer, chief operating officer, chief financial officer, chief
asset-liability manager, treasurer, chief credit officer, chief compliance officer, risk 

  
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manager, auditor, member of the Bank’s board of directors, or any other position subsequently identified in writing by the Director. 

ARTICLE IV 

CAPITAL PLAN AND HIGHER MINIMUMS 
 (1) The Bank shall maintain the following minimum capital ratios (as defined in 12 C.F.R. Part 3)1: 
  

	 	(a)	 Tier 1 capital at least equal to nine percent (9%) of adjusted total assets.2 

  

	 	(b)	Tier 1 risk-based capital at least equal to ten percent (10%) of risk-weighted assets; 

 

	 	(c)	Total risk-based capital at least equal to twelve percent (12%) of risk-weighted assets. 

(2) Within ninety (90) days, the Board shall forward to the Director for his determination of no supervisory objection pursuant to
paragraph (4) of this Article, a written Capital Plan for the Bank, covering at least a three-year period. Immediately following receipt of the Director’s written determination of no supervisory objection, the Board shall adopt and the
Bank (subject to Board review and ongoing monitoring) shall implement and thereafter ensure adherence to the Capital Plan. The Capital Plan shall include: 
  

	 	(a)	specific plans for the maintenance of adequate capital, which may in no event be less than the requirements of paragraph (1) of this Article;

  
  

	1	 The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well
capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6, pursuant to 12 C.F.R. § 6.4(b)(1)(iv). 

  

	2	 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure required to be computed for and stated in the
Bank's most recent Consolidated Report of Condition and Income (“call report”) minus end-of-quarter intangible assets and other deductions pursuant to section 2(c)(5) of Appendix A of 12 C.F.R. Part 3. 

  
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	 	(b)	projections for growth and capital requirements, based upon a detailed analysis of the Bank’s assets, liabilities, earnings, fixed assets, and off-balance sheet
activities; 

  

	 	(c)	projections of the sources and timing of additional capital to meet the Bank’s future needs, as set forth in the Strategic Plan; 

 

	 	(d)	identification of the primary sources from which the Bank will maintain an appropriate capital structure to meet the Bank’s future needs, as set forth in the
Strategic Plan; and 

  

	 	(e)	contingency plans that identify alternative methods to strengthen capital, should the primary source(s) under paragraph (d) of this Article not be available.

 (3) The Bank may make payment of a dividend or make a capital distribution only: 

 

	 	(a)	when the Bank is in compliance with its approved Capital Plan and would remain in compliance with its approved Capital Plan immediately following the payment of any
dividend; 

  

	 	(b)	when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and 

 

	 	(c)	following the prior written determination of no supervisory objection by the Director. 

(4) Prior to adoption by the Board, a copy of the Capital Plan shall be submitted to the Director for a prior written determination of no
supervisory objection. Upon receiving a written determination of no supervisory objection from the Director, the Board shall adopt and the Bank shall immediately implement and adhere to the Capital Plan. The Board shall review and update the
Bank’s Capital Plan at least annually and more frequently if necessary or if 

  
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requested by the Director. Revisions to the Bank’s Capital Plan shall be submitted to the Director for a prior written determination of no supervisory objection. 

ARTICLE V 

BOARD TO ENSURE EFFECTIVE MANAGEMENT 
 (1) The Board shall ensure that the Bank has effective management in place on a full-time basis in all senior executive officer (as defined in 12 C.F.R. § 5.51(c)(3)) positions to carry out the
Board’s policies; ensure sufficient financial management and credit administration; ensure compliance with this Agreement; ensure compliance with applicable laws, rules and regulations; and manage the day-to-day operations of the Bank in a safe
and sound manner. 
 (2) Within ninety (90) days, the Board (with the exception of any Bank senior executive officers)
shall prepare a written assessment of the capabilities of each of the Bank’s senior executive officers to perform present and anticipated duties, taking into account the findings contained in the most recent Report of Examination, the
July 20, 2009 Report of Examination, and the August 16, 2008 Report of Examination. The written assessment shall also take into account the senior executive officers’ past performance, experience, and qualifications, compared to their
position descriptions, duties and responsibilities, with particular emphasis on their proposed responsibilities to execute the Strategic Plan and correct the concerns addressed in the aforementioned Reports of Examination. Upon completion, a copy of
the written assessment shall be submitted to the Director. 
 (3) If the Board determines that a senior executive officer’s
performance, skills or abilities need improvement, the Board will, within thirty (30) days following its determination, require the Bank to develop and implement a written program, with specific timeframes, to improve the officer’s
performance, skills and abilities. Upon completion, a copy of the written program shall be submitted to the Director. 

  
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 (4) If the Board determines that a senior executive officer will not continue in his/her
position, the Board shall document the reasons for this decision in its assessment performed pursuant to paragraph (2) of this Article, and shall within sixty (60) days of a vacancy in any such position identify and provide notice to the
Director, pursuant to paragraph (5) of this Article, of a qualified and capable candidate for the vacant position who shall be vested with sufficient executive authority to ensure the Bank’s compliance with this Agreement and the safe and
sound operation of functions within the scope of that position’s responsibility. 
 (5) Prior to the appointment of any
individual to a senior executive officer position, the Board shall submit to the Director written notice containing the information that 12 C.F.R. § 5.51 requires for senior executive officers. The Director shall have the power to
disapprove the appointment of the proposed officer. However, the failure to exercise such veto power shall not constitute an approval or endorsement of the proposed officer. The requirement to submit information and the prior disapproval provisions
of this Article are based upon the authority of 12 U.S.C. § 1818(b) and do not require the Comptroller or the Director to complete his review and act on any such information or authority within ninety (90) days. 

(6) The Board shall perform, at least annually, a written performance appraisal for each Bank senior executive officer that establishes
objectives by which the officer’s effectiveness will be measured, evaluates performance according to the position’s description and responsibilities, and assesses accountability for action plans to remedy issues raised in Reports of
Examination or audit reports. Upon completion, copies of the performance appraisals shall be submitted to the Director. The Board shall ensure that the Bank addresses any identified deficiencies in a manner consistent with paragraphs (3) and
(4) of this Article. 

  
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 ARTICLE VI 
 LOAN PORTFOLIO MANAGEMENT 
 (1) Within sixty (60) days, the Board
shall develop, implement, and thereafter ensure Bank adherence to a written program to improve the Bank’s loan portfolio management. The program shall include, but not be limited to, systems and procedures that: 

 

	 	(a)	provide for early problem loan identification and accurate risk ratings consistent with the classification standards contained in the Comptroller’s Handbook
on “Rating Credit Risk” at least monthly; 

  

	 	(b)	require that extensions of credit are granted, by renewal or otherwise, to any borrower only after obtaining, analyzing and documenting a global analysis of current and
satisfactory credit information; 

  

	 	(c)	require that extensions of credit are granted, by renewal or otherwise, to any borrower only after obtaining, analyzing and documenting the current valuation of any
supporting collateral, perfecting and verifying the Bank’s lien position, and verifying that reasonable limits are established on credit advances against collateral, based on a consideration of (but not limited to) a realistic assessment of the
value of collateral, the ratio of loan to value, and overall debt service requirements; 

  

	 	(d)	 require the Bank to obtain a current independent appraisal or updated appraisal, in accordance with 12 C.F.R. 34, where the borrower has failed to
comply with the contractual terms of the loan agreement and the Bank’s analysis of current financial information does not support the ongoing ability of the borrower or guarantor(s) to perform in accordance with the

  
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contractual terms of the loan agreement and the most recent independent appraisal is more than twelve (12) months old. 

 

	 	(e)	ensure ongoing guarantor analysis, to include a review of the borrower’s or guarantor’s global cash flow analysis and analysis of contingent liabilities;

  

	 	(f)	require documentation of all exceptions to the Bank’s credit policy on the loan offering sheet, problem loan report, and other management information systems;

  

	 	(g)	track and analyze credit, collateral and policy exceptions; 

  

	 	(h)	require conformance to generally accepted accounting practices and regulatory reporting requirements for non-accrual loans and troubled debt restructuring;

  

	 	(i)	ensure compliance with call report instructions, the Bank’s lending policies, and laws, rules, and regulations; 

 

	 	(j)	ensure the accuracy of internal management information systems; 

  

	 	(k)	provide adequate training of Bank personnel performing credit analyses in cash flow analysis, particularly analysis using information from tax returns, and implement
processes to ensure that additional training is provided as needed; and 

  

	 	(l)	incorporate a performance appraisal process, including performance appraisals, job descriptions, and incentive programs for loan officers, which adequately consider
their performance relative to policy compliance, documentation standards, accuracy in credit risk ratings, and other loan administration matters. 

 Upon completion, a copy of the program shall be forwarded to the Director. 

  
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 ARTICLE VII 
 CRITICIZED ASSETS 
 (1) Within sixty (60) days, the Board shall adopt,
implement, and thereafter ensure Bank adherence to a written program designed to eliminate the basis of criticism of assets criticized in the most recent Report of Examination (“ROE”), in any subsequent ROE, by any internal or external
loan review, or in any list provided to management by the National Bank Examiners during any examination, as “doubtful,” “substandard,” or “special mention.” The program shall: (i) include sufficient staff having
the qualifications, skills, and experience to effectively manage and resolve problem assets, who will be held accountable by the Bank’s Board to successfully execute their assigned duties; (ii) include adequate management information
systems to measure the status of workout plans on each problem asset; and (iii) include the development of Criticized Asset Reports (“CARs”) identifying all credit relationships and other assets totaling in aggregate one million
dollars ($1,000,000) or more, criticized as “doubtful,” “substandard,” or “special mention.” The CARs must be updated quarterly with reporting to the Board and the Directors at least quarterly. Each CAR shall cover an
entire credit relationship and include, at a minimum, analysis and documentation of the following: 
  

	 	(a)	the origination date and any renewal or extension dates, amount, purpose of the loan or other asset, and the originating and current loan officer(s);

  

	 	(b)	the expected primary and secondary sources of repayment, and an analysis of the adequacy of the repayment sources; 

 

	 	(c)	risk rating of the loan or other asset; 

  

	 	(d)	 the current appraised value of supporting collateral, the date and source of the appraisal, and the position of the Bank’s lien on such
collateral, where applicable, as well as other necessary documentation to support the current 

  
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collateral valuation. In particular, the Bank shall obtain and perform a documented review of a current independent appraisal or updated appraisal, in accordance with 12 C.F.R. 34, where the loan
was criticized in the most recent ROE or by the Bank’s internal or external loan review and the most recent independent appraisal is more than twelve (12) months old; 

 

	 	(e)	an analysis of current and complete credit information, including cash flow analysis where loans are to be repaid from operations; 

 

	 	(f)	results of any impairment analysis pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 310
Receivables (Pre-codification reference: Statement of Financial Accounting Standards (“FAS”) Statement No. 114); 

  

	 	(g)	significant developments, including a discussion of changes since the prior CAR, if any; and 

 

	 	(h)	the proposed action to eliminate the basis of criticism and the timeframe for its accomplishment, including an appropriate exit strategy. 

Upon adoption, a copy of the program and the CARs shall be forwarded to the Director, and submitted on a quarterly basis thereafter. 

(2) The Bank may not extend credit, directly or indirectly, including renewals, modifications or extensions, to a borrower whose loans or
other extensions of credit are criticized in any ROE, in any internal or external loan review, or in any list provided to management by the National Bank Examiners during any examination, unless and until the Board, or a designated committee
thereof, finds that each of the following conditions is met: 

  
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	 	(a)	the extension of additional credit is necessary to promote the best interests of the Bank and prior to renewing, modifying or extending any additional credit, a
majority of the full Board (or designated committee) approves the credit extension and records, in writing, why such extension is necessary to promote the best interests of the Bank; 

 

	 	(b)	the Bank performs a written credit and collateral analysis as required by paragraph (1) of this Article and, if necessary, the proposed action referred to in
paragraph (1)(h) of this Article is revised, as appropriate; and 

  

	 	(c)	the Board’s formal plan to collect or strengthen the criticized asset will not be compromised by the extension of additional credit. 

A copy of the findings and approval of the Board or designated committee shall be maintained in the credit file of the affected borrower and made
available for review by National Bank Examiners. 
 ARTICLE VIII 

LOAN REVIEW 
 (1) Within ninety (90) days, the Board shall establish an effective, independent, and on-going loan review program to review, at least quarterly, the Bank’s loan and lease portfolios, to assure
the timely identification and categorization of problem credits. The program shall provide for a written report to be filed with the Board promptly after each review and shall employ a loan and lease rating system consistent with the guidelines set
forth in “Rating Credit Risk” and “Allowance for Loan and Lease Losses,” booklets A-RCR and A-ALLL, respectively, of the Comptroller’s Handbook. Such reports shall include, at a minimum, conclusions regarding:

  

	 	(a)	the overall quality of the loan and lease portfolios; 

  
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	 	(b)	the identification, type, rating, and amount of problem loans and leases; 

 

	 	(c)	the identification and amount of delinquent loans and leases; 

  

	 	(d)	trends in loan and lease portfolio delinquencies and risk ratings; 

  

	 	(e)	credit and collateral documentation exceptions; 

  

	 	(f)	the independence and appropriateness of the collateral valuation process; 

 

	 	(g)	loans meeting the criteria for non-accrual status and troubled debt restructure; 

 

	 	(h)	the identity of the loan officer of each loan reported in accordance with subparagraphs (b) through (e) of this paragraph; 

 

	 	(i)	the identification and status of credit-related violations of laws, rules, or regulations; 

 

	 	(j)	concentrations of credit; 

  

	 	(k)	loans and leases to the directors, executive officers, and principal shareholders of the Bank and to their related interests; and 

 

	 	(l)	loans and leases not in conformance with the Bank’s lending and leasing policies, and exceptions to the Bank’s lending and leasing policies.

 (2) The Board shall evaluate the loan and lease review report(s) required by paragraph (1) of this Article
and shall ensure that immediate, adequate, and continuing remedial action, as appropriate, is taken upon all findings noted in the report(s), and documentation of the action taken by the Bank to collect or strengthen assets identified as problem
credits, shall be preserved in the Bank. 

  
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 ARTICLE IX 
 CONCENTRATIONS OF CREDIT 
 (1) Within sixty (60) days, the Board shall
adopt, implement, and thereafter ensure adherence to a written concentration management program consistent with the guidelines in OCC Bulletin 2006-46 (December 6, 2006) and diversification of risk consistent with OCC Banking Circular 255 (July 30,
1991). The program shall include (but not be limited to) the following: 
  

	 	(a)	policy guidelines addressing the level and nature of exposures acceptable to the institution and setting concentration limits, including limits on commitments to
individual borrowers and appropriate sub-limits; 

  

	 	(b)	procedures to identify and quantify the nature and level of risk presented by concentrations, including review of reports describing changes in conditions in the
Bank’s markets; 

  

	 	(c)	procedures to periodically review and revise, as appropriate, risk exposure limits and sub-limits to conform to any changes in the institution’s strategies and to
respond to changes in market conditions; 

  

	 	(d)	periodic portfolio-level stress tests or sensitivity analysis to quantify the impact of changing economic conditions on asset quality, earnings, and capital;

  

	 	(e)	appropriate strategies for managing concentration levels, including a contingency plan to reduce or mitigate concentrations in the event of adverse market conditions;
and 

  

	 	(f)	periodic reports to the Board, to include the following, as appropriate: 

  

	 	(i)	a summary of concentration levels, by type and subtype; 

  

	 	(ii)	a synopsis of the Bank’s market analysis; 

  
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	 	(iii)	a discussion of recommended strategy when concentrations approach or exceed Board-approved limits; and 

 

	 	(iv)	a synopsis of changes in risk levels by concentration type and subtype, with discussion of recommended changes in credit administration procedures (for example,
underwriting practices, risk rating, monitoring, and training). 

 (2) The Board shall forward a copy of the
program required in paragraph (1) above, and any concentration reports, studies, or analyses to the Director. 
 (3) The
Board shall ensure that future concentrations of credit are subject to the analysis required by paragraph (1) of this Article and that the analysis demonstrates that the concentration will not subject the Bank to undue credit or interest rate
risk. 
 ARTICLE X 
 ALLOWANCE FOR LOAN AND LEASE LOSSES 
 (1) The Board shall immediately
require and the Bank shall implement and thereafter adhere to a written program for the maintenance of an adequate Allowance for Loan and Lease Losses (“ALLL”). The program shall be consistent with the comments on maintaining a proper ALLL
found in the Interagency Policy Statement on the ALLL contained in OCC Bulletin 2006-47 (December 13, 2006) and with “Allowance for Loan and Lease Losses,” booklet A-ALLL of the Comptroller’s Handbook, and shall incorporate the
following: 
  

	 	(a)	internal risk ratings of loans; 

  

	 	(b)	results of the Bank’s independent loan review; 

  

	 	(c)	trends of delinquent and non-accrual loans; 

  

	 	(d)	 criteria for determining which loans will be reviewed under Financial Accounting Standard (“FASB”) Accounting Standards Codification

  
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(“ASC”) Topic 310 Receivables (Pre-codification reference: Statement of Financial Accounting Standards (“FAS”) Statement No. 114), how impairment will be
determined, and procedures to ensure that the analysis of loans complies with ASC 310 requirements; 

  

	 	(e)	criteria for determining loan pools under ASC 450 (Pre-codification reference: FAS Statement No. 5) and an analysis of those loan pools; 

 

	 	(f)	recognition of non-accrual loans in conformance with generally accepted accounting principles (“GAAP”) and regulatory guidance; 

 

	 	(g)	loan loss experience; 

  

	 	(h)	concentrations of credit; and 

  

	 	(i)	present and projected economic and market conditions. 

 (2) The program shall provide for a review of the ALLL by the Board at least once each calendar quarter. The Board shall ensure that any deficiency in the ALLL shall be remedied in the quarter it is
discovered, prior to filing the call report, by additional provisions from earnings. Written documentation shall be maintained of the factors considered and conclusions reached by the Board in determining the adequacy of the ALLL and made available
for review by National Bank Examiners. 
 (3) Upon completion, a copy of the Board’s ALLL program and quarterly analysis,
and any subsequent revisions to the program and analyses, shall be submitted to the Director. 
 ARTICLE XI 

OTHER REAL ESTATE OWNED (OREO) 
 (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written program to ensure the proper accounting for the acquisition, maintenance and Bank
financing of OREO sales. At a minimum, the program shall: 

  
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	 	(a)	identify the Bank officer(s) responsible for managing and authorizing transactions relating to the OREO properties; 

 

	 	(b)	revise the Bank’s policies and procedures to conform to generally accepted accounting procedures for OREO transfers, sales, Bank financing of OREO sales and
related income and expenses; 

  

	 	(c)	define the standards and criteria for the financing of sales of OREO by the Bank; 

 

	 	(d)	establish a formalized process to ensure that all OREO transfers, sales and Bank financing of OREO sales conform to the requirements of 12 C.F.R. Part 34, ASC Subtopic
310-40, Receivables – Troubled Debt Restructurings by Creditors (formerly FASB Statement No. 15, “Accounting by Debtors and Creditors for Troubled Debt Restructurings” and ASC Topic 360, Property, Plant and
Equipment (formerly FASB Statement No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets;” the FFIEC Instructions for Preparation of Consolidated Reports of Condition and Income; and Bank policy;

  

	 	(e)	contain an analysis of each OREO property that compares the cost to carry against the financial benefits of near-term sale; 

 

	 	(f)	detail the marketing strategies for each parcel; 

  

	 	(g)	identify targeted timeframes for disposing of each parcel of OREO; 

  

	 	(h)	establish procedures to require periodic market valuations of each property, and the methodology to be used; and 

 

	 	(i)	provide for reports to the Board on the status of OREO properties on at least a quarterly basis. 

  
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 (2) Upon adoption, the Board shall submit copies of the action plans and the quarterly
reports required by paragraph (1)(j) to the Director. 
 ARTICLE XII 

LIQUIDITY RISK MANAGEMENT PROGRAM 
 (1) Within sixty (60) days, the Board shall develop, implement and maintain a comprehensive liquidity risk management program, consistent with OCC Bulletin 2010-13, “Liquidity” (March 22,
2010), which assesses on an ongoing basis the Bank’s current and projected funding needs, and ensures that sufficient funds or access to funds exist to meet those needs. Such a program must include effective methods to achieve and maintain
sufficient liquidity and to measure and monitor liquidity risk, to include at a minimum: 
  

	 	(a)	Strategies to maintain sufficient liquidity at reasonable costs including, but not limited to, the following: 

 

	 	(i)	lower concentrations of funding sources, reducing reliance on high cost providers and brokered deposits; 

 

	 	(ii)	reducing rollover risk; 

  

	 	(iii)	increasing liquidity through such actions as obtaining additional capital, placing limits on asset growth, aggressive collection of problem loans and recovery of
charged-off assets, and asset sales; and 

  

	 	(iv)	monitoring the impact of changes in the Bank’s reputation, and changes in economic and credit conditions in the Bank’s market(s). 

 

	 	(b)	Establishment of liquidity ratios and limits that are based on the Bank’s business model and inherent risk exposures; 

  
 21 

  

	 	(c)	Guidelines which measure the level of available liquidity in comparison to the price sensitivity of deposits and the potential runoff of deposits, especially within the
next twelve months; 

  

	 	(d)	The preparation of liquidity reports which shall be reviewed by the Board on at least a monthly basis, to include, at a minimum, the following:

  

	 	(i)	comparison of established liquidity limits and actual liquidity levels; 

  

	 	(ii)	a certificate of deposit maturity schedule, including separate line items for brokered deposits and uninsured deposits, depicting maturities on a weekly basis for the
next month and monthly thereafter for the following five months, which schedule shall be updated at least weekly; 

  

	 	(iii)	a schedule of all funding obligations, including unfunded loan commitments, outstanding lines of credit and outstanding letters of credit, showing the obligations that
can be drawn immediately, and on a weekly basis for the next month and monthly thereafter for the following five months, which schedule shall be prepared and updated at least weekly; 

 

	 	(iv)	a listing of funding sources, prepared and updated on a weekly basis for the next month and monthly thereafter for the following five months, including federal funds
sold; unpledged assets and assets available for sale; and borrowing lines by lender, including original amount, remaining availability, type and book value of collateral pledged, terms, and maturity date, if applicable; 

  
 22 

  

	 	(v)	a monthly sources and uses of funds report for a minimum period of six months, updated monthly, which reflects known and projected changes in asset and liability
accounts, and the assumptions used in developing the projections. Such reports shall include, at a minimum: 

  

	 	1.	the funding obligations and sources required by (b)(ii) and (b)(iii) of this paragraph; 

 

	 	2.	projected additional funding sources, including loan payments, loan sales/participations, or deposit increases; and 

 

	 	3.	projected additional funding requirements from a reduction in deposit accounts including uninsured and brokered deposits, inability to acquire federal funds purchased,
or availability limitations or reductions associated with borrowing relationships. 

  

	 	(e)	A contingency funding plan that, on a monthly basis, forecasts funding needs, and funding sources under different stress scenarios which represent management’s
best estimate of balance sheet changes that may result from a liquidity or credit event. The contingency funding plan shall include: 

  

	 	(i)	specific plans detailing how the Bank will comply with restrictions or requirements set forth in this Agreement and 12 U.S.C. §1831o, including the
restrictions against brokered deposits in 12 C.F.R. §337.6; 

  
 23 

  

	 	(ii)	the preparation of reports which identify and quantify all sources of funding and funding obligations under best case and worst case scenarios, including asset funding,
liability funding and off-balance sheet funding; and 

  

	 	(iii)	procedures which ensure that the Bank’s contingency funding practices are consistent with the Board’s guidance and risk tolerances. 

Upon completion, the Board shall implement the comprehensive liquidity risk management program and submit a copy of the program to the Director. The Bank
shall submit liquidity reports required by paragraph (2)(d) of this Article to the Director on a monthly basis. 
 ARTICLE
XIII 
 INTEREST RATE RISK 
 (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written interest rate risk policy. This policy shall ensure that the Bank has a proper
measurement tool or model that captures the significant forms of interest rate exposure affecting the Bank’s performance, and be consistent with the “Interest Rate Risk” booklet of the Comptroller’s Handbook. The policy
shall provide for a coordinated interest rate risk strategy and shall provide for, at a minimum, the following: 
  

	 	(a)	prudent limits on the nature and amount of interest rate risk that can be taken; 

 

	 	(b)	guidance on the Bank’s strategic direction and tolerance for interest rate risk; 

  
 24 

  

	 	(c)	implementation of effective tools to measure and monitor the Bank’s performance and overall interest rate risk profile, to include a simulation model using
documented assumptions; 

  

	 	(d)	periodic back-testing of the simulation model, consistent with OCC Bulletin 2000-16, “Risk Modeling: Model Validation” (May 30, 2000);

  

	 	(e)	adequate management reports on which to base sound interest rate risk management decisions; and 

 

	 	(f)	a periodic, independent review of the Bank’s adherence to the policy. 

 Upon adoption, a copy of the written policy shall be forwarded to the Director. 

ARTICLE XIV 

CLOSING 

(1) Although the Board has agreed to submit certain programs and reports to the Director for review or prior written determination of no
supervisory objection, the Board has the ultimate responsibility for proper and sound management of the Bank. 
 (2) It is
expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him/her by the several laws of the United States of America to undertake any action affecting the Bank,
nothing in this Agreement shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing. 
 (3) Any
time limitations imposed by this Agreement shall begin to run from the effective date of this Agreement. Such time requirements may be extended in writing by the Director for good cause upon written application by the Board. 

(4) The provisions of this Agreement shall be effective upon execution by the parties hereto and its provisions shall continue in full
force and effect unless or until such provisions 

  
 25 

 
are amended in writing by mutual consent of the parties to the Agreement or excepted, waived, or terminated in writing by the Comptroller. 

(5) In each instance in this Agreement in which the Board is required to ensure adherence to, and undertake to perform certain
obligations of the Bank, it is intended to mean that the Board shall: 
  

	 	(a)	authorize and adopt such actions on behalf of the Bank as may be necessary for the Bank to perform its obligations and undertakings under the terms of this Agreement;

  

	 	(b)	require the timely reporting by Bank management of such actions directed by the Board to be taken under the terms of this Agreement; 

 

	 	(c)	follow-up on any non-compliance with such actions in a timely and appropriate manner; and 

 

	 	(d)	require corrective action be taken in a timely manner of any non-compliance with such actions. 

(6) This Agreement is intended to be, and shall be construed to be, a supervisory “written agreement entered into with the
agency” as contemplated by 12 U.S.C. § 1818(b)(1), and expressly does not form, and may not be construed to form, a contract binding on the Comptroller or the United States. Notwithstanding the absence of mutuality of obligation, or of
consideration, or of a contract, the Comptroller may enforce any of the commitments or obligations herein undertaken by the Bank under his supervisory powers, including 12 U.S.C. § 1818(b)(1), and not as a matter of contract law. The Bank
expressly acknowledges that neither the Bank nor the Comptroller has any intention to enter into a contract. The Bank also expressly acknowledges that no officer or employee of the Office of the Comptroller of the Currency has statutory or other
authority to bind the United States, the U.S. Treasury 

  
 26 

 
Department, the Comptroller, or any other federal bank regulatory agency or entity, or any officer or employee of any of those entities to a contract affecting the Comptroller’s exercise of
his supervisory responsibilities. The terms of this Agreement, including this paragraph, are not subject to amendment or modification by any extraneous expression, prior agreements or prior arrangements between the parties, whether oral or written.

 (7) The terms of this Agreement, including this paragraph, are not subject to amendment or modification by any extraneous
expression, prior agreements, or prior arrangements between the parties, whether oral or written. 
 IN TESTIMONY WHEREOF, the
undersigned, authorized by the Comptroller, has hereunto set his hand on behalf of the Comptroller. 
  

							
				
	/s/Henry Fleming	 	 	 	December 9, 2010	 	 
	Henry Fleming	 		 	Date	 	
	Director for Special Supervision	 		 		 	

  
 27 

 IN TESTIMONY WHEREOF, the undersigned, as the duly elected and acting Board of Directors of
the Bank, have hereunto set their hands on behalf of the Bank. 
  

							
				
	/s/ Michael A. Callen	 	 	 	December 9, 2010	 	 
	Michael A. Callen	 		 	Date	 	
				
	/s/ Lowell S. Dansker	 	 	 	December 9, 2010	 	 
	Lowell S. Dansker	 		 	Date	 	
				
	/s/ Paul R. Derosa	 	 	 	December 9, 2010	 	 
	Paul R. DeRosa	 		 	Date	 	
				
	/s/ Stephen A. Helman	 	 	 	December 9, 2010	 	 
	Stephen A. Helman	 		 	Date	 	
				
	/s/ Wayne F. Holly	 	 	 	December 9, 2010	 	 
	Wayne F. Holly	 		 	Date	 	
				
	/s/ Keith A. Olsen	 	 	 	December 9, 2010	 	 
	Keith A. Olsen	 		 	Date	 	
				
	/s/ Lawton Swan, III	 	 	 	December 9, 2010	 	 
	Lawton Swan, III	 		 	Date	 	
				
	/s/ Thomas E. Willett	 	 	 	December 9, 2010	 	 
	Thomas E. Willett	 		 	Date	 	
				
	/s/ Wesley T. Wood	 	 	 	December 9, 2010	 	 
	Wesley T. Wood	 		 	Date	 	

  
 28Executive Change of Control Severance Agreement

 Exhibit 10.1 
 PENN VIRGINIA CORPORATION 
 EXECUTIVE CHANGE OF CONTROL SEVERANCE
AGREEMENT 
 This Executive Change of Control Severance Agreement (“Agreement”) between Penn Virginia Corporation,
a Virginia corporation (the “Company”), and Steven A. Hartman (“Executive”) is made and entered into effective as of December 8, 2010 (the “Effective Date”). 

WHEREAS, Executive is a key executive of the Company; and 

WHEREAS, the Company and Executive previously entered into that certain Amended and Restated Employee Change of Control Severance
Agreement dated May 11, 2010 (the “Prior Agreement”); and 
 WHEREAS, the Company and Executive desire to
replace the Prior Agreement with this Agreement; and 
 WHEREAS, the Board of Directors of the Company (the
“Board”) has authorized and directed the Company to enter into this Agreement; 
 THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive agree as follows: 
  

	 	1.	Term of Agreement. 

  

	 	A.	The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue in effect through the second anniversary of the Effective
Date; provided, however, that commencing on the first day following the Effective Date and on each day thereafter, the Term of this Agreement shall automatically be extended for one additional day unless the Company shall give written notice to
Executive that the Term shall cease to be so extended, in which event this Agreement shall terminate on the second anniversary of the date such notice is given. 

 

	 	B.	Notwithstanding anything in this Agreement to the contrary, if a Change of Control occurs during the Term of this Agreement, the Term shall automatically be extended
until, and shall terminate on, the 24-month anniversary of the date of the Change of Control. 

  

	 	C.	Termination of this Agreement shall not alter or impair any rights of Executive arising hereunder on or before such termination. 

 

	 	2.	Certain Definitions. 

  

	 	A.	“Affiliate” shall mean, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of 

 the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise. 
  

	 	B.	“Bonus” shall mean an amount equal to the highest annual cash bonus paid or payable to Executive by the Company during the two-year period prior to
Executive’s termination of employment. 

  

	 	C.	“Cause” shall mean (i) the willful and continued failure by Executive to substantially perform Executive’s duties with the Company or any
Affiliate (other than any such failure resulting from Executive’s incapacity due to physical or mental illness), (ii) Executive is convicted of a felony, (iii) Executive willfully engages in gross misconduct materially and
demonstrably injurious to the Company or any Affiliate or (iv) Executive commits one or more significant acts of dishonesty as regards the Company or any Affiliate. For purposes of clause (i) of this definition, no act, or failure to act,
on Executive’s part shall be deemed “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that Executive’s act, or failure to act, was in the best interest of the Company. In
the case of clauses (i), (iii) and (iv) above, the determination of whether Cause exists shall only be made by a resolution duly adopted by the affirmative vote of not less than two-thirds of the entire membership of the Board at a meeting
of the Board that was called for the purpose of considering such termination (after reasonable notice to Executive and an opportunity for Executive, together with Executive’s counsel, to be heard before the Board and, if possible, to cure the
breach that was the alleged basis for Cause) finding that, in the good faith opinion of the Board, Executive was guilty of conduct constituting Cause and specifying the particulars thereof in detail. 

 

	 	D.	“Change of Control” shall mean the occurrence of any of the following: 

 

	 	(i)	any Person or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other
than a trustee or other fiduciary holding securities under an employee benefit plan of the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company
representing 25% or more of the combined voting power of the Company’s then outstanding voting securities; 

  

	 	(ii)	 during any period of two consecutive years (not including any period prior to the effective date of the Prior Agreement), individuals who at the
beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (i), (iii) or (v) of this

  
 2 

 
Change of Control definition and excluding any individual whose initial assumption of office occurs as a result of either (a) an actual or threatened election contest (as such terms are used
in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or (b) an actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board) whose election by the Board or nomination for election by
the Company’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved,
cease for any reason (other than retirement) to constitute at least a majority thereof; 
  

	 	(iii)	the shareholders of the Company approve the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 75% of the
combined voting power of the voting securities of the Company (or such surviving entity or parent entity, as the case may be) outstanding immediately after such merger or consolidation; or 

 

	 	(iv)	the shareholders of the Company approve a plan of complete liquidation of the Company. 

 

	 	E.	“Code” means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. 

 

	 	F.	“Good Reason” shall mean: 

  

	 	(i)	a reduction in Executive’s authority, duties, titles, status or responsibilities from those in effect immediately prior to the Change of Control or the assignment
to Executive of duties or responsibilities inconsistent in any respect from those of Executive in effect immediately prior to the Change of Control, but excluding any action or omission by the Company that is immaterial, isolated, insubstantial and
inadvertent and which was not taken in bad faith by the Company and is remedied by the Company promptly after receipt of notice thereof given by Executive; 

 

	 	(ii)	a material breach of this Agreement by the Company; 

  

	 	(iii)	the Company fails to obtain a written agreement from any successor or assigns of the Company to assume and perform this Agreement as provided in Section 7 hereof;
or 

  
 3 

  

	 	(iv)	the relocation by more than 100 miles of the Company’s offices at which the Executive is based immediately prior to the Change of Control or the Company requires
Executive, without Executive’s written consent, to be based at any office other than the Company’s office at which the Executive was based prior to the Change in Control if the new office location is more than 50 miles away from the
original office location. 

 Executive shall give the Company notice in accordance with Section 9 below
within 90 days following an act or omission to act by the Company constituting Good Reason hereunder of Executive’s intent to resign for Good Reason, and the Company shall have 30 days from the date of such notice to cure the circumstances or
events giving rise to Executive’s right to resign for Good Reason, if capable of being cured, so as to eliminate the existence of Good Reason for Executive’s resignation, and, in the event the Company does not cure such circumstances or
events, then unless Executive terminates his employment upon the expiration of the foregoing 30-day cure period, Executive’s continued employment after the expiration of such 30-day cure period shall constitute Executive’s consent to, and
a waiver of Executive’s rights with respect to, such act or failure to act. Executive’s right to terminate Executive’s employment for Good Reason shall not be affected by Executive’s incapacity due to physical or mental illness.
Executive’s determination that an act or failure to act constitutes Good Reason shall be presumed to be valid unless such determination is deemed by an arbitrator to be unreasonable and not to have been made in good faith by Executive.

 For purposes of this Agreement, the Company shall be in material breach of this Agreement if (i) the Company reduces
Executive’s annual rate of base salary by an amount which results in Executive receiving an annual base salary which is less than 95% of Executive’s Termination Base Salary or (ii) the Company fails to continue in effect any material
incentive compensation plan or arrangement (unless replacement plans providing Executive with substantially similar benefits are adopted) or the Company takes any action that would adversely affect Executive’s participation in any such plan or
arrangement or reduce Executive’s incentive compensation opportunities under such plan or arrangement, as the case may be. 
  

	 	G.	“Person” shall mean an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, government agency or political subdivision thereof or other entity. 

  

	 	H.	“Protected Period” shall mean the 24-month period beginning on the effective date of a Change of Control. 

  
 4 

  

	 	I.	“Termination Base Salary” shall mean that amount equal to Executive’s annual base salary with the Company at the rate in effect immediately prior
to the Change of Control or, if a greater amount, Executive’s annual base salary at the rate in effect at any time thereafter. 

  

	 	3.	Change of Control Severance Benefits. 

 If (a) Executive terminates his employment with the Company during the Protected Period for a Good Reason event or (b) the Company terminates Executive’s employment during the Protected
Period other than (i) for Cause or (ii) due to Executive’s inability to perform the primary duties of his position for at least 180 consecutive days due to a physical or mental impairment, Executive shall receive the following
compensation and benefits from the Company subject to the execution (and non-revocation within eight days thereafter) and delivery to the Company of a release, substantially in the form attached as Exhibit A hereto, with such changes as the Company
reasonably determines must be made to comply with applicable law at the time of such execution (the “Release”): 
  

	 	A.	The Company shall, at the time provided in Section 3H, pay to Executive in a lump sum, in cash, an amount equal to three times the sum of Executive’s
(i) Termination Base Salary and (ii) Bonus; provided, however, that, if any payment to be made, or benefit to be provided, to or on behalf of Executive pursuant to this Agreement (the “Payments”) results in Executive being
subject to the excise tax imposed by Section 4999 of the Code (or any successor or similar provision) (the “Excise Tax”), the amount payable to Executive under this Section 3A shall be reduced so that the Payments do not result
in Executive being subject to the Excise Tax. One or more determinations as to (a) whether any of the Payments will be subject to the Excise Tax and (b) the amount of the Excise Tax imposed thereon, shall be made by the Company in
consultation with such accounting and tax professionals as the Company considers necessary (with all costs related thereto paid by the Company). For purposes of determining whether any of the Payments will be subject to the Excise Tax, (i) all
of the Payments shall be treated as “parachute payments” (within the meaning of section 280G of the Code) unless and to the extent that, in the written advice of an independent accountant selected (and paid for) by the Company and
reasonably acceptable to Executive (the “Accountant”), certain Payments should not constitute parachute payments, and (ii) all “excess parachute payments” (within the meaning of section 280G of the Code) shall be treated as
subject to the Excise Tax unless and only to the extent that the Accountant advises the Company that such excess parachute payments are not subject to the Excise Tax. 

 

	 	B.	 Except to the extent any awards related to Company stock have already vested or become exercisable, as the case may be, under the Company’s
Seventh Amended and Restated 1999 Employee Stock Incentive Plan (the “Plan”), or under any successor or other similar plan, as of the date of 

  
 5 

 
Executive’s termination of employment (i) all restricted shares of Company stock of Executive shall become 100% vested and all restrictions thereon shall lapse and the Company shall
promptly deliver to Executive unrestricted shares of Company stock, (ii) all Company restricted stock units of Executive shall become 100% vested and all restrictions thereon shall lapse and the Company shall promptly deliver to Executive cash
or unrestricted shares of Company stock, as applicable, and (iii) each outstanding Company stock option of Executive shall become 100% exercisable and shall, notwithstanding anything stated to the contrary in the Plan, any successor or other
similar plan or any option agreement related thereto, remain exercisable for the remainder of such option’s term or three years, whichever is less. To the extent payment with respect to any restricted stock or restricted stock unit award under
clause (i) or clause (ii) above constitutes a payment event for purposes of section 409A of the Code, payment shall be made at the time specified hereunder only if the transaction constituting a Change of Control is a “change in
control event” within the meaning given such term under section 409A of the Code and the regulations thereunder. If the transaction constituting a Change of Control is not a “change in control event” within the meaning given such term
under section 409A of the Code and the regulations thereunder, payment with respect to any restricted stock or restricted stock unit award under clause (i) or clause (ii) above shall be made at such time or times as set forth in the Plan,
or any successor or other similar plan or any grant agreement related thereto. 
  

	 	C.	The Company shall pay to Executive in a lump sum, at the time provided in Section 3H, that amount equal to three times the product of (x) the total medical
and dental insurance premiums paid or payable by the Company with respect to Executive and Executive’s eligible family members during the month in which Executive’s employment terminates times (y) 12. 

 

	 	D.	For the 24-month period beginning on the date on which Executive’s employment terminates, or until Executive begins other full-time employment with a new employer,
whichever occurs first, Executive shall be entitled to receive outplacement services that are directly related to Executive’s termination of employment and are actually provided by an outplacement services firm, paid by the Company, with a
nationally prominent executive outplacement service firm selected by the Company and reasonably acceptable to Executive; provided, however, that the period during which the outplacement services will be covered and the reimbursements paid do not
extend beyond the periods set forth in Treas. Reg. §1.409A-1(b)(9)(v)(E). 

  

	 	E.	 Within one week following the eighth day after the execution (without revocation) of the Release, the Company shall provide to Executive a release
substantially in the form attached hereto as Exhibit B, with such changes as the Company reasonably determines must be made to comply 

  
 6 

 
with applicable law at the time of such execution. If the Company does not provide the release required pursuant to this subsection E, the Release shall be null, void and without effect, and
Executive shall still receive all of the payments and benefits described in subsections A through D above. 
  

	 	F.	If Executive’s employment with the Company terminates prior to, but within six months of, the date on which a Change of Control occurs, and it is reasonably
demonstrated by Executive that such termination of employment was (i) by the Company in connection with or in anticipation of the Change of Control or (ii) by Executive under circumstances which would have constituted Good Reason if the
circumstances arose on or after the Change of Control, then for all purposes of this Agreement the Change of Control shall be deemed to have occurred, and the Protected Period shall be deemed to have commenced, on the date immediately prior to the
date of such termination of Executive’s employment; provided, however, that the amount of payments and benefits that Executive is entitled to receive hereunder as a result of such Change of Control shall be reduced by the amount of all other
severance payments and benefits previously received by Executive in connection with such termination and, notwithstanding any provision to the contrary herein, shall be paid to Executive within 30 days after the six-month anniversary of the date of
Executive’s termination of employment. If Executive’s employment with the Company terminates as set forth in this Section 3F, the amount of payments and benefits that Executive is entitled to receive hereunder as a result of a Change
of Control shall be paid in the form of a lump sum only if the transaction constituting a Change of Control is a “change in control event” within the meaning given such term under section 409A of the Code and the regulations thereunder. If
the transaction constituting a Change of Control is not a “change in control event” within the meaning given such term under section 409A of the Code and the regulations thereunder, the amount of payments and benefits that Executive is
entitled to receive hereunder as a result of a Change of Control shall be paid in the same form as the other severance payments and benefits previously received by Executive in connection with such termination. 

 

	 	G.	The Company may withhold from any amounts or benefits payable under this Agreement all such amounts as it shall be required to withhold pursuant to any applicable law
or regulation. 

  

	 	H.	Payment of the amounts described in subsections A through C above shall be made within 30 days of Executive’s date of termination (provided that the Release has
been executed and has not been revoked) and shall be made by mail to the last address provided for notices to Executive pursuant to Section 9 of this Agreement. Any payment not timely made by the Company under this Agreement shall bear interest
at 18% per annum or, if less, at the highest nonusurious rate permitted by applicable law. 

  
 7 

 This Agreement shall be interpreted to avoid any penalty sanctions under section 409A of
the Code. If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under section 409A of the Code, then such benefit or payment shall be provided in full at the earliest time thereafter when such
sanctions will not be imposed. For purposes of section 409A of the Code, all payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” within the meaning of such term under
section 409A of the Code and each payment under this Agreement shall be treated as a separate payment. All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of section
409A of the Code, including, where applicable, the requirement that (i) any reimbursement shall be for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of
expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an
eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
benefit. 
 Notwithstanding any provision of this Agreement to the contrary, if, at the time of Executive’s
“separation from service” with the Company, the Company has securities which are publicly traded on an established securities market and Executive is a “specified employee” (as defined in section 409A of the Code) and it is
necessary to postpone the commencement of any compensation payments or benefits otherwise payable pursuant to this Agreement as a result of such “separation from service” to prevent any accelerated or additional tax under section 409A of
the Code, then the Company will postpone the commencement of the payment of any such compensation payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) that are not otherwise
paid within the “short-term deferral exception” under Treas. Reg. section 1.409A-1(b)(4) and the “separation pay exception” under Treas. Reg. section 1.409A-1(b)(9)(iii), until the first payroll date that occurs after the date
that is six months following Executive’s “separation from service” with the Company. If any payments or benefits are postponed due to such requirements, such amounts will be paid in a lump sum to Executive on the first payroll date
that occurs after the date that is six months following Executive’s “separation from service” with the Company. If Executive dies during the postponement period prior to the payment of the postponed amount, the amounts postponed on
account of section 409A of the Code shall be paid to the personal representative of Executive’s estate within 60 days after the date of Executive’s death. In no event shall Executive, directly or indirectly, designate the calendar year of
payment. 

  
 8 

  

	 	4.	Restrictive Covenants. 

  

	 	A.	Confidential Information. Executive recognizes and acknowledges that, by reason of his employment by and service to the Company, he has had and will continue to
have access to confidential information of the Company and its Affiliates, including, without limitation, analyses, interpretations, compilations, reports, reservoir data, geologic and geophysical data, maps, models, financial data, environmental
data, information and knowledge pertaining to products and services offered, plans, trade secrets, proprietary information, customer lists and relationships among the Company and its Affiliates and distributors, customers, suppliers and others who
have business dealings with the Company and its Affiliates (“Confidential Information”). Executive acknowledges that such Confidential Information is a valuable and unique asset and covenants that he will not, either during or after his
employment by the Company, disclose any such Confidential Information to any Person for any reason whatsoever without the prior written consent of the Board, unless such information is in the public domain through no fault of Executive or except as
may be required by law. 

  

	 	B.	Non-Solicitation. Executive shall not, directly or indirectly, during his employment by the Company and for a period of two years thereafter, solicit or divert
business from, or attempt to convert any account or customer of the Company or any of its Affiliates, whether existing at the date hereof or acquired during Executive’s employment. 

 

	 	5.	Equitable Relief. 

  

	 	A.	Executive acknowledges that the restrictions contained in Section 4 hereof are reasonable and necessary to protect the legitimate interests of the Company and its
Affiliates, that the Company would not have entered into this Agreement in the absence of such restrictions and that any violation of any provision of those Sections will result in irreparable injury to the Company. Executive further represents and
acknowledges that (i) he has been advised by the Company to consult his own legal counsel in respect of this Agreement and (ii) he has had full opportunity, prior to execution of this Agreement, to review thoroughly this Agreement with his
counsel. 

  

	 	B.	 Executive agrees that the Company or any Affiliate shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving
actual damages or posting a bond, as well as to an equitable accounting of all earnings, profits and other benefits arising from any violation of Section 4 hereof, which rights shall be cumulative and in addition to any other rights or remedies
to which the Company or any Affiliate may be entitled. In the event that any of the provisions of Section 4 hereof should ever be adjudicated to exceed any limitations permitted by applicable law in any jurisdiction, then such provisions shall

  
 9 

 
be deemed reformed in such jurisdiction to the maximum limitations permitted by applicable law. 
  

	 	C.	Executive irrevocably and unconditionally (i) agrees that any suit, action or other legal proceeding arising out of Section 4 hereof, including without
limitation, any action commenced by the Company or any Affiliate for preliminary and permanent injunctive relief or other equitable relief, may be brought in the United States District Court for the Eastern District of Pennsylvania, or if such court
does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Philadelphia, Pennsylvania, (ii) consents to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding and
(iii) waives any objection which Executive may have to the laying of venue of any such suit, action or proceeding in any such court. Executive also irrevocably and unconditionally consents to the service of any process, pleadings, notices or
other papers in a manner permitted by the notice provisions of Section 9 hereof. In the event of a lawsuit by either party to enforce the provisions of Section 4 of this Agreement, the prevailing party shall be entitled to recover
reasonable costs, expenses and attorneys’ fees from the other party. 

  

	 	D.	Executive agrees that he will provide, and that the Company may similarly provide, a copy of Section 4 hereof to any business or enterprise (i) which he may
directly or indirectly own, manage, operate, finance, join, control or participate in the ownership, management, operation, financing or control of or (ii) with which he may be connected as an officer, director, employee, partner, principal,
agent, representative, consultant or otherwise, or in connection with which he may use or permit his name to be used. 

  

	 	6.	No Mitigation. 

Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or
otherwise nor shall the amount of any payment or benefit provided for in this Agreement be reduced as the result of employment by another employer or self-employment or offset against any amount claimed to be owed by Executive to the Company or
otherwise, except that Executive shall waive, in a manner acceptable to the Company in its reasonable judgment, all rights to receive any severance payments or benefits that Executive is entitled to receive pursuant to any other Company severance
plan or program. 
  

	 	7.	Successor Agreement. 

The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to, and each successor shall, assume expressly in 

  
 10 

 
writing prior to the effective date of such succession and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession
had taken place. Failure of the successor to so assume as provided herein shall constitute a breach of this Agreement and entitle Executive to the payments and benefits hereunder as if triggered by a termination of Executive by the Company other
than for Cause on the date of such succession. 
  

	 	8.	Indemnity. 

 In any
situation where under applicable law the Company has the power to indemnify, advance expenses to and defend Executive in respect of any judgments, fines, settlements, losses, costs or expenses (including attorneys’ fees) of any nature related
to or arising out of Executive’s activities as an agent, employee, officer or director of the Company or any Affiliate or in any other capacity on behalf of or at the request of the Company or any Affiliate, then the Company or any Affiliate
shall promptly on written request, fully indemnify Executive, advance expenses (including attorneys’ fees) to Executive and defend Executive to the fullest extent permitted by applicable law, including but not limited to making such findings
and determinations and taking any and all such actions as the Company or any Affiliate may, under applicable law, be permitted to take so as to effectuate such indemnification, advancement or defense. Such agreement by the Company shall not be
deemed to impair any other obligation of the Company respecting Executive’s indemnification or defense otherwise arising out of this or any other agreement or promise of the Company under any statute. 

 

	 	9.	Notices. 

 All notices
and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as set forth below or to such other address as
either party shall have furnished to the other in writing in accordance herewith. Notices and communications shall be effective when actually received by the addressee. 

If to the Company: 
 Four Radnor Corporate Center 
 Suite 200 

100 Matsonford Road 
 Radnor, Pennsylvania 19087 
 If to Executive: 

The address included in the Company’s records for purposes of delivering Executive’s Form W-2s. 

  
 11 

  

	 	10.	Arbitration. 

 Any
dispute about the validity, interpretation, effect or alleged violation of this Agreement, other than with respect to Section 4 or 5 (an “arbitrable dispute”), must be submitted to confidential arbitration in Philadelphia,
Pennsylvania. Arbitration shall take place before an experienced employment arbitrator licensed to practice law in such state and selected in accordance with the Model Employment Arbitration Procedures of the American Arbitration Association.
Arbitration shall be the exclusive remedy of any arbitrable dispute. The Company shall bear all fees, costs and expenses of arbitration, including its own, those of the arbitrator and those of Executive unless the arbitrator provides otherwise with
respect to the fees, costs and expenses of Executive; in no event shall Executive be chargeable with the fees, costs and expenses of the Company or the arbitrator. The Company shall advance to Executive all expenses incurred by Executive in
connection with an arbitrable dispute and, if the arbitrator determines that Executive is the losing party in such dispute, Executive shall reimburse such expenses to the Company unless the arbitrator provides otherwise. Should any party to this
Agreement pursue any arbitrable dispute by any method other than arbitration, the other party shall be entitled to recover from the party initiating the use of such method all damages, costs, expenses and attorneys’ fees incurred as a result of
the use of such method. Notwithstanding anything herein to the contrary, nothing in this Agreement shall purport to waive or in any way limit the right of any party to seek to enforce any judgment or decision on an arbitrable dispute in a court of
competent jurisdiction. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts in Philadelphia, Pennsylvania for the purposes of any proceeding arising out of this Agreement. 

 

	 	11.	Governing Law. 

 This
Agreement will be governed by and construed in accordance with the laws of the Commonwealth of Virginia without regard to conflicts of law principles. 
  

	 	12.	Entire Agreement. 

 This
Agreement is an integration of the parties’ agreement and no agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in
this Agreement. This Agreement specifically supersedes and replaces the Prior Agreement. 
  

	 	13.	Severability. 

 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. 

  
 12 

  

	 	14.	Amendment and Waivers. 

No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is (a) agreed to
in writing and signed by Executive and the Company and (b) approved by the Chairperson of the Company’s Compensation and Benefits Committee. No waiver by either party hereto at any time of any breach by the other party hereto of, or of
compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

[Signature Page Follows] 

  
 13 

 IN WITNESS WHEREOF, the Company and Executive have executed this Agreement effective
for all purposes as of the Effective Date. 
  

			
	PENN VIRGINIA CORPORATION
		
	By:	 	 /s/ A. James Dearlove

		 	 Name: A. James Dearlove

Title:   President and Chief Executive Officer

 

	
	EXECUTIVE
	
	/s/ Steven A. Hartman
	Steven A. Hartman

  

 
  
  

 
 Signature Page to Executive Change of Control Severance Agreement

 Exhibit A 
 RELEASE OF EMPLOYER 
 THIS RELEASE, made and entered into on this
______ day of __________, 20__, by __________________________, of ____________________________ (“Employee”). 

W I T N E S S E T H: 

WHEREAS, Penn Virginia Corporation (hereinafter “Employer”) currently employs Employee as its ___________________________, but
Employee’s employment [will terminate/has terminated] effective as of _______________, 200__; and 
 WHEREAS, Employer and
Employee have entered into an Executive Change of Control Severance Agreement dated as of _______________, 200__ (the “Severance Agreement”) in connection with the termination of Employee’s employment; 

NOW, THEREFORE, for the consideration described herein, Employee, intending to be legally bound, hereby agrees as follows: 

1.    For and in consideration of (a) the benefits to be paid to Employee under the Severance Agreement and
(b) the Release executed by Employer pursuant to Section 3.E. of the Severance Agreement (the “Executive Release”), Employee does hereby REMISE, RELEASE, AND FOREVER DISCHARGE Employer and each of its subsidiaries and affiliates,
and each of their respective officers, directors, shareholders, unitholders, partners, employees and agents and their respective successors and assigns, heirs, executors and administrators (hereinafter in this paragraph collectively referred to as
“Employer”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, which he ever had, now has, or hereafter may have, or which
his heirs, executors or administrators hereafter may have, by reason of any matter, cause or thing whatsoever from the beginning of time to the date of this Release including and arising from or relating in any way to his employment relationship or
the termination of that employment relationship with Employer, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future under any federal, state or local laws, including
any claims under the Age Discrimination in Employment Act (“ADEA”), 29 U.S.C. §621 et seq., Title VII of the Civil Rights Act of 1964, 42 U.S.C. §2000e et seq., the Pennsylvania Human Relations Act, the Employee
Retirement Income Security Act of 1974, as amended, any contracts between Employer and Employee, any common law claims now or hereafter recognized and all claims for counsel fees and costs. Employee expressly waives all rights afforded by any
statute or otherwise which expressly limit the effect of a release with respect to unknown claims. Employee acknowledges the significance of this release of unknown claims and the waiver of any protection against a release of unknown claims.
Notwithstanding the foregoing, Employee shall be entitled to enforce the terms of the Executive Release and any employee benefit plan of Employer in which Employee is, on the date of this 

  
 A-1

 
Release, due a benefit, and to be indemnified by Employer as to any liability, cost or expense for which Employee would have been indemnified during employment, in accordance with the bylaws of
Employer, for actions taken on behalf of Employer within the scope of his employment by Employer. 

2.    Employee further agrees, covenants and promises that he will not in any way communicate the terms of this
Release to any person other than his immediate family, his attorney and his financial consultant or when necessary to enforce this Release or to advise a third party of his obligations under this Release. Employee agrees not to disparage the name,
business reputation or business practices of Employer, or any of its subsidiaries or affiliates, or their respective officers, employees and directors. 
 3.    Employee certifies he has read the terms of this Release and specifically the release in Section 1, that he has the opportunity to discuss this Release with his attorney,
and that he understands the terms and effects of this Release. Employee acknowledges, further, that he is executing this Release of his own volition, with a full understanding of the terms and effects thereof and with the intention of releasing all
claims recited herein in exchange for the consideration described above, which he acknowledges is adequate and satisfactory. No representations have been made to Employee concerning the terms or effects of this Release, other than those contained
herein. 
 4.    Employee hereby acknowledges that he has the right to consider this Release and the release
in Section 1 for a period of 21 days prior to execution. Employee also understands that he has the right to revoke this Release for a period of seven days following execution by giving written notice to Penn Virginia Corporation, Attention:
General Counsel, Four Radnor Corporate Center, Suite 200, 100 Matsonford Road, Radnor, PA 19087, in which event the provisions of this Release shall be null and void, and Employer and Employee shall each have the rights, duties, obligations and
remedies afforded by applicable law. 
 5.    Employee further acknowledges and agrees that if he materially
violates any of his obligations or covenants set forth in this Release (and has not cured such violation within 10 days of receiving written notice of such violation from Employer), he will forfeit all payments made to him under the Severance
Agreement and any and all future payments and benefits thereunder, hereunder and under the Executive Release shall immediately terminate as of the violation. 
 6.    The invalidity or unenforceability of any provision of this Release shall not affect the validity or enforceability of any other provision of this Release, which shall remain in
full force and effect. 
 7.    This Release shall be interpreted and enforced under the laws of the
Commonwealth of Pennsylvania. This Release shall be binding and shall inure to the benefit of Employer’s permitted successors and assigns. 

  
 A-2

 IN WITNESS WHEREOF, Employee executed this Release on the day and year first above written.

 ATTEST: 
  

 

					
			
	 	 		 	 
	Witness	 		 	Employee

  
 A-3

 Exhibit B 
 RELEASE OF EXECUTIVE 
 THIS RELEASE, made and entered into on this
______ day of __________, 20__, by PENN VIRGINIA CORPORATION (hereinafter “Employer”), with its principal office at Four Radnor Corporate Center, Suite 200, 100 Matsonford Road, Radnor, PA 19087. 

W I T N E S S E T H: 

WHEREAS, Employer currently employs ____________________ (“Employee” as its ___________________________, but Employee’s
employment [will terminate/has terminated] effective as of _______________, 20___; and 
 WHEREAS, Employer and Employee have
entered into an Executive Change of Control Severance Agreement dated as of _______________, 20___ (the “Severance Agreement”) in connection with the termination of Employee’s employment; 

NOW, THEREFORE, for the consideration described herein, Employer, intending to be legally bound, hereby agrees as follows: 

1.    In consideration of the Release executed by Employee pursuant to Section 3 of the Severance Agreement (the
“Employer Release”), but effective only upon such Employer Release becoming irrevocable, Employer, and on behalf of each of its parent, subsidiaries and affiliates, each of their respective officers, directors shareholders and unitholders,
and their respective successors and assigns, heirs, executors and administrators (hereinafter collectively included within the term “Employer”), does hereby REMISE, RELEASE, AND FOREVER DISCHARGE Employee, his assigns, heirs, executors and
administrators (hereinafter collectively included within the term “Employee”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in law or in
equity, which it ever had, now has, or hereafter may have, by reason of any matter, cause or thing whatsoever from the beginning of Employee’s employment with Employer to the date of this Release arising from or relating in any way to
Employee’s employment relationship or the termination of his employment relationship with Employer, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future under any
federal, state or local laws, any contracts between Employer and Employee, any common law claims now or hereafter recognized and all claims for counsel fees and costs, but in no event shall this Release apply to an act of fraud or any action outside
the scope of Employee’s employment nor to Employer’s enforcement of the terms of the Employer Release. 

2.    Employer certifies it has read the terms of this Release and specifically the release in Section 1, that
it has the opportunity to discuss this Release with its attorney, and that it understands the terms and effects of this Release. Employer acknowledges, further, that it is executing this Release of its own volition, with a full understanding of the
terms and effects thereof and with the intention of releasing all claims recited herein in exchange for the 

  
 B-1

 
consideration described above, which it acknowledges is adequate and satisfactory. No representations have been made to Employer concerning the terms or effects of this Release, other than those
contained herein. 
 3.    The invalidity or unenforceability of any provision of this Release shall not
affect the validity or enforceability of any other provision of this Release, which shall remain in full force and effect. 

4.    This Release shall be interpreted and enforced under the laws of the Commonwealth of Pennsylvania. This Release
shall be binding and shall inure to the benefit of Employer’s permitted successors and assigns. 
 IN WITNESS WHEREOF,
Employer executed this Release on the day and year first above written. 
  

							
	ATTEST:	 		 	PENN VIRGINIA CORPORATION
				
	 	 		 	By:	 	 
		 		 		 	Name
		 		 		 	Title:

  
 B-2

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