Document:

Exhibit 10.1

 

[Execution Copy]

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”)
is made as of August 23, 2016, by and between Union Bankshares Corporation, a Virginia corporation (the “Company”),
and John C. Asbury.

 

The parties, intending to be legally bound,
agree as follows:

 

1.          Employment
and Acceptance. You shall be employed as President of the Company and, effective as of January 2, 2017, as Chief Executive
Officer of the Company on the terms and subject to the conditions of this Agreement. You shall have the duties and responsibilities
that are commensurate with your position and shall also render such other managerial services as may be reasonably assigned to
you from time to time by the Company, consistent with your position. You accept such employment and agree to carry out your duties
and responsibilities to the best of your ability in a competent, efficient and businesslike manner. You further agree to comply
with all the policies, standards and codes of conduct of the Company now or hereafter adopted. You shall also serve as a member
of the Board of Directors of the Company. In accordance with the Company’s current practice, as an employee of the Company
you will not be eligible for any additional fees or compensation for your service as a member of the Board of Directors.

 

References in this Agreement to services rendered
for the Company and compensation and benefits payable or provided by the Company shall include services rendered for, and compensation
and benefits payable or provided by, any Affiliate (as defined below) of the Company. Unless the context otherwise requires, references
in this Agreement to the “Company” also shall mean and refer to any business entity, that, directly or indirectly through
one or more intermediaries, is controlled by the Company (each, an “Affiliate”).

 

2.          Term
of Employment. The term of your employment with the Company will commence on or before October 1, 2016, (the “Commencement
Date”) and will expire on December 31, 2019; provided that on January 1, 2020 and on each January 1st thereafter
(each such January 1st is referred to as the “Renewal Date”), the term of your employment will be automatically
extended for an additional calendar year. The term of your employment will not, however, be extended if the Company gives you written
notice (“Nonrenewal Notice”) of such nonrenewal no later than September 30th before the Renewal Date (the
initial and any extended term of your employment is referred to as the “Employment Period”). Notwithstanding anything
in this Agreement to the contrary, the Employment Period will not be automatically extended beyond, and will expire on, December
31st of the year in which you attain age 65. The last day of the Employment Period, as extended from time to time, is
sometimes referred to as the “Expiration Date.”

 

3.          Compensation
and Benefits.

 

     

     

    

 

(a)          Base
Salary. You will receive for your services an initial annual base salary of $650,000 (the “Base Salary”), which
will be payable in accordance with the payroll practices of the Company applicable to all officers. The Base Salary will be reviewed
annually by the Company’s Board of Directors and may be adjusted upward or downward in the sole discretion of the Company’s
Board of Directors. In no event, however, will the Base Salary be less than $650,000.

 

(b)          Short-Term
and Long-Term Incentives. During the Employment Period, you may participate in such short-term and/or long-term cash and/or
equity incentive plan(s) in such manner and subject to such terms and conditions as the Compensation Committee or the Board of
Directors of the Company in its sole discretion may determine. Any annual cash bonus will be paid no later than two and one-half
months after the end of the year for which the annual bonus is awarded. To be eligible to receive any bonus, you must be employed
by the Company on the date such bonus is paid, unless you have retired in accordance with the Company’s retirement policy
after the date on which you were deemed to have earned any bonus under the applicable incentive plan.

 

(c)          Signing
Bonus and Stock Awards. You will receive a cash signing bonus of $300,000 on or about the Commencement Date. In addition, you
will be granted an award of restricted shares of the Company’s common stock and an award of performance share units with
a combined market value of $1,050,000 as of the grant dates pursuant to the Company Stock and Incentive Plan. The award of restricted
shares will have a market value of $420,000 and will vest over a three year period, with 25% of the restricted shares vesting on
each of the first and second anniversaries of the grant date and 50% of the restricted shares vesting on the third anniversary
of the grant date. The performance share units will have a market value of $630,000 and will vest upon the achievement of the financial
metrics set forth in the performance share unit agreement which will measure the total shareholder return of the Company over a
three year period relative to a selected peer group. The stock awards will be granted within thirty (30) days after the Commencement
Date pursuant to the standard form agreements the Company currently uses for its stock awards.

 

(d)          Benefits.
You will be entitled to participate in and receive the benefits of any retirement benefit plan, life insurance, profit sharing,
employee stock ownership, and other plans, benefits and privileges of the Company that may be in effect from time to time, to the
extent you are eligible under the terms of those plans and programs. It is understood that the Board of Directors may, in its sole
discretion, establish, modify or terminate such plans, programs or benefits.

 

(e)          Business
Expenses. The Company will reimburse you or otherwise provide for or pay for all reasonable expenses incurred by you in furtherance
of, or in connection with, the business of the Company, including, but not by way of limitation, travel expenses, and memberships
in professional organizations, subject to such reasonable documentation and other limitations as may be established by the Board
of Directors of the Company. You will also be provided with an appropriate automobile and the Company will cover the costs associated
with the operation of the automobile, including insurance, maintenance and fuel, as provided for in the Company’s policies.
All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A
of the Internal Revenue Code of 1986 (the “Code”) to the extent that such reimbursements are subject to Section 409A
of the Code, including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during your lifetime
(or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during
a calendar year may not affect the expenses eligible for reimbursement 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 is not subject to set off or liquidation or exchange for any other benefit.

 

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(f)          Paid
Time Off. You will be entitled to paid time off in accordance with the Company’s paid time-off policies as in effect
from time to time. Under the Company’s current policy, you will be entitled to five weeks of paid time-off annually (prorated
for the first year of your employment), including vacation, sick leave and personal leave.

 

(g)          Relocation
Expenses. The Company will provide you with relocation assistance in accordance with the terms and conditions set forth in
the Company’s offer letter, dated July 14, 2016, to you.

 

4.          Termination
and Termination Benefits. Notwithstanding the provisions of Section 2, your employment hereunder shall terminate under the
following circumstances and shall be subject to the following provisions:

 

(a)          Death.
If you die while employed by the Company, the Company will continue to pay an amount equal to your then current Base Salary to
your beneficiary designated in writing to the Company prior to your death (or to your estate, if you fail to make such designation)
for six months after your death, with such payments to be made on the same periodic dates as salary payments would have been made
to you had you not died. If a timely election for COBRA coverage is made, for twelve (12) months following your death your qualified
dependents will receive benefits under the Company’s group health and dental plans at the same rates as immediately prior
to your death, and the Company will continue to pay its portion of such health and dental premiums.

 

(b)          Disability.
Your employment may be terminated at any time because of your inability to perform the essential functions of your position with
the Company on a full time basis for 180 consecutive days or a total of at least 240 days in any twelve month period as a result
of your incapacity due to physical or mental illness as determined pursuant to the Company’s long-term disability policy.
If you timely elect COBRA coverage, your current benefits under group health and dental plans will continue. In such case, (a)
you will receive such benefits at the rates paid by active participants, and (b) for twelve (12) months the Company will continue
to pay its portion of such health and dental premiums.

 

(c)          Termination
for Cause. Your employment may be terminated at any time by the Company effective immediately for Cause (as defined below)
upon written notice to you setting forth in reasonable detail the nature of such Cause. If the Company terminates you for Cause,
this Agreement will terminate without any further obligation of the Company to you other than to pay you any accrued but unpaid
Base Salary, which shall be paid on the payroll date immediately following the date of termination, and to reimburse you for any
unreimbursed expenses properly incurred by you (collectively, the “Accrued Amounts”). Only the following shall constitute
“Cause” for such termination:

 

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(i)          your
willful failure to perform any of the duties and responsibilities required of your position (other than by reason of your disability)
or your willful failure to follow reasonable instructions or policies of the Company, after being advised in writing of such failure
and being given a reasonable opportunity and period (as determined by the Board of Directors of the Company) to remedy such failure;

 

(ii)          your
breach of fiduciary duties owed to the Company or its Affiliates;

 

(iii)          your
conviction of or entering of a guilty plea or a plea of no contest with respect to a felony (or state law equivalent) or a crime
of moral turpitude or your misappropriation or embezzlement of funds or property of the Company or its Affiliates;

 

(iv)          your
breach of a material term of this Agreement or violation in any material respect of any code or standard of conduct generally applicable
to employees of the Company, after being advised in writing of such breach or violation and being given a reasonable opportunity
and period (as determined by the Board of Directors of the Company) to remedy such breach or violation;

 

(v)          your
fraud or dishonesty with respect to Company or its Affiliates;

 

(vi)          your
willful engaging in conduct that, if it became known by any regulatory or governmental agency or the public, is reasonably likely
to result, or has resulted, in material injury to the Company or its Affiliates, reputational, financial, or otherwise.

 

(d)          Termination
Without Cause and Nonrenewal of Term of Employment. The Company may terminate your employment hereunder without Cause by written
notice to you effective thirty (30) says after receipt of such notice by you. In the event of your termination of employment by
(i) the Company without Cause or (ii) the failure of the Company to renew the term of your employment pursuant to a Nonrenewal
Notice as set forth in Section 2 of this Agreement with respect to the nonrenewal of the term of this Agreement for 2020 or 2021,
you shall be entitled to the benefits specified in Section 4(g) of this Agreement, subject to your satisfaction of the requirements
set forth in Section 4(g).

 

(e)          Termination
by You Without Good Reason. You may terminate your employment hereunder without Good Reason (as defined below) by written notice
to the Company effective thirty (30) days after receipt of such notice by the Company. In the event you terminate your employment
hereunder without Good Reason, you will be entitled to receive the Accrued Amounts as provided in Section 4(c). It shall not constitute
a breach of this Agreement for the Company to suspend your duties and to place you on paid leave during the notice period.

 

 

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(f)          Termination
by You for Good Reason. You may voluntarily terminate your employment under this Agreement at any time for Good Reason and
be entitled to receive the compensation and benefits set forth in Section 4(g), subject to the satisfaction of the requirements
set forth in Section 4(g). You must provide written notice to the Board of Directors of the Company of the existence of the event
or condition constituting such Good Reason within ninety (90) days of the initial occurrence of the event or condition alleged
to constitute Good Reason. Upon delivery of such notice by you, the Company shall have a period of thirty (30) days during which
it may remedy in good faith the event or condition constituting Good Reason, and your employment shall continue in effect during
such time so long as the Company is making diligent efforts to cure. In the event the Company shall remedy in good faith the event
or condition constituting Good Reason, then such notice of termination shall be null and void, and the Company shall not be required
to pay the amount due to you under this Section 4(f). If the Company has not remedied the event or condition constituting Good
Reason during the thirty (30) day cure period and you do not terminate your employment for Good Reason within ninety (90) days
thereafter, then you will deemed to have waived your right to terminate for Good Reason with respect to such grounds.

 

For purposes of this Agreement, Good Reason
shall mean: (i) the failure by the Company to comply with the provisions of Section 3 or material breach by the Company of any
other provision of this Agreement; (ii) the assignment to you, without your consent, to a position or of responsibilities and duties
of a materially lesser status or degree of responsibility than your position, responsibilities, or duties at the Commencement Date;
(iii) the requirement by the Company that you be based at any office that is greater than fifty miles from where your office is
located at the Commencement Date; or (iv) the failure of the Company to nominate you for election to the Board of Directors of
the Company and to use its best efforts to have you re-elected. Notwithstanding the above, Good Reason shall not include your removal
as an officer of any Affiliate of the Company in order that you might concentrate your efforts on the Company or any resignation
by you where Cause for your termination by the Company exists.

 

(g)          Certain
Termination Benefits. In the event of termination of your employment by the Company without Cause or the failure of the Company
to renew the term of your employment for 2020 and 2021 pursuant to a Nonrenewal Notice as set forth in Section 2 of this Agreement,
and other than for death or disability, or by you for Good Reason, you shall receive the Accrued Amounts and, provided you sign
a release and waiver of claims in favor of the Company and its Affiliates and their respective officers and directors in a form
provided by the Company and it becomes effective (the “Release”), the following payments and benefits.

 

(i)          Any
earned but unpaid incentive bonus with respect to any completed calendar year immediately preceding the date of termination, which
shall be paid on the applicable payment date;

 

(ii)          Subject
to subsections (v) and (vii) below, for a two-year period immediately following the date of termination, the Company shall continue
to pay you your Base Salary at the rate in effect on the date of termination, such payments to be made on the same periodic dates
as salary payments would have been made had your employment not been terminated (the “Severance Benefit”), subject
to compliance with Section 19 of this Agreement regarding the requirements of Section 409A of the Code;

 

(iii)          The
Company shall pay you a welfare continuance benefit (the “Welfare Continuance Benefit”) in an amount equal to the product
of (x) the amount of the Company’s monthly contribution pursuant to its current plan, or plans, in effect as of the date
of termination of employment to provide group health insurance and certain related benefits made available to similarly situated
officers of the Company (for purposes of illustration only, that monthly contribution is $522 as of the date of this Agreement),
times (y) twenty-four (24). The Welfare Continuance Benefit will be paid to you in a lump sum cash payment not later than thirty
(30) days following the effective date of the Release, subject to compliance with Section 19 of this Agreement regarding the requirements
of Section 409A of the Code.

 

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(iv)          As
of the date of termination all outstanding Awards (as defined in the Company’s Stock and Incentive Plan) shall automatically
vest, any unvested share units shall be deemed earned and vested, and any restrictions on any outstanding Awards shall lapse; provided,
however, the terms of any separate award agreement or other governing document pursuant to which an Award is granted shall control
and not be superseded by this subparagraph (iv) concerning whether the Award shall automatically vest or be deemed earned as a
result of a termination of employment covered by this Section 4(g).

 

(v)          During
the twelve month period that begins on the first anniversary date of the termination of employment and ends on the second anniversary
date, the Company’s obligation to continue to pay you the Severance Benefit during such second twelve month period shall
terminate thirty (30) days after you obtain full-time employment with another employer that provides an annualized base salary
that is at least equal to 75% of the Base Salary being paid by the Company;

 

(vi)          During
the two-year period following the date of termination, you shall provide the Company with at least ten days written notice before
the starting date of any employment, identifying the prospective employer and its affiliated companies and the job description,
including a description of the proposed geographic market area associated with the new position. You shall notify in writing any
new employer of the existence of the restrictive covenants set forth in Section 5 of this Agreement.

 

(vii)          The
obligation of the Company to continue to pay you the Severance Benefit for the period after the Noncompete Period (as defined in
Section 5(a)) has expired and prior to the completion of the twenty-four (24) month period specified in (ii) above shall cease
effective upon your engaging in any conduct or activity that otherwise would have been prohibited under Section 5(a). (By way of
illustration only, if you elect to engage in a Competitive Business within the Market Area (as those terms are defined in Section
5(d)) upon expiration of the one-year Noncompete Period, the Company will not be obligated to continue to pay the Severance Benefit
for the remaining balance of the twenty-four (24) month period specified in (ii) above.).

 

The Release referenced in this Section 4(g)
to be effective must be delivered by you to the Company no later than forty-five (45) days following your termination of employment
and must not be revoked during the seven (7) days following such delivery. If such Release is not executed in a timely manner or
is revoked, all such payments and benefits shall immediately cease and you shall be required to repay to the Company any such payments
that have already been paid to you.

 

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(h)          Nonrenewal
of the Employment Period After 2021. In the event of your termination of employment following the failure of the Company to
renew the term of your employment for any annual period beginning on or after January 1, 2022 pursuant to a Nonrenewal Notice as
set forth in Section 2 of this Agreement, and except for the adjustments set forth below to the Severance Benefit and Welfare Continuance
Benefit, you will be entitled to the termination benefits provided for in Section 4(g), subject to your execution and delivery
of the Release and its effectiveness:

 

(i)          For
a one-year period immediately following the date of termination, the Company shall continue to pay you your Base Salary at the
rate in effect on the date of termination, such payments to be made on the same periodic dates as salary payments would have been
made had your employment not been terminated, subject to compliance with Section 19 of this Agreement regarding the requirements
of Section 409A of the Code; and

 

(ii)          The
Welfare Continuance Benefit will be an amount equal to the product of (x) the amount of the Company’s monthly contribution
pursuant to its current plan, or plans, in effect as of the date of termination of employment to provide group health insurance
and certain related benefits made available to similarly situated officers of the Company, times (y) twelve (12). The Welfare Continuance
Benefit will be paid to you in a lump sum cash payment not later than thirty (30) days following the effective date of the Release,
subject to compliance with Section 19 of this Agreement regarding the requirements of Section 409A of the Code.

 

(i)          Resignation
of All Other Position. Effective upon the termination of your employment for any reason, you shall be deemed to have resigned
from all positions that you hold as an officer or member of the board of directors (or a committee thereof) of the Company or its
Affiliates.

 

(j)          Regulatory
Requirement. The Company shall not be required to make payment of, or provide any benefit under, this Section 4 to the extent
such payment or benefit is prohibited by the regulations presently found at 12 C.F.R. Part 359 or to the extent that any other
governmental approval for the payment or benefit that is required by law is not received.

 

5.          Covenants.

 

(a)          Noncompetition.
You agree that during the Employment Period and for a one-year period following the expiration of this Agreement (subject to Section
5(c) below) or, if sooner, the termination of your employment for any reason, including resignation or retirement, during the Employment
Period (the “Noncompete Period”), you will not directly or indirectly, as a principal, agent, employee, employer, investor,
director, consultant, co-partner or in any other individual or representative capacity whatsoever, engage in a business that provides
Competitive Services anywhere in the Market Area (as such terms are defined below) in any competitive capacity holding a similar
office or engaging in similar activities to those which you held or performed on behalf of the Company and any of its Affiliates
during the Employment Period. Notwithstanding the foregoing, you may purchase or otherwise acquire up to (but not more than) 1%
of any class of securities of any business enterprise (but without otherwise participating in the activities of such enterprise)
that provides Competitive Services in the Market Area and whose securities are listed on any national or regional securities exchange
or have been registered under Section 12 of the Securities Exchange Act of 1934.

 

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(b)          Nonsolicitation.
You further agree that during the Employment Period and for a two-year period following the expiration of this Agreement or, if
sooner, the termination of your employment for any reason, including resignation or retirement, during the Employment Period, you
will not directly or indirectly: (i) solicit, induce or attempt to solicit or induce, or assist any other person in soliciting
or inducing, any customer or client of the Company or its Affiliates with whom you had direct contact or whose identity you learned
as a result of your employment with the Company to terminate, diminish, or materially alter in a manner harmful to the Company
the relationship of such customer or client with the Company or its Affiliates; (ii) solicit, induce, encourage, or participate
in soliciting, inducing, or encouraging any employee to terminate his or her employment with the Company or its Affiliates; or
(iii) hire, employ, or engage in business with or attempt to hire, employ, or engage in business with any person employed by the
Company or its Affiliates or who has left the employment of the Company or its Affiliates within the three months preceding your
last date of employment by the Company.

 

(c)          Nonrenewal
of the Agreement. Notwithstanding the foregoing, in the event the Company elects not to renew this Agreement in accordance
with Section 2 and your employment is subsequently terminated after the expiration of the then current term, you will not be subject
to the noncompetition provisions of Section 5(a) following the termination of your employment, unless you shall otherwise be entitled
to receive payments from the Company as a result of your termination without Cause, the nonrenewal of the term of this Agreement,
or for Good Reason pursuant to Sections 4(g) or 4(h) of this Agreement.

 

(d)          Definitions.
As used in this Agreement, the term “Competitive Services” means providing financial products and services, which includes
offering one or more of the following products and services: depository accounts, consumer and commercial lending, banking, residential
and commercial mortgage lending, cash management services, securities brokerage and asset management, trust and estate administration,
and any other business in which the Company or its Affiliates are engaged and in which you are significantly engaged at the time
of termination of your employment; the term “Market Area” means the area within a twenty-five mile radius of any banking
office or a loan production office (excluding for purposes of this Agreement an office providing only residential mortgage loans)
that the Company has established and is continuing to operate at the time of termination of your employment; the term “Person”
means any person, partnership, corporation, company, group or other entity; and the term “Confidential Information”
shall include, but not be limited to, all financial and personnel data, computer software and all data base technologies, capital
plans, customer lists and requirements, market studies, know-how, processes, trade secrets, and any other information concerning
the non-public business and affairs of the Company.

 

(e)          Confidentiality.
During the Employment Period and thereafter, and except as required by any court, supervisory authority or administrative agency
or as may be otherwise required by applicable law, you shall not, without the written consent of a person duly authorized by the
Company, disclose to any person (other than his personal attorney, or an employee of the Company or an Affiliate, or a person to
whom disclosure is reasonably necessary or appropriate in connection with the performance you of your duties as an employee of
the Company) or utilize in conducting a business any Confidential Information obtained by you while in the employ of the Company,
unless such information has become a matter of public knowledge at the time of such disclosure.

 

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(f)          Acknowledgment;
Enforcement. The covenants contained in this Section 5 shall be construed and interpreted in any proceeding to permit their
enforcement to the maximum extent permitted by law. You agree that the restrictions imposed herein are necessary for the reasonable
and proper protection of the Company and its Affiliates, and that each and every one of the restrictions is reasonable in respect
to length of time, geographic area and scope of prohibited activities, and that the restrictions are neither overly restrictive
on your post-employment activity nor overly burdensome for you to abide by. You covenant that you will not make any contention
contrary to any of the foregoing representations in the future and agree that you will be estopped to deny or contradict the truth
or accuracy of these representations. If, however, the time, geographic and/or scope of activity restrictions set forth in Section
5 are found by an arbitrator or court to exceed the standards deemed enforceable, the arbitrator or court, as applicable, is empowered
and directed to modify the restriction(s) to the extent necessary to make them enforceable. Notwithstanding anything to the contrary
herein, nothing in this Agreement shall be construed to prohibit any activity that cannot reasonably be construed to further in
any meaningful way any actual or potential competition against the Company or an Affiliate.

 

(g)          Enforcement.
You acknowledge that damages at law would not be a measurable or adequate remedy for breach of the covenants contained in this
Section 5 and, accordingly, you agree to submit to the equitable jurisdiction of any court of competent jurisdiction in connection
with any action to enjoin you from violating any such covenants. If the Company is successful in whole or in part in any legal,
equitable, or arbitration action against you in connection with the enforcement of the covenants included in this Section 5, the
Company shall be entitled to payment of all costs, including reasonable attorney’s fees, from you. If, on the other hand,
it is finally determined by a court of competent jurisdiction that a breach or threatened breach did not occur under Section 5
of this Agreement, the Company shall reimburse you for reasonable legal fees incurred to defend the claim. In the event legal action
is commenced with respect to the provisions of this Section 5 and you have not strictly observed the restrictions set forth in
this Section 5, then the restricted periods described in Paragraphs (a) and (b) shall begin to run anew from the date of any Final
Determination of such legal action. “Final Determination” shall mean the expiration of time to file any possible appeal
from a final judgment in such legal action or, if an appeal be taken, the final determination of the final appellate proceeding.
All the provisions of this Section 5 will survive termination and expiration of this Agreement.

 

6.          Change
in Control of the Company. Provided the agreement, dated as of the same date as this Agreement (the “Management Continuity
Agreement”), between the Company and you that provides for certain severance payments and benefits in connection with the
termination of your employment without “cause” or “good reason” following a “change in control”
transaction (as those terms are defined in the Management Continuity Agreement) continues to remain in effect, in the event there
is a change in control of the Company this Agreement will terminate and be of no further force and effect, except as provided below,
and any termination benefits will be determined and paid solely pursuant to such Management Continuity Agreement.

 

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Notwithstanding anything to the contrary
contained in this Agreement, in the event of a change in control of the Company, the restrictions imposed by paragraph (a) of Section
5 shall not apply to you after you cease to be employed by the Company, unless you are entitled to receive the severance benefits
provided for in the Management Continuity Agreement in which case the restrictions imposed by Section 5(a) of this Agreement will
continue to apply. The nonsolicitation restrictions in Section 5(b) and the confidentiality provisions in Section 5(e) will remain
in full force and effect following a change in control.

 

7.          Arbitration.

 

(a)          Except
as provided in Section 7(c) below, both the Company and you acknowledge and agree that any dispute or controversy arising out of,
relating to, or in connection with this Agreement, or the interpretation, validity, construction, performance, breach, or termination
thereof, shall be settled by binding arbitration unless otherwise required by law, to be held in Richmond, Virginia in accordance
with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association. The arbitrator
may grant injunctions or other relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive
and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction.
The party against whom the arbitrator(s) shall render an award shall pay the other party’s reasonable attorneys’ fees
and other reasonable costs and expenses in connection with the enforcement of its rights under this Agreement (including the enforcement
of any arbitration award in court), unless and to the extent the arbitrator(s) shall determine that under the circumstances recovery
by the prevailing party of all or a part of any such fees and costs and expenses would be unjust.

 

(b)          The
arbitrator(s) shall apply Virginia law to the merits of any dispute or claim, without reference to rules of conflicts of law. You
hereby consent to the personal jurisdiction of the state and federal courts located in Virginia for any action or proceeding arising
from or relating to this Agreement or relating to any arbitration in which the parties are participants.

 

(c)          The
parties may apply to any court of competent jurisdiction for a temporary restraining order, preliminary injunction, or other interim
or conservatory relief, as necessary, without breach of this arbitration agreement and without abridgment of the powers of the
arbitrator.

 

(d)          YOU
HEREBY CONFIRM YOU HAVE READ AND UNDERSTAND THIS SECTION 7, WHICH DISCUSSES ARBITRATION, AND UNDERSTAND THAT BY SIGNING THIS AGREEMENT,
YOU AGREE, EXCEPT AS PROVIDED IN SECTION 7(c), TO SUBMIT ANY CLAIMS ARISING OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT,
OR THE INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE, BREACH OR TERMINATION THEREOF TO BINDING ARBITRATION, UNLESS OTHERWISE
REQUIRED BY LAW, AND THAT THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF YOUR RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION
OF ALL DISPUTES RELATING TO ALL ASPECTS OF YOUR RELATIONSHIP WITH THE COMPANY.

 

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8.          Mitigation;
Exclusivity of Benefits.

 

(a)          You
shall not be required to mitigate the amount of any benefits to be paid to his hereunder by seeking other employment or otherwise.

 

(b)          The
specific arrangements referred to herein are not intended to exclude any other benefits which may be available to you upon a termination
of employment with the Company pursuant to employee benefit plans of the Company or otherwise.

 

9.          Withholding.
All payments required to be made by the Company hereunder to you shall be subject to the withholding of such amounts, if any, relating
to tax and other payroll deductions as the Company may reasonably determine should be withheld pursuant to any applicable law or
regulation.

 

10.          Assignability.
The Company may assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any corporation, company
or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially
all of its assets, if in any such case such corporation, company or other entity shall by operation of law or expressly in writing
assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto, to the extent that any
such transaction does not trigger the operation of Section 5 above. You may not assign or transfer this Agreement or any rights
or obligations hereunder.

 

11.          Notices.
For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when delivered in person or mailed by certified or registered mail, return receipt requested,
postage prepaid, addressed to the respective addresses set forth below:

 

	 	To the Company:	Chairman of the Board
	 	 	Union Bankshares Corporation
	 	 	1051 East Cary Street
	 	 	Suite 1200
	 	 	Richmond, Virginia 23219
	 	 	 
	 	 	And at the Chairman’s home address as shown on the records of the Company.
	 	 	 
	 	To the Officer:	John C. Asbury
	 	 	 
	 	 	At your home address as shown on the records of the Company.

 

    -11- 

     

    

 

12.          Amendment;
Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge
is agreed to in writing signed by you and such officer or officers as may be specifically designated by the Board of Directors
of the Company and the Bank to sign on their behalf. No waiver by any party hereto at any time of any breach by any other party
hereto of, or 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.

 

13.          Entire
Agreement. This Agreement, together with the Management Continuity Agreement , constitute the entire agreement between the
parties with respect to the subject matter hereof 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 expressly set forth or expressly incorporated
in this Agreement or in the Management Continuity Agreement. For purposes of this Agreement, the term “Company” includes
any subsidiaries of the Company.

 

14.          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia without
reference to its conflicts of laws principles.

 

15.          Nature
of Obligations. Nothing contained herein shall create or require the Company to create a trust of any kind to fund any benefits
which may be payable hereunder, and to the extent that you acquire a right to receive benefits from the Company hereunder, such
right shall be no greater than the right of any unsecured general creditor of the Company.

 

16.          Headings.
The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

 

17.          Validity.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provisions of this Agreement, which shall remain in full force and effect.

 

18.          Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument.

 

19.          Deferred
Compensation Omnibus Provision.

 

(a)          It
is intended that payments and benefits under this Agreement that are considered to be deferred compensation subject to Section
409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall be provided and paid in a manner, and at
such time and in such form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax
consequences provided for therein for non- compliance. Notwithstanding any other provision of this Agreement, the Company’s
Compensation Committee or Board of Directors is authorized to amend this Agreement, to amend or void any election made by you under
this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by
it to be necessary or appropriate to comply with Section 409A of the Code. For purposes of this Agreement, all rights to payments
and benefits hereunder shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed
by Section 409A of the Code.

 

    -12- 

     

    

 

(b)          If
you are deemed on the date of separation of service with the Company to be a “specified employee,” as defined in Section
409A(a)(2)(B) of the Code, then any payments or arrangements due upon a termination of your employment under any arrangement that
constitutes a “nonqualified deferral of compensation” within the meaning of Section 409A and which do not otherwise
qualify under the exemptions under Treas. Regs. Section 1.409A-1 (including without limitation, the short-term deferral exemption
or the permitted payments under Treas. Regs. Section 1.409A-1(b)(9)(iii)(A)), shall be delayed and paid or provided, without interest,
on the earlier of (i) the date which is six (6) months after your “separation from service” (as such term is defined
in Section 409A and the regulations and other published guidance thereunder) for any reason other than death, and (ii) the date
of your death. (the “409A Deferral Period”).

 

(c)          In
the case of benefits that are subject to Section 409A of the Code and not deemed to be paid under a separation pay plan that does
not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii), you may pay
the cost of benefit coverage, and thereby obtain benefits, during the 409A Deferral Period and then be reimbursed by the Company
when the 409A Deferral Period ends. On the first day after the end of the 409A Deferral Period, all payments delayed pursuant to
this Section 19 (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such
deferral) shall be paid or reimbursed to you in a lump sum, and any remaining payments and benefits due under this Agreement shall
be paid or provided as originally scheduled.

 

(d)          It
is intended that each installment of the severance payments and benefits provided under this Agreement shall be treated as a separate
“payment” for purposes of Section 409A of the Code. Neither you nor the Company shall have the right to accelerate
or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A
of the Code.

 

(e)          “Termination
of employment” shall have the same meaning as “separation of service,” as that phrase is defined in Section 409A
of the Code (taking into account all rules and presumptions provided for in the Section 409A regulations).

 

20.          Clawback.
You agree that any incentive based compensation or award that you receive, or have received, from the Company or its Affiliates
under this Agreement or otherwise, will be subject to clawback by the Company as may be required by applicable law or stock exchange
listing requirement and on such basis as the Board of Directors of the Company determines, but in no event with a look-back period
of more than three years, unless required by applicable law or stock exchange listing requirement.

 

21.          Documents.
All documents, records, tapes and other media of any kind or description relating to the business of the Company or its Affiliates
(the “Documents”), whether or not prepared by you, shall be the sole and exclusive property of the Company. The Documents,
and any copies, shall be returned to the Company upon your termination of employment for any reason or at such earlier time as
the Board of Directors of the Company or its designees may specify.

 

    -13- 

     

    

 

22.          Non-disparagment.
You will not at any time during or after the Employment Period make, publish or communicate to any person or entity or in any public
forum any defamatory or disparaging remarks, comments or statements concerning the Company or its business, or any of its directors,
employees, customers, and other associated third parties. This Section 22 does not, in any way, restrict or impede you from exercising
protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation
or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not
exceed that required by law, regulation or order. You shall promptly provide written notice of any such order to the Company. The
Company will cause its officers and directors to refrain from making, publishing or communicating, at any time during or after
the Employment Period, to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements
concerning you.

 

23.          Stock
Ownership Requirements. During the Employment Period, you will be expected to maintain ownership of Company common stock in
accordance with the guidelines established by the Board of Directors from time to time. You will be required to meet this ownership
requirement within five years after the commencement of your employment.

 

24.          No
Construction Against Any Party. This Agreement is the product of informed negotiations between parties. If any part of this
Agreement is deemed to be unclear or ambiguous, it shall be construed as if it were drafted jointly by all parties. The parties
agree neither party was in a superior bargaining position regarding the substantive terms of this Agreement.

 

 

 

 

 

(Signatures appear on the following page)

 

    -14- 

     

    

 

 

IN WITNESS WHEREOF, this Agreement has been
executed as of the date first above written.

 

	 	UNION BANKSHARES CORPORATION	 
	 	 	 	 
	 	By: 	/s/ Raymond D. Smoot, Jr.	 
	 	 	Raymond D. Smoot, Jr.	 
	 	 	Chairman of the Board	 
	 	 	 	 
	 	 	/s/ John C. Asbury	 
	 	 	John C. Asbury	 
	 	 	 	 

 

 

    -15-Exhibit 10.2

 

[Execution Copy]

 

MANAGEMENT CONTINUITY AGREEMENT

 

This Management Continuity Agreement, dated
as of August 23, 2016 (“Agreement”), is by and between Union Bankshares Corporation, a Virginia corporation (the “Company”),
and John C. Asbury (the “Executive”).

 

1.          Purpose

 

The Company recognizes that the possibility
of a Change in Control exists and the uncertainty and questions that it may raise among management may result in the departure
or distraction of management personnel to the detriment of the Company and its shareholders. Accordingly, the purpose of this Agreement
is to encourage the Executive to continue employment with the Company and/or its affiliates or successors in interest by merger
or acquisition after a Change in Control by providing reasonable employment security to the Executive and to recognize the prior
service of the Executive in the event of a termination of employment under certain circumstances after a Change in Control.

 

2.          Term of the Agreement

 

This Agreement will be effective on the Effective
Date (as defined hereinafter) and will expire on December 31, 2017; provided, that on January 1, 2018 and on each January 1st
thereafter (each such January 1st is referred to as the “Renewal Date”), this Agreement will be automatically
extended for an additional calendar year. This Agreement will not, however, be extended if the Company gives written notice of
such non-renewal to the Executive no later than September 30th before the Renewal Date (the original and any extended
term of this Agreement is referred to as the “Change in Control Period”). The “Effective Date” means the
first date of Executive’s employment with the Company.

 

3.          Employment after a Change in Control

 

If a Change in Control of the Company (as
defined in Section 12) occurs during the Change in Control Period and the Executive is employed by the Company on the date the
Change in Control occurs (the “Change in Control Date”), the Company will continue to employ the Executive in accordance
with the terms and conditions of this Agreement for the period beginning on the Change in Control Date and ending on the third
anniversary of such date (the “Employment Period”). If a Change in Control occurs on account of a series of transactions,
the Change in Control Date is the date of the last of such transactions.

 

4.          Terms of Employment

 

(a)          Position and Duties. During
the Employment Period, (i) the Executive’s position, authority, duties and responsibilities will be at least commensurate
in all material respects with the most significant of those held, exercised and assigned to Executive by the Company at any time
during the 90-day period immediately preceding the Change in Control Date and (ii) the Executive’s services will be performed
at the location where the Executive was employed immediately preceding the Change in Control Date or any office that is the headquarters
of the Company and is less than 35 miles from such location.

 

     

     

    

 

(b)          Compensation.

 

(i)          Base Salary. During
the Employment Period, the Executive will receive an annual base salary (the “Annual Base Salary”) at least equal to
the base salary paid or payable to the Executive by the Company and its affiliated companies for the twelve-month period immediately
preceding the Change of Control Date. During the Employment Period, the Annual Base Salary will be reviewed at least annually and
will be increased at any time and from time to time as will be substantially consistent with increases in base salary generally
awarded in the ordinary course of business to other peer executives of the Company and its affiliated companies. Any increase in
the Annual Base Salary will not serve to limit or reduce any other obligation to the Executive under this Agreement. The Annual
Base Salary will not be reduced after any such increase, and the term Annual Base Salary as used in this Agreement will refer to
the Annual Base Salary as so increased. The term “affiliated companies” includes any company controlled by, controlling
or under common control with the Company.

 

(ii)          Annual Bonus. In
addition to the Annual Base Salary, the Executive will be awarded for each year ending during the Employment Period and for which
the Executive is employed on the last day of the year an annual bonus (the “Annual Bonus”) in cash at least equal to
the average annual bonus paid or payable, including by reason of any deferral, for the two years immediately preceding the year
in which the Change in Control Date occurs. Each such Annual Bonus will be paid no later than two and one-half months after the
end of the year for which the Annual Bonus is awarded.

 

(iii)          Incentive, Savings and
Retirement Plans. During the Employment Period, the Executive will be entitled to participate in all incentive (including stock
incentive), savings and retirement, insurance plans, policies and programs applicable generally to other peer executives of the
Company and its affiliated companies, but in no event will such plans, policies and programs provide the Executive with incentive
opportunities, savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than
those provided by the Company and its affiliated companies for the Executive under such plans, policies and programs as in effect
at any time during the six months immediately preceding the Change in Control Date.

 

(iv)          Welfare Benefit Plans.
During the Employment Period, the Executive and/or the Executive’s family, as the case may be, will be eligible for participation
in and will receive all benefits under welfare benefit plans, policies and programs provided by the Company and its affiliated
companies to the extent applicable generally to other peer executives of the Company and its affiliated companies, but in no event
will such plans, policies and programs provide the Executive with benefits that are less favorable, in the aggregate, than the
most favorable of such plans, policies and programs in effect at any time during the six months immediately preceding the Change
in Control Date.

 

    2 

     

    

 

(v)          Fringe Benefits. During
the Employment Period, the Executive will be entitled to fringe benefits in accordance with the most favorable plans, policies
and programs of the Company and its affiliated companies in effect for the Executive at any time during the six months immediately
preceding the Change in Control Date or, if more favorable to the Executive, as in effect generally from time to time after the
Change in Control Date with respect to other peer executives of the Company and its affiliated companies.

 

(vi)          Paid Time Off. During
the Employment Period, the Executive will be entitled to paid time off in accordance with the most favorable plans, policies and
programs of the Company and its affiliated companies in effect for the Executive at any time during the six months immediately
preceding the Change in Control Date or, if more favorable to the Executive, as in effect generally from time to time after the
Change in Control Date with respect to other peer executives of the Company and its affiliated companies.

 

5.          Termination of Employment Following a Change
in Control

 

(a)          Death or Disability. The Executive’s
employment will terminate automatically upon the Executive’s death during the Employment Period. If the Company determines
in good faith that the Disability of the Executive has occurred during the Employment Period, it may terminate the Executive’s
employment. For purposes of this Agreement, “Disability” means the Executive’s inability to perform the essential
functions of his position with the Company on a full time basis for 180 consecutive days or a total of at least 240 days in any
twelve month period as a result of the Executive’s incapacity due to physical or mental illness (as determined by an independent
physician selected by the Board of the Company).

 

(b)          Cause. The Company may terminate
the Executive’s employment during the Employment Period for Cause. For purposes of this Agreement, “Cause” means
(i) gross incompetence, gross negligence, willful misconduct in connection with the performance of your duties or breach of a fiduciary
duty owed to the Company or any affiliated company; (ii) conviction of or entering of a guilty plea or a plea of no contest with
respect to a felony or a crime of moral turpitude or commission of an act of embezzlement or fraud against the Company or any affiliated
company; (iii) any material breach by the Executive of a material term of this Agreement, including, without limitation, material
failure to perform a substantial portion of his duties and responsibilities hereunder; or (iv) deliberate dishonesty of the Executive
with respect to the Company or any affiliated company.

 

(c)          Good
Reason. The Executive’s employment may be terminated
during the Employment Period by the Executive for Good Reason. For purposes of this Agreement, “Good Reason” means:

 

    3 

     

    

 

(i)          a material reduction in the
Executive’s duties or authority;

 

(ii)          a failure by the Company
to comply with any of the provisions of Section 4(b);

 

(iii)          the Company’s requiring
the Executive to be based at any office or location other than that described in Section 4(a)(ii);

 

(iv)          the failure by the Company
to comply with and satisfy Section 7(b); or

 

(v)          the Company fails to honor
any term or provision of this Agreement;

 

Notwithstanding the above, Good Reason shall not include any
resignation by you where Cause for your termination by the Company exists or an isolated, insubstantial and/or inadvertent action
not taken in bad faith by the Company and which is remedied by the Company within a reasonable time after receipt of notice thereof
if given by the Executive.

 

(d)          Notice of Termination. Any termination
during the Employment Period by the Company or by the Executive for Good Reason shall be communicated by written Notice of Termination
to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall
indicate the specific termination provision in this Agreement relied upon.

 

(e)          Date
of Termination. “Date of Termination”
means (i) if the Executive’s employment is terminated by the Company for Cause, or by the Executive for Good Reason, the
date of receipt of the Notice of Termination or any later date specified therein, as the case may be, (ii) if the Executive’s
employment is terminated by the Company other than for Cause or Disability, the date specified in the Notice of Termination (which
shall not be less than 30 nor more than 60 days from the date such Notice of Termination is given), and (iii) if the Executive’s
employment is terminated for Disability, 30 days after Notice of Termination is given, provided that the Executive shall not have
returned to the full-time performance of his duties during such 30-day period.

 

(f)          Resignation of All Other Positions. Effective
upon the termination of the Executive’s employment for any reason, the Executive shall be deemed to have resigned from all
positions the Executive holds as an officer or member of the Board of Directors (or a committee thereof) of the Company or any
of its affiliates.

 

6.          Compensation Upon Termination

 

(a)          Termination Without Cause or for
Good Reason. The Executive will be entitled to the following benefits if, during the Employment Period, the Company terminates
his employment without Cause or the Executive terminates his employment with the Company or any affiliated company for Good Reason;
provided with respect to the payments set forth in paragraphs (ii) and (iii) below, the Executive signs a release and waiver of
claims in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company and
such release has become effective (the “Release”) (for a voidance of doubt, no release is required in connection with
the payments set forth in paragraph (i) below).

 

    4 

     

    

 

(i)          Accrued Obligations.
The Accrued Obligations are the sum of: (1) the Executive’s Annual Base Salary through the Date of Termination at the rate
in effect just prior to the time a Notice of Termination is given; (2) the amount, if any, of any incentive or bonus compensation
theretofore earned which has not yet been paid; (3) the product of the Annual Bonus paid or payable, including by reason of
deferral, for the most recently completed year and a fraction, the numerator of which is the number of days in the current year
through the Date of Termination and the denominator of which is 365; and (4) any benefits or awards (including both the cash and
stock components) which pursuant to the terms of any plans, policies or programs have been earned or become payable, but which
have not yet been paid to the Executive (but not including amounts that previously had been deferred at the Executive’s request,
which amounts will be paid in accordance with the Executive’s existing directions). The Accrued Obligations will be paid
to the Executive in a lump sum cash payment within ten days after the Date of Termination;

 

(ii)          Salary Continuance Benefit.
The Salary Continuance Benefit is an amount equal to 2.0 times the Executive’s Final Compensation. For purposes of this Agreement,
“Final Compensation” means the Annual Base Salary in effect at the Date of Termination, plus the highest Annual Bonus
paid or payable for the two most recently completed years and any amount contributed by the Executive during the most recently
completed year pursuant to a salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation
deferrals. The Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than 30 days following
the effective date of the Release, subject to compliance with Section 16 of this Agreement regarding the requirements of Sectio
409A of the Internal Revenue Code of 1986 (the “Code”);

 

(iii)          Welfare Continuance
Benefit. The Company shall pay you a welfare continuance benefit (the “Welfare Continuance Benefit”) in an amount
equal to the product of (x) the amount of the Company’s monthly contribution pursuant to its current plan, or plans, in effect
as of the Date of Termination to provide group health insurance and certain related benefits made available to similarly situated
officers of the Company (for avoidance of doubt, that monthly contribution is $522 as of the date of this Agreement), times (y)
twenty-four (24). The Welfare Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than 30 days
following the effective date of the Release, subject to compliance with Section 16 of this Agreement regarding the requirements
of Section 409A of the Code.

 

(iv)          Equity Acceleration.
All outstanding Awards (as defined in the Company’s Stock and Incentive Plan) shall automatically vest, any unvested share
units shall be deemed earned and vested, and any restrictions on any outstanding Awards shall lapse; provided, however, the terms
of any separate award agreement or other governing document pursuant to which an Award is granted shall control and not be superseded
by this subparagraph (iv) concerning whether the Award shall automatically vest or be deemed earned as a result of a termination
of employment covered by this Section 6.

 

    5 

     

    

 

(b)          Death. If the Executive dies
during the Employment Period, this Agreement will terminate without any further obligation on the part of the Company under this
Agreement, other than for (i) payment of the Accrued Obligations and six months of the Executive’s Base Salary (which shall
be paid to the Executive’s beneficiary designated in writing or his estate, as applicable, in a lump sum cash payment within
30 days of the date of death); (ii) the timely payment of the Welfare Continuance Benefit to the Executive’s spouse
and other dependents; and (iii) the timely payment of all death and retirement benefits pursuant to the terms of any plan, policy
or arrangement of the Company and its affiliated companies.

 

(c)          Disability. If the Executive’s
employment is terminated because of the Executive’s Disability during the Employment Period, this Agreement will terminate
without any further obligation on the part of the Company under this Agreement, other than for (i) payment of the Accrued Obligations
and six months of the Executive’s Base Salary (which shall be paid to the Executive in a lump sum cash payment within 30
days of the Date of Termination; (ii) the timely payment of the Welfare Continuance Benefit; and (iii) the timely payment of all
disability and retirement benefits pursuant to the terms of any plan, policy or arrangement of the Company and its affiliated companies.

 

(d)          Cause; Other than for Good Reason.
If the Executive’s employment is terminated for Cause during the Employment Period, this Agreement will terminate without
further obligation to the Executive other than the payment to the Executive of the Annual Base Salary through the Date of Termination,
plus the amount of any compensation previously deferred by the Executive. If the Executive terminates employment during the Employment
Period, excluding a termination for Good Reason, this Agreement will terminate without further obligation to the Executive other
than for the Accrued Obligations (which will be paid in a lump sum in cash within 30 days of the Date of Termination) and any other
benefits to which the Executive may be entitled pursuant to the terms of any plan, program or arrangement of the Company and its
affiliated companies.

 

(e)          Maximum Benefit. No amounts
will be payable and no benefits will be provided under this Agreement to the extent that such payments or benefits, together with
other payments or benefits under other plans, agreements or arrangements, would make the Executive liable for the payment of an
excise tax under Section 4999 of the Code, or any successor provision. The amounts otherwise payable and the benefits otherwise
to be provided under this Agreement shall be reduced in a manner determined by the Company (by the minimum possible amount) that
is consistent with the requirements of Section 409A of the Code until no amount payable to the Executive will be subject to such
excise tax. All calculations and determinations under this Section 6(e) shall be made by an independent accounting firm or independent
tax counsel appointed by the Company (the “Tax Advisor”) whose determinations shall be conclusive and binding
on the Company and the Executive for all purposes. The Tax Advisor may rely on reasonable, good faith assumptions and approximations
concerning the application of Section 280G and Section 4999 of the Code. The Company shall bear all costs of the Tax Advisor.

 

    6 

     

    

 

7.          Binding Agreement; Successors

 

(a)          This Agreement will be binding upon
and inure to the benefit of the Executive (and his personal representative), the Company and any successor organization or organizations
which shall succeed to substantially all of the business and property of the Company, whether by means of merger, consolidation,
acquisition of all or substantially of all of the assets of the Company or otherwise, including by operation of law.

 

(b)          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 assume expressly and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place.

 

(c)          For purposes of this Agreement, the
term “Company” includes any subsidiaries of the Company and any corporation or other entity which is the surviving
or continuing entity in respect of any merger, consolidation or form of business combination in which the Company ceases to exist;
provided, however, that for purposes of determining whether a Change in Control has occurred herein, the term “Company”
refers to Union Bankshares Corporation or its successors.

 

8.          Fees and Expenses; Mitigation

 

(a)          The Company will pay or reimburse the
Executive for all costs and expenses, including without limitation court costs and reasonable attorneys’ fees, incurred by
the Executive (i) in contesting or disputing any termination of the Executive’s employment or (ii) in seeking to obtain or
enforce any right or benefit provided by this Agreement, in each case provided the Executive is the prevailing party in a proceeding
brought in a court of competent jurisdiction. The Company shall reimburse the foregoing costs on a current basis after the Executive
submits a claim for reimbursement with the proper documentation of the costs and expenses, provided that no expense will be reimbursed
after the end of the year following the year in which the expense is incurred.

 

(b)          The Executive shall not be required
to mitigate the amount of any payment the Company becomes obligated to make to the Executive in connection with this Agreement,
by seeking other employment or otherwise. The amount of any payment provided for in Section 6 shall not be reduced, offset or subject
to recovery by the Company by reason of any compensation earned by the Executive as the result of employment by another employer
after the Date of Termination, or otherwise.

 

    7 

     

    

 

9.          No Employment Contract

 

Nothing in this Agreement will be construed
as creating an employment contract between the Executive and the Company prior to Change in Control.

 

10.          Survival of Certain Restrictive Covenants

 

Section 5(a) of the Employment Agreement,
dated as of the same hereof, between the Company and the Executive with respect to the Executive’s covenants concerning noncompetition
will not apply to the Executive after he ceases to be employed by the Company, unless the Executive is entitled to receive the
severance benefits provided for in Section 6 of this Agreement in connection with the termination of his employment without Cause
or for Good Reason in which case the restrictions imposed by Section 5(a) in the Employment Agreement will continue to apply. The
nonsolicitation restrictions in Section 5(b) of the Employment Agreement and the confidentiality provisions in Section 5(e) of
the Employment Agreement, together with the other provisions of Section 5, except to the extent Section 5(a) of the Employment
Agreement may not apply as provided above, will survive the termination of the Employment Agreement and are incorporated into and
made a part of this Agreement as though Section 5 of the Employment Agreement were set forth in full in this Agreement.

 

11.          Notice

 

Any notices and other communications provided
for by this Agreement will be sufficient if in writing and delivered in person, or sent by registered or certified mail, postage
prepaid (in which case notice will be deemed to have been given on the third day after mailing), or by overnight delivery by a
reliable overnight courier service (in which case notice will be deemed to have been given on the day after delivery to such courier
service). Notices to the Company shall be directed to the Secretary of the Company, with a copy directed to the Chairman of the
Board of the Company. Notices to the Executive shall be directed to his last known address.

 

12.          Definition of a Change in Control

 

No benefits shall be payable hereunder unless
there shall have been a Change in Control of the Company as set forth below. For purposes of this Agreement, a “Change in
Control” means:

 

(a)          The acquisition by any Person of beneficial
ownership of 20% or more of the then outstanding shares of common stock of the Company, provided that an acquisition directly from
the Company (excluding an acquisition by virtue of the exercise of a conversion privilege) shall not constitute a Change in Control;

 

(b)          Individuals who constitute the Board
on the date of this Agreement (the “Incumbent Board”) cease to constitute a majority of the Board, provided that any
director whose nomination was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board will
be considered a member of the Incumbent Board, but excluding any such individual whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of the directors of the Company;

 

    8 

     

    

 

(c)          Consummation by the Company of a reorganization,
merger, share exchange or consolidation (a “Reorganization”), provided that a Reorganization will not constitute a
Change in Control if, upon consummation of the Reorganization, each of the following conditions is satisfied:

 

(i)          more than 50% of the then
outstanding shares of common stock of the corporation resulting from the Reorganization is beneficially owned by all or substantially
all of the former shareholders of the Company in substantially the same proportions as their ownership existed in the Company immediately
prior to the Reorganization;

 

(ii)          no Person beneficially owns
20% or more of either (1) the then outstanding shares of common stock of the corporation resulting from the transaction or (2)
the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election
of directors; and

 

(iii)          at least a majority of
the members of the board of directors of the corporation resulting from the Reorganization were members of the Incumbent Board
at the time of the execution of the initial agreement providing for the Reorganization.

 

(d)          Approval by the shareholders of the
Company of a complete liquidation or dissolution of the Company, or the consummation of a sale or other disposition of all or substantially
all of the assets of the Company.

 

(e)          For purposes of this Agreement, “Person”
means any individual, entity or group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934 (the “Exchange
Act”), other than any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliated company,
and “beneficial ownership” has the meaning given the term in Rule 13d-3 under the Exchange Act.

 

13.          Miscellaneous

 

No provision of this Agreement may be amended,
modified, waived or discharged unless such amendment, modification, waiver or discharge is agreed to in a writing signed by the
Executive and the Chairman of the Board, Chief Executive Officer, or President of the Company. This Agreement replaces and supersedes
any prior agreements, written or oral, relating to the subject matter hereof, and all such agreements are hereby terminated and
are without any further legal force or effect. 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. No agreements or representations,
oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party that are not expressly
set forth in this Agreement.

 

    9 

     

    

 

14.          Governing Law

 

The validity, interpretation, construction
and performance of this Agreement shall be governed by the laws of the Commonwealth of Virginia. The Company and the Executive
submit to the exclusive jurisdiction and venue of any state or federal court located within the Commonwealth of Virginia for resolution
of any such claims, causes of action or disputes arising out of or relating to or concerning this Agreement.

 

15.          Validity

 

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.

 

16.          Deferred Compensation Omnibus Provision

 

(a)          It is intended that payments and benefits
under this Agreement that are considered to be deferred compensation subject to Section 409A of the Code shall be provided and
paid in a manner, and at such time and in such form, as complies with the applicable requirements of Section 409A of the Code to
avoid the unfavorable tax consequences provided for therein for non-compliance. Notwithstanding any other provision of this Agreement,
the Company’s Compensation Committee or Board of Directors is authorized to amend this Agreement, to amend or void any election
made by the Executive under this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner
as may be determined by it to be necessary or appropriate to comply with Section 409A of the Code. For purposes of this Agreement,
all rights to payments and benefits hereunder shall be treated as rights to receive a series of separate payments and benefits
to the fullest extent allowed by Section 409A of the Code.

 

(b)          If the Executive is deemed on the date
of separation of service with the Company to be a “specified employee,” as defined in Section 409A(a)(2)(B) of the
Code, then payment of any amount or provision of any benefit under this Agreement that is considered deferred compensation subject
to Section 409A of the Code shall not be made or provided prior to the earlier of (A) the expiration of the six-month period measured
from the date of separation of service or (B) the date of death (the “409A Deferral Period”).

 

(c)          In the case of benefits that are subject
to Section 409A of the Code, the Executive may pay the cost of benefit coverage, and thereby obtain benefits, during the 409A Deferral
Period and then be reimbursed by the Company when the 409A Deferral Period ends. On the first day after the end of the 409A Deferral
Period, all payments delayed pursuant to this Section 16 (whether they would have otherwise been payable in a single lump sum or
in installments in the absence of such deferral) shall be paid or reimbursed to the Executive in a lump sum, and any remaining
payments and benefits due under this Agreement shall be paid or provided as originally scheduled.

 

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(d)          “Termination of employment”
shall have the same meaning as “separation of service,” as that phrase is defined in Section 409A of the Code (taking
into account all rules and presumptions provided for in the Section 409A regulations).

 

17.          Clawback The Executive agrees
that any incentive based compensation or award that he receives, or has received, from the Company or its Affiliates under this
Agreement or otherwise, will be subject to clawback by the Company as may be required by applicable law or stock exchange listing
requirement and on such basis as the Board of Directors of the Company determines, but in no event with a look-back period of more
than three years, unless required by applicable law or stock exchange listing requirement.

 

 

 

 

[Signatures follow on next page.]

 

 

 

 

    11 

     

    

 

 

 

IN WITNESS WHEREOF, this Agreement has been
executed as a sealed instrument by Union Bankshares Corporation by its duly authorized officer, and by the Executive, as of the
date first above written.

 

	 	UNION
    BANKSHARES CORPORATION	 
	 	 	 	 
	 	By: 	/s/ Raymond D.
    Smoot, Jr.	 
	 	 	Raymond D.
    Smoot, Jr.	 
	 	 	Chairman
    of the Board	 
	 	 	 	 
	 	 	 	 
	 	EXECUTIVE:	 
	 	 	 	 
	 	 	/s/ John
C. Asbury	 
	 	 	John C. Asbury	 
	 	 	 	 

 

 

    12

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