Document:

Exhibit 10.2

 Exhibit 10.2 
 December 20, 2000 
 Mr. Robert G. Watts, Jr. 
 11942 Hardwood Drive 
 Midlothian, VA 232113 
 Employment Agreement 
 Dear Bob: 
 This is to confirm our agreement regarding your employment as President and Chief Executive Officer of First Capital Bank (the “Bank”). 
 1. Title and Duties. You will serve as President and Chief Executive Officer of the Bank and will carry out such duties as are normally attendant
to such position and such other duties as may be designated by the Board of Directors of the Bank. 
 2. Term. The initial term of
this Agreement shall commence on December 20, 2000, and shall continue until terminated in accordance with the provisions of this Agreement. You will serve as an “at will” employee of the Bank and either party may terminate this
Agreement at any time for any reason, with or without cause. If the Bank terminates this Agreement “for cause”, as hereinafter defined, it shall be entitled to terminate the Agreement immediately upon providing you with written notice
thereof. If the Bank terminates this Agreement “without cause”, as hereinafter defined, it shall provide to you at least thirty (30) days prior written notice. If you wish to terminate this Agreement for any reason, you agree to
provide the Bank at least thirty (30) days prior written notice. 
 For the purposes of this Agreement, termination “for
cause” shall mean termination by the Bank for any one or more of the following reasons: 
  

	 	(1)	your willful misconduct, as determined by the Board of Directors of the Bank, in its sole discretion; 

  

	 	(2)	your conviction of a felony; 

  

	 	(3)	any act or omission by you involving dishonesty, as determined by the Board of Directors of the Bank, in its sole discretion; 

  

	 	(4)	any disloyalty by you to the Bank, as determined by the Board of Directors of the Bank, in its sole discretion; 

  

	 	(5)	any breach by you of Section 5 of this Agreement; or 

  

 Mr. Robert G. Watts 
 December 20, 2000 
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	 	(6)	any act or omission by you causing damage to the reputation of the Bank, as determined by the Board of Directors of the Bank, in its sole discretion. 

 For the purposes of this Agreement, termination “without cause” shall mean any termination by the Bank other than “for cause”. 
 3. Compensation. 
 (a) Base
Salary. During the term of this Agreement, you will receive a base salary of One Hundred Three Thousand Five Hundred Dollars ($103,500.00) per year, paid in bi-weekly installments. Your annual base salary shall be subject to adjustment at the
discretion of the Board of Directors of the Bank. 
 (b) Bonus Compensation. In addition to the base salary provided above, you will
be eligible for such bonus compensation as shall be determined by the Board of Directors of the Bank, in its sole discretion. Any bonus compensation will be based primarily on the profitability of the Bank, as well as your performance of your duties
as President and CEO of the Bank. 
 (c) Stock Option. You will be entitled to receive a stock option (the “Option”) to
purchase 5,500 shares of the Bank’s common stock under the Bank’s 2000 Stock Option Plan. The Option will vest pro rata over a five-year period and will be evidenced by a Stock Option Agreement between you and the Bank. 
 (d) Compensation Upon Termination. 
 (i) Subject to the provisions of Section 3(d)(ii) below, in the event the Bank terminates your employment without cause, the Bank shall be obligated to continue to pay you your base salary for a period of at least six (6) months
and no more than twelve (12) months after termination, such period to be determined by the Board of Directors of the Bank in its sole discretion. In the event the Bank terminates your employment for cause, or, subject to the provisions of
Section 3(d)(ii) below, if you elect to terminate your employment, you shall be entitled to receive your base salary only through the date of termination. 
 (ii) Notwithstanding anything set forth in Section 3(d)(i) above to the contrary, in the event the Bank or any successor entity to the Bank terminates your employment without cause within nine (9) months
following a “change of control”, as hereinafter defined, the Bank or such successor entity shall be obligated to continue to pay you your base salary for a period of 18 months following such termination. For the purposes of this Agreement,
a “change of control” shall mean: 
 (a) The acquisition by any Person (as defined below) of beneficial ownership of
50% or more of the then outstanding shares of Common Stock of the Bank; or 

 Mr. Robert G. Watts 
 December 20, 2000 
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 (b) Individuals who constitute the Board on the effective date of the Plan (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 Bank (as such terms are used in Rule 14a-11
promulgated under the Exchange Act); or 
 (c) Approval by the shareholders of the Bank of a reorganization, merger, share
exchange or consolidation (a “Reorganization”), provided that shareholder approval of a Reorganization will not constitute a Change in Control if, upon consummation of the Reorganization, each of the following conditions is satisfied:

 (i) 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 
 (ii) 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; or 
 (d) Approval
by the shareholders of the Bank of a complete liquidation or dissolution of the Bank or of the sale or other disposition of all or substantially all of the assets of the Bank. 
 (e) For purposes of this Section, “Person” means any individual, entity or group (within the meaning of Section 13(d)(3) of
the Exchange Act, other than any employee benefit plan (or related trust) sponsored or maintained by the Bank or any affiliated company), and “beneficial ownership” has the meaning given the term in Rule 13d-3 under the Exchange Act.

 (f) Neither the sale of Common Stock in an initial public offering nor any restructuring of the Bank or its Board in
contemplation of or as a result of an initial public offering shall constitute a Change of Control for purposes of this Agreement. 
  

 Mr. Robert G. Watts 
 December 20, 2000 
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 4. Benefits. In addition to the compensation set forth above, you will receive the following
benefits: 
 (a) health insurance coverage equal to what other Bank employees receive (currently $250.00 per month in a cafeteria plan);

 (b) a monthly automobile allowance of $200.00; 
 (c) participation in the Bank’s 401(k) plan, which does not currently provide for matching contributions from the Bank; 
 (d) three weeks of paid vacation per year; and 
 (e) such other benefits as may be made generally to other
employees of the Bank, including but not limited to paid sick leave, expense reimbursement, and short and long term disability coverage. 
 5. Confidentiality. You agree to keep all non-public information and trade secrets of the Bank confidential and not to use such information or trade secrets except in furtherance of your duties as President and CEO of the Bank. You
also agree not to disclose to any unauthorized person or entity any such non-public information or trade secrets unless required by applicable law. The Bank’s non-public information and trade secrets shall include, but shall not be limited to,
information regarding the Bank’s customers, prospective customers, marketing methods and business plan. Upon termination of this Agreement for any reason, you agree to promptly return to the Bank any and all materials relating to such
non-public information and trade secrets and any other property of the Bank. This covenant will survive any termination of this Agreement and the Bank shall be entitled to injunctive relief against you, in addition to any other remedies available to
the Bank, in connection with enforcing its rights under this Section 5. 
 6. Non-Competition. (a) In the event this
Agreement is terminated (i) by you for any reason, or for no reason, prior to December 31, 2002, or (ii) by the Bank at any time for cause prior to December 31, 2002, you agree that, for a period of six (6) months following
such termination, you will not be employed as an executive or management employee by, or provide executive or management services as an independent contractor or consultant to, any bank located within the Restricted Territory (as defined below). In
the event this Agreement is terminated by the Bank without cause at any time, you agree that, for a period of time following such termination equal to the number of months the Bank is obligated to make payments to you under Section 3(d)(i) of
this Agreement, you will not be employed by, or provide services as an independent contractor or consultant to any bank located in the Restricted Territory. For the purposes of this Section 6, the “Restricted Territory” shall mean
anywhere within any of the following Virginia counties or cities: Henrico County, Hanover County, Chesterfield County or the City of Richmond. 
  

 Mr. Robert G. Watts 
 December 20, 2000 
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 (b) The covenant contained in this Section 6 shall not be applicable in the event this Agreement
is terminated by you any time after December 31, 2002. 
 (c) The covenant contained in this Section 6 shall survive any
termination of this Agreement. 
 (d) You hereby agree and acknowledge that the remedies at law for any breach by you of the covenant
contained in this Section 6 will be inadequate due to the potential for immediate and irreparable injury to the Bank and that the Bank shall be entitled to injunctive relief against you in addition to any other remedies available to the Bank,
including but not limited to, the recovery of damages from you. 
 (e) It is our intention that the covenant provided for in this
Section 6 be enforceable to the fullest extent permissible under applicable law. We therefore agree that it is our intention that should any provision of this Section 6 be found by a court of competent jurisdiction to be unreasonable and
otherwise unenforceable, any such provision shall nevertheless be enforceable to the extent such court shall deem reasonable, and, in such event, it is our intention, desire and request that the court reform such provision to the degree minimally
necessary to render such provision, as so reformed, reasonable and enforceable under applicable law. In the event of such judicial reformation, we agree to be bound by this Agreement as reformed in the same manner and to the same extent as if we had
agreed to such reformed Agreement in the first instance. 
 7. Assignment. This Agreement shall be binding upon and inure to the
benefit of the parties and their respective personal representatives, successors and assigns. Neither this Agreement nor any of the rights of the parties hereunder may be transferred to or assigned by either party hereto, except that if the Bank
shall merge or consolidate with or into, or sell or otherwise transfer substantially all of its assets to another entity which assumes, either expressly or by operation by law, the Bank’s obligations hereunder, the Bank may assign its rights
and obligations hereunder to such entity without your consent. You specifically consent to the assignment by the Bank of the Bank’s rights under Sections 5 and 6 of this Agreement. 
 8. Governing Law. This Agreement shall be governed by the laws of the Commonwealth of Virginia. 
 9. Entire Agreement. This Agreement is the entire agreement of the parties with respect to the subject matter hereof. 
 10. Severability. If any provision of this Agreement shall be deemed invalid or unenforceable, such determination shall not affect the remaining
provisions of this Agreement. 
  

 Mr. Robert G. Watts 
 December 20, 2000 
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 11. Modification. This Agreement shall not be modified except in a writing signed by the
parties. 
 If you agree to the foregoing, please sign where indicated and return an executed counterpart of this letter to me. 

Sincerely, 
 Grant S. Grayson 
 Chairman of the Board 
 Agreed: December     , 2000 

	
	  

	 Robert G. WattsExhibit 10.3

 Exhibit 10.3 
 CHANGE IN CONTROL AGREEMENT 
 This Agreement (“Agreement”) is entered into as of the
15th day of April, 2004, by and between FIRST CAPITAL BANK (the “Bank”) and WILLIAM W. RANSON (the “Executive”). 
 1.
Purpose 
 The establishment and maintenance of a quality management team is important in protecting and enhancing the best
interests of the Bank and its shareholders. The Bank recognizes that the possibility of a Change in Control (as defined herein) may arise and the uncertainty and questions which it may raise among management may result in the departure or
distraction of management personnel to the detriment of the Bank and its shareholders. Accordingly, the Board of Directors of the Bank (the “Board”) has determined that appropriate steps should be taken to reinforce and encourage the
continued attention and dedication of certain members of the management of the Bank to their assigned duties without distraction in circumstances arising from the possibility of a Change in Control of the Bank. In particular, the Board believes it
important, should the Bank or its shareholders receive a proposal for transfer of control of the Bank, that the Executive be able to assess and advise the Board whether such proposal would be in the best interests of the Bank and its shareholders
and to take such other action regarding such proposal as the Board might determine to be appropriate, without being influenced by the uncertainties of the Executive’s own situation. Nothing in this Agreement shall be construed as creating an
express or implied contract of employment and, except as otherwise agreed in writing between the Executive and the Bank, the Executive shall not have any right to be retained in the employ of the Bank prior to or after a Change in Control of the
Bank. Accordingly, the Executive is an “at will” employee of the Bank, and either party may terminate such employment at any time for any reason, with our without cause, subject to the provisions of this Agreement. 
 2. Term of Agreement 
 The term
of this Agreement shall be deemed to have commenced on the date hereof (the “Commencement Date”) and shall continue in effect until the date that is six (6) months following the Termination Date (as such term is hereinafter defined).
Notwithstanding the foregoing, in the event Executive becomes entitled to receive a payment from the Bank in connection with a Change in Control pursuant to Section 4 of this Agreement, this Agreement shall continue in effect until such time as
Executive has received full payment of the amount to which Executive is entitled under Section 4(a) of this Agreement. 
 3.
Change in Control 
 No benefits shall be payable hereunder unless there shall have been a Change in Control of the Bank as set
forth below. For the purposes of this Agreement, a “Change in Control” shall mean: 
 (a) The acquisition by an individual, entity
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”)) (a “Person”), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) of 20% or more of the then outstanding shares of common stock of the Bank (the “Outstanding Bank Common Stock”); provided, however, that the following acquisitions shall not constitute a Change in Control: (i) any
acquisition directly from the Bank (excluding an acquisition by virtue of the exercise of a conversion privilege), (ii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Bank, or (iii) any
acquisition by any corporation pursuant to a transaction described in subsection (c) of this Section 3 if, upon consummation of the transaction, all of the conditions described in subsection (c) are satisfied; 

 (b) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease
for any reason to constitute a majority of such Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Bank’s shareholders, was approved by a vote of at
least two-thirds of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding for this purpose any such individual whose initial assumption of office occurs as
a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person
other than the Board; or 
 (c) Approval by the shareholders of the Bank of either (1) a reorganization, merger, share exchange or
consolidation of the Bank by, with or into any other corporation or (2) the sale or disposition of all or substantially all of the assets of the Bank (any of the foregoing transactions, a “Reorganization”); provided, however, that
approval by the shareholders of a Reorganization shall not constitute a Change in Control if, upon consummation of the Reorganization, each of the following conditions is satisfied: 
 (i) more than 60% of the then outstanding shares of common stock of the corporation resulting from the Reorganization is then beneficially owned, directly
or indirectly, by all or substantially all of the individuals and entities who were beneficial owners of the outstanding Bank Common Stock immediately prior to the Reorganization in substantially the same proportions as their ownership, immediately
prior to such transaction, of the outstanding Bank Common Stock; 
 (ii) no Person (excluding any employee benefit plan (or related trust) of
the Bank) beneficially owns, directly or indirectly, 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. 
  

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 4. Termination in Connection with Change in Control 
 (a) Termination Payment. In the event Executive’s employment with the Bank terminates or is terminated during (i) the six (6) months
immediately preceding a Change in Control, or (ii) the six (6) months immediately following a Change in Control, unless such termination in either case is or was (A) because of the death of the Executive, (B) by the Bank for
Cause or Disability or (C) by the Executive other than for Good Reason (all as such capitalized terms are hereinafter defined), Executive shall be entitled to receive payment from the Bank in an amount equal to three (3) times
Executive’s base salary immediately preceding the Date of Termination, which amount shall be paid, at the Bank’s option, either (x) in a lump sum, or (y) in equal installments payable on the Bank’s regular pay days, over the
next thirty-six (36) months, without interest, beginning on the next pay day following the later to occur of the Change in Control or the Termination Date. 
 (b) Disability. Termination by the Bank of the Executive’s employment based on “Disability” shall mean termination because of the Executive’s inability to perform his duties with the Bank on
a full time basis for 120 consecutive days or a total of at least 180 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).

 (c) Cause. Termination by the Bank of the Executive’s employment for “Cause” shall mean termination for
(i) gross incompetence, gross negligence, willful misconduct in office or breach of a material fiduciary duty owed to the Bank or any subsidiary or affiliate thereof; (ii) conviction of a felony, a crime of moral turpitude or commission of
an act of embezzlement or fraud against the Bank or any subsidiary or affiliate thereof; (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 or disloyalty of the Executive with respect to the Bank or any subsidiary or affiliate thereof. 
 (d) Good Reason. The Executive shall be entitled to terminate his employment for “Good Reason” as defined below. For purposes of this
Agreement, termination for “Good Reason” shall mean termination based on: 
 (i) a material reduction by the Bank in the
Executive’s base salary; 
 (ii) the failure by the Bank to pay to the Executive any portion of his compensation or to pay to the
Executive any portion of an installment of deferred compensation under any deferred compensation program of the Bank within 10 days of the date such compensation is due (it being understood and agreed that each annual bonus shall be paid no later
than the end of the third month of the year next following the year for which the annual bonus is awarded, unless the Executive shall elect to defer the receipt of such annual bonus); 
 (iii) the Bank’s requiring the Executive to be based at any office that is greater than thirty-five (35) miles from where the Executive’s
office was previously located, except for required travel on the Bank’s business to an extent substantially consistent with the business travel obligations which the Executive undertook on behalf of the Bank prior to such time; 
  

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 (iv) the failure by the Bank to obtain an agreement reasonably satisfactory to the Executive from any
successor to assume and agree to perform this Agreement; 
 (v) the failure by the Bank to continue in effect any Plan (as hereinafter
defined) in which the Executive is participating (or Plans providing the Executive with at least substantially similar benefits) other than as a result of the normal expiration of any such Plan in accordance with its terms, or the taking of any
action, or the failure to act, by the Bank which would adversely affect the Executive’s continued participation in any of such Plans on at least as favorable a basis to the Executive as previously in place, or which would materially reduce the
Executive’s benefits in the future under any of such Plans or deprive the Executive of any material benefit enjoyed by the Executive. For purposes of this Agreement, “Plan” shall mean any compensation plan or any employee benefit plan
such as a thrift, pension, profit sharing, medical, disability, accident, life insurance plan or a relocation plan or policy or any other plan, program or policy of the Bank intended to benefit employees; or 
 (vi) any reason, in the Executive’s sole discretion, following the occurrence of a Change of Control. 
 (e) Restrictive Covenant. In the event the Executive terminates his employment pursuant to
Section 4(d)(vi) above on or after his 62nd birthday, the Executive’s right to receive any Change of
Control benefits hereunder shall be conditioned upon Executive’s agreement that, for a period of three (3) years following such termination, he shall not be employed, or retained as a consultant or independent contractor or in any other
capacity, by a Competing Bank, as hereinafter defined, to perform or provide services to such Competing Bank that are the same as or similar to those provided or performed by the Executive to or for the Bank during the course of his employment with
the Bank. For the purposes of this paragraph, a “Competing Bank” shall mean any bank or similar financial institution that (i) has a branch or office located within the City of Richmond, the County of Henrico, the County of Hanover or
the County of Chesterfield, Virginia, and (ii) has total assets that are not less than 50%, or more than 150%, of the Bank’s total assets as of the Date of Termination. Upon a breach by Executive of the foregoing covenant, the Bank shall
be entitled to (i) withhold any further payments owed to Executive hereunder in connection with a Change of Control, and (ii) proceed in equity to obtain specific performance of such covenant, including but not limited to, an injunction
restraining Executive from breaching the provisions of the covenant. Executive hereby agrees that his acceptance of any Change of Control benefits under this Agreement in connection with any termination pursuant to Section 4(d)(vi) of this
Agreement that occurs on or after his 62nd birthday shall constitute his agreement to be bound by the covenant set
forth above. In the event Executive elects not to receive any benefits following such a termination, the foregoing covenant shall not apply. 
 (f) Notice of Termination. Any termination by the Bank on the one hand 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. 
  

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 (g) Date of Termination. “Date of Termination” means (i) if the Executive’s
employment is terminated by the Bank for Cause or Disability, 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, and (ii) if the Executive’s
employment is terminated by the Bank other than for Cause of Disability, the date specified in the Notice of Termination. 
 5. Binding
Agreement 
 (a) This Agreement shall be binding upon and inure to the benefit of the Executive (and his personal representative), the
Bank and any successor organization or organizations which shall succeed to substantially all of the business and property of the Bank, whether by means of merger, consolidation, acquisition of all or substantially of all of the assets of the Bank
or otherwise, including by operation of law. 
 (b) For purposes of this Agreement, the term “Bank’ shall include any subsidiaries
of the Bank 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 Bank ceases to exist; provided, however, that for purposes of
determining whether a Change in Control has occurred herein, the term “Bank” shall refer to First Capital Bank or its successors. 
 6. Fees and Expenses; Mitigation 
 (a) In any action related to the interpretation or enforcement of this Agreement,
the prevailing party shall be entitled to recover from the non-prevailing party all of the costs and expenses, including reasonable attorney’s fees and court costs, incurred by the prevailing party in such action. 
 (b) Executive shall not be required to mitigate the amount of any payment the Bank becomes obligated to make to the Executive in connection with this
Agreement, by seeking other employment or otherwise. 
 7. Notice 
 Any notices, requests, demands and other communications provided for this Agreement shall be sufficient if in writing and delivered in person or sent by
registered or certified mail, postage prepaid (in which case notice shall be deemed to have been given on the fifth day after mailing), or by overnight delivery by a reliable overnight courier service (in which case notice shall be deemed to have
been given on the day after delivery to such courier service) to the Executive at the last address the Executive has filed in writing with the Bank, or to the Bank at the Bank’s corporate headquarters, attention of the President. 
  

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 8. Miscellaneous 
 No provision of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is agreed to in a writing signed by the
Executive and the Chairman of the Board or President of the Bank. No waiver by either party hereto at any time of any breach by the other party hereto of, or for 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 which are not expressly set forth in this Agreement. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute but a single
instrument. 
 9. Governing Law 
 The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the Commonwealth of Virginia. 
 10. 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. 
 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Bank by its duly authorized officer, and by the Executive, as of the
date first above written. 
  

			
	FIRST CAPITAL BANK
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	EXECUTIVE:
	
	  

	 Name:
	 	William W. Ranson

  

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