Document:

EMPLOYMENT AGREEMENT-GLENN

 Exhibit 10.29 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”) made
effective this 1st day of November, 2007, by and between THE BANK OF HAMPTON ROADS, INC. (“BHR”), a banking association organized under the laws of the Commonwealth of Virginia, its successors and assigns, with a principal
address of 999 Waterside Drive, Suite 200, Norfolk, Virginia (23510); HAMPTON ROADS BANKSHARES, INC. (“HRB”), a Virginia corporation, its successors and assigns, with a principal address of 999 Waterside Drive, Suite 200,
Norfolk, Virginia (23510) (collectively, BHR and HRB shall be the “Bank” or “Employer” and otherwise deemed synonymous as the context may require); and DOUGLAS J. GLENN (the
“Executive”); 
 WITNESSETH: 
 WHEREAS, the Executive desires to render valuable services to the Employer and it is the desire of the Employer to have the benefit of the Executive’s loyalty, service and counsel; and 
 WHEREAS, the Executive wishes to become in the employ of the Employer; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein set forth, the parties covenant and agree as follows: 
 1. EMPLOYMENT. The Employer agrees to employ the Executive to perform services for the Employer and the Executive agrees to serve the Employer upon the terms and conditions herein provided. The Executive shall
be an executive officer of both BHR and HRB and agrees to serve as the Executive Vice-President of HRB and the Executive Vice President and General Counsel of BHR. The Executive shall perform such managerial duties and responsibilities as shall be
assigned to him by the Chief Executive Officer of the Bank or the Board of Directors of the Bank, consistent with his positions and titles. The Executive shall devote his time and attention on a full-time basis to the discharge of the duties
undertaken by him hereunder. 
 2. TERMS AND COMPENSATION: 
 (a) Term of Agreement. The term (the “Term”) of this Agreement shall commence on November 1, 2007 (the
“Commencement Date”) no matter when fully executed. Thereafter, the Agreement shall continue until the first to occur of (i) except as otherwise provided in Section 3 hereof, December 31, 2013, (ii) the
Executive’s death, or (iii) except as provided in Paragraph (d) of this Section 2, the Executive’s disability. Notwithstanding the foregoing, however, in the event the Executive is not informed by the Bank, in writing, prior
to December 31,2012, or three hundred sixty (360) days prior to the expiration of any subsequent renewal term, that this Agreement will not be renewed, this Agreement will automatically renew itself for additional periods of sixty
(60) months (each such period being a “Renewal Term”). For purposes of this Agreement, the “Term” shall include and refer to, as appropriate by the context, any Renewal Term. 
  

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 (b) Compensation. During the term of employment hereunder, the Executive shall
receive for his services a base salary and incentive or bonus compensation in amounts determined by the (i) Bank’s Board of Directors, (ii) an appropriate committee of the Board of Directors or (iii) the Bank’s Chief
Executive Officer, in accordance with the salary administration program of the Employer as the same may from time to time be in effect, but in no event shall the Executive’s base salary be less than $300,000 annually. From the Commencement Date
through December 31, 2007, the Executive shall be eligible to participate in any bonus plan in place for executive officers of the Bank on a pro-rated basis or receive bonus compensation in the discretion of the Bank’s Board of Directors.

 (c) Benefits. The Executive shall be eligible for participation in any additional plans, programs or forms of
compensation or benefits that the Employer’s Board of Directors might hereinafter provide to the class of employees that includes the Executive, including, but not limited to, participation in the following benefit plans: (i) a 401K
Retirement Program subject to normal Internal Revenue Service guidelines with respect to the maximum amount of participation; (ii) a non contributory profit sharing plan where a discretionary contribution made by the Bank on behalf of its
personnel is allocated based upon IRS allocations for profit sharing plans necessary to insure that it remains a qualified retirement account in accordance with ERISA guidelines; (iii) an Executive Savings Plan for executives at
Executive’s level (this plan requires the employee to make an initial contribution of 10% of their salary, in Executive’s case, $30,000, which is matched each year of employment for as long as Executive remains an employee of the Bank, is
administered in accordance with the Executive Savings Plan policy of the Bank and is designed as an incentive for continued employment); and (iv) a Deferred Compensation Plan that will begin to vest on a pro rata basis after five years of
service on a ratable scale up to 20 years of service with the Bank and which would provide an annuity equal to not less than 50% of the average of Executive’s last 3 years’ salary prior to Executive’s normal retirement date for a
period of 15 years, but in no event less than $150,000 annually for such period (50% of initial base salary), subject to the limitations in the plan documents, including limitations resulting from “a change of control” event, as such term
is hereafter defined. The benefits and rights of Executive under the various plans set out above shall be exclusively governed by the respective plan documents to the extent they may conflict with this Agreement. 
 (d) Disability. In the event of the physical or mental disability of the Executive by reason of which the Executive is unable to
perform the duties of his employment hereunder, the Employer shall continue to pay or provide to the Executive the compensation and benefits provided under Paragraphs (b) and (c) of this Section 2 for the first six (6) months of
such disability. If, however, the disability continues beyond such six (6) month period, the Employer may, at its election, terminate the Executive’s employment under this Agreement, in which case the Executive shall receive any disability
benefits payable under the Employer’s plans in effect at that time and no further compensation or benefit will be paid under this Agreement. 
  

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 (e) Death. In the event that the Executive’s death should occur during the
Term of this Agreement, this Agreement shall terminate and the Executive or his estate or beneficiaries, as the case may be, shall be entitled only to income earned but not yet paid as of the date of death and any and all retirement or death
benefits payable under the Employer’s plans in effect at that time and no further compensation or benefit will be paid under this Agreement. 
 (f) Automobile. During the Term, the Bank will provide Executive with the use of a vehicle which Executive may choose and select within a reasonable budget. All fuel, insurance and maintenance shall be paid for
by the Bank pursuant to the Bank’s Automobile Policy. During any period where Executive does not choose to use a vehicle provided by the Bank, the fuel that Executive uses in Executive’s personal vehicle will be paid for by the Bank
pursuant to the aforementioned Automobile Policy. The Bank will also reimburse Executive, as possible, for insurance and maintenance on Executive’s personal vehicle prior to being provided with a Bank vehicle as Executive utilizes same for Bank
business. 
 (g) Vacation. Executive will be entitled to vacation days in 2007 pro-rated by his date of employment and
thereafter in accordance with the Bank’s vacation policy for senior executive officers. 
 (h) Professional Dues and
Insurance. The Bank will pay all professional dues and fees required to maintain Executive’s license to practice law, including dues to the Virginia State Bar and the costs of mandatory Continuing Legal Education and will acquire and pay
for all necessary legal malpractice coverage necessary for Executive’s work as the Bank’s general counsel 
 (i)
Insurance and other Expenses. The Bank will provide Executive with health insurance, dental insurance and life insurance coverage as are provided to the class of employees that includes the Executive, as well as the necessary tools to perform
Executive’s duties as an executive officer of the Bank and general counsel, including, but not limited to, reimbursement (aa) for Executive’s current cellular phone plan or participation in the Bank’s cell phone plan, (bb)
professional organizational dues, (cc) current dues and related expenses at Cavalier Golf & Yacht Club, (dd) and dues for necessary civic organizations which Executive may join and are used or designed to further enhance Executive’s
opportunity to conduct the business of the Bank. 
 (j) Options. Executive shall participate in the Bank’s current
stock option program and any future stock option program as may be adopted from time to time. In addition to stock options that will arise or as are granted during Executive’s employment period, on the Commencement Date, the Bank will issue
incentive stock options for 20,000 shares of HRB common stock to Executive. 
 (k) Termination of compensation and
benefits. The foregoing compensation and benefits shall cease when Executive is no longer employed by Employer or upon termination of this Agreement. 
  

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 3. TERMINATION: 
 (a) Termination by the Employer. Executive’s employment with Employer may be terminated by Employer in accordance with the
following provisions: 
 (i) Employer may, at any time, terminate Executive’s employment for “good cause” (as
defined below). If such termination is for “good cause”, then the Executive shall be entitled only to receive his base salary in respect of services performed through the Date of Termination and the compensation and benefits of the
Executive will cease as of the Date of Termination as defined in Paragraph 3(d). For purposes of this Agreement, “good cause” means a dismissal of the Executive by Employer because of (i) the Executive’s gross or willful neglect
of duly, neglect or refusal to perform all duties assigned to him or her, in good faith, under this Agreement or by Employer; (ii) imprudent financial management of Employer by the Executive which causes Employer an extraordinary or material
loss not otherwise authorized; (iii) conviction of or guilty plea to a felony or a crime involving moral turpitude; (iv) habitual use of drugs or alcohol; (v) the material breach of this Agreement; (vi) material waste or misuse
of assets of Employer; (vii) embezzlement, dishonesty, fraud or other similar acts reflecting adversely upon Executive’s honesty and integrity; or (ix) illegal or intentional acts by the Executive demonstrating bad faith toward the
Employer, including, but not limited to, any conduct by Executive so as to permit, condone or acquiesce in any act or conduct of other persons, which could cause Employer, its parent or any of its subsidiaries, to be in material violation of any
law, statute or regulation. 
 (ii) Employer may, at any time, terminate Executive’s employment without “good
cause” (as defined above). If such termination is without “good cause”, then Employer shall pay the Executive a termination allowance in not more than twelve (12) equal monthly payments commencing on the last day of the month in
which the date of actual termination occurs, the total amount of which will equal the base salary plus director’s fees, if any, but not including any bonuses, paid to the Executive by Employer in the twelve (12) months preceding the Notice
of Termination. Except as provided in this Agreement, upon the tennination herein described, the compensation and benefits of the Executive will cease as of the Date of Termination as defined in Paragraph 3(d). 
 (iii) If Executive’s employment is terminated by Employer without “good cause” and such termination occurs after Employer
enters into negotiations which result in a “Change of Control” (as such term is defined below) of Employer or within one (1) year after a “Change of Control” of Employer, then the provisions of Paragraph 4 shall govern the
compensation owed to Executive upon Executive’s termination. 
 (b) Termination by the Executive. 
 (i) The Executive shall be entitled to terminate his employment pursuant to this Agreement voluntarily at any time, provided, however,
that in the event the Executive terminates his employment pursuant to this Agreement for any reason other than a “Change of Control” as described below, then the Executive shall be entitled to no termination allowance and/or no severance
allowance and no further compensation after the “Date of Termination” as defined in part (d) of this Paragraph 3. 
  

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 (ii) The Executive shall be entitled at any time to terminate his employment pursuant to
this Agreement if a “Change of Control” occurs with respect to HRB or BHR (other than in the event of a merger or consolidation of BHR with HRB), in which event the Employer shall be obligated to pay the Executive and furnish him or her
the benefits provided in Section 4 hereof. For purposes of this Agreement, the term a “Change of Control” shall be defined as (a) the date that any one person, or more than one person, acting as a group, acquires ownership of
stock of the Bank that, together with stock held by such person or group constitutes more than 50% of the total fair market value or total voting power of the stock of the Bank, or (b)(i) the date any one person, or more than one person, acting as a
group, acquires ownership of stock of the Bank possessing 30% or more of the total voting power of the stock, or (ii) the date a majority of the members of the Bank’s Board of Directors is replaced during any twelve (12) month period
by directors whose appointment or election is not endorsed by a majority of the members of the Bank’s Board of Directors before the date of the appointment or election. For purposes of this section, the term “Bank” may mean HRB or BHR
as the context so requires for this section to be effective. 
 (c)
Notice of Termination. Any termination of the Executive’s employment by the Employer or by the Executive shall be communicated by a
written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision(s) in this Agreement relied upon and
shall set forth in reasonable detail the facts and circumstances providing the basis for termination. 
 (d) Date of
Termination. The “Date of Termination” shall mean (i) if the Agreement is terminated by the Executive, the date on which the Notice of Termination is delivered to Employer, (ii) if the Agreement is terminated by the Employer
because of the Executive’s disability, thirty (30) days after the Notice of Termination is given, or (iii) if the Executive’s employment is terminated by the Employer for any other reason, the date on which a Notice of
Termination is given. 
 4. COMPENSATION UPON TERMINATION FOR A “CHANGE OF CONTROL” EVENT. If the Executive’s
employment is terminated by Employer pursuant to Section 3(a)(iii) or if the Executive terminates his employment pursuant to Section 3(b)(ii) hereof, then: 
 (a) Accrued But Unpaid Compensation. The Employer shall pay the Executive’s full base salary through the Date of Termination
at the rate then in effect and the amount, if any, of awards theretofore made which have not yet been paid. 
  

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 (b) Severance Allowance. The Employer shall pay the Executive a severance
allowance (the “Severance Allowance”) on the Date of Termination, the total amount of which will equal and will not exceed the present value of three times (3x) the Base Amount, minus $1.00, plus the present value of any other
payments in the nature of compensation within the meaning of Section 280G(b)(2)(A)(ii) of the Internal Revenue Code of 1986, as amended (the “Code”), provided, however, that the Severance Alloawnce shall never be less than Five
Hundred Thousand and 00/100 Dollars ($500,000). 
 For purposes of this Paragraph 4(b), the following definitions shall apply:

 (i) Base Amount - The term “Base Amount” means the Executive’s average annualized includible compensation
for the base period. 
 (ii) Annualized Includible Compensation for the Base Period - The term “annualized includible
compensation for the base period” means the average annual compensation paid by the Bank, which was includible in the gross income of the Executive for federal income tax purposes, for taxable years in the base period 
 (iii) Base Period - The term “base period” means the period consisting of the most recent three (3) taxable years ending
before the date on which termination occurs, except for termination as a result of the operation of Paragraph 3(b) above in which case the date of termination shall be deemed to be the date a “Change of Control” occurs with respect to the
Bank. 
 (iv) Present Value - Present value shall be determined in accordance with Section 1274(b)(2) of the Code.

 (c) Incentive Plans. Employer shall pay such other amounts to which Executive is entitled according to the terms of
the incentive plans, equity plans, supplemental retirement plans, etc., in which Executive participates. 
 If Executive is employed by
Employer for less than three (3) taxable years as of the Date of Termination, then the Severance Allowance shall be paid in lump sum within thirty (30) days of the Date of Termination. If Executive is employed by Employer for more than
three (3) years as of the Date of Termination, then the Severance Allowance shall be paid in not more than sixty (60) equal monthly payments commencing on the last day of the month in which the Date of Termination occurs. 
 (d) Employee Benefits. The Employer shall maintain in full force and effect, for the Executive’s continued benefit until the
earlier of the third (3rd) anniversary of the Date of Termination or the date the Executive becomes a participant in similar plans, programs or arrangements provided by a subsequent employer, including, but not limited to, Executive’s use
of an automobile, and all life, accident, medical and dental insurance benefit plans and programs or arrangements in which the Executive was entitled to participate immediately prior to the Date of Termination, provided that the Executive’s
continued participation is possible under the general terms and provisions of such plans and programs. In the event that the Executive’s participation in any such plan or program is barred, the Employer shall arrange to provide the Executive
with benefits substantially similar to those which the Executive is entitled to receive under such plans and programs. 
  

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 (d) No Duty to Mitigate. The Executive shall not be required to mitigate the
amount of any payment provided for in this Section 4 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 4 be reduced by any compensation earned by the Executive as the result of
employment by another employer after the Date of Termination, or otherwise. 
 5. RETURN OF EMPLOYER’S PROPERTY. When the
Executive’s employment with Employer ends, the Executive agrees to immediately deliver to Employer (i) all documents, including, but not limited to, address and telephone records of customers, listings of customer names and/or account
numbers, and any telephone records of customers, listings of customer names and/or account numbers, and any other items or records in the Executive’s possession, or subsequently coming into the Executive’s possession pertaining to the
Employer’s business, including without limitation, confidential and proprietary information which the Executive would not possess but for his employment relationship with Employer and (ii) any tangible personal property of Employer or
provided by Employer to Executive, including, but not limited to, computer(s) and related peripherals, laptops, automobiles as provided for herein, cellular telephones, access cards and credit cards. 
 6. SECTION 4999 GROSS-UP PAYMENT. In the event it shall be determined that any payments and benefits called for under the Agreement and any
Amendments thereto, together with any other payments and benefits (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under
this Agreement (a “Payment”) would be subject to the excise tax imposed under Section 4999 of the Code, or any successor statute, or any interest or penalties are incurred by Executive with respect to such excise tax
(collectively, the “Excise Tax”), then Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any interest or
penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the payments. 
 (a) Gross-Up Determination. Subject to
the provision of Subsection (b) herein, all determinations required to be made under this Agreement, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in
arriving at such determination, shall be made by Employer’s external accounting firm or such other independent certified accounting firm (the “Accounting Firm”) selected by mutual consent of Employer and Executive, which shall
provide detailed supporting calculations both to Employer and Executive within fifteen (15) business days of the receipt of notice from Executive that there has been a Payment, or such earlier time as is requested by Employer. The calculations
under this 

  

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Agreement will be made in a manner consistent with the requirements of Code Sections 280G and 4999 and any applicable related regulations and any related
Internal Revenue Service rulings. All fees and expenses of the Accounting Firm for such determination shall be borne solely by Employer. Any determination by the Accounting Firm shall be binding upon Employer and Executive. Any Gross-Up Payment, as
determined pursuant to this Agreement shall be paid by Employer to Executive within five (5) days of the receipt of determination by the Accounting Firm that such payment is due; provided, however, that all gross-up payments must be paid no
later than the end of the calendar year in which Executive remits the related taxes. If it is determined that no Excise Tax is payable to Executive, it shall so indicate to Executive in writing. 
 (b) Notification to Employer. Executive shall notify Employer in writing of any claim by the Internal Revenue Service that,
if successful, would require the payment by Employer of the Gross-Up Payment. Such notice shall be given as soon as practicable but no later than ten (10) business days after Executive is informed in writing of such claim and said notice shall
advise Employer of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which it gives such notice to Employer (or
such shorter period ending on the date that any payment of taxes with respect to such claim is due). If Employer notifies Employer in writing prior to the expiration of such period that it desires to contest such claim, Employer shall: 

 

	 	(i)	give Employer any information reasonably requested relating to such claim, 

  

	 	(ii)	take such action in connection with contesting such claim as Employer shall reasonably request in writing from time to time, including, without limitation, accepting legal
representation with respect to such claim by an attorney reasonable selected by Employer, 

  

	 	(iii)	cooperate with Employer in good faith in order to effectively contest such claim; and 

  

	 	(iv)	permit Employer to participate in any proceedings relating to such claim; 

 provided, however, that Employer shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with any contest of a claim for payment of the Excise Taxes and Employer shall
indemnify and hold Executive harmless, on an after tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. 
 Without limitation on the foregoing provisions of this Agreement, Employer shall control all proceedings taken in connection with such contest and, at
its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for
a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction 

  

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and in one or more appellate courts, as Employer shall determine; provided, however, that if Employer directs Executive to pay such claim and sue for a
refund, Employer shall advance the amount of such payment to Employer, on an interest-free basis and shall indemnify and hold the Officer harmless, on an after-tax-basis, from any Excise Tax or income tax (including interest or penalties with
respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of
Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, Employer’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be
payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
 (c) Underpayment of Gross-Up Payment. In the event there is an underpayment of the Gross-Up Payment due to the uncertainty
in the application of Section 4999 of the Code at the time of the initial determination the Accounting Firm, and Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm will determine the amount of any such
underpayment that has occurred and such amount will be promptly paid by Employment to or for the benefit of Executive. 
 (d)
Refund of Gross- Up Payment. If, after the receipt by Executive of an amount advanced by Employer pursuant to this Agreement, Executive becomes entitled to receive any refund with respect to such claim, Executive shall [subject to
Employer’s complying with the requirements of Subsection (b) above], promptly pay to Employer the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by
Executive of an amount advanced by Employer pursuant to Subsection (b) above, a determination is made that Executive shall not be entitled to any refund with respect to such claim and Employer does not notify Executive in writing of its intent
to contest such denial of refund prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent
thereof, the amount of Gross-Up Payment required to be paid. 
 7. LITIGATION EXPENSES. Employer agrees to pay promptly as incurred,
to the full extent permitted by law, all the legal fees and expenses which Executive may reasonably incur as a result of any contest (regardless of the outcome thereof unless a court of competent jurisdiction determines that the Officer acted in bad
faith in initiating the contest) brought by Employer, Executive or others concerning the validity or enforceability of, or liability under, the Change of Control (as defined above) provision of this Agreement or amendments thereto, or any guarantee
of performance thereof (including as a result of any contest by Executive about the amount of any payment pursuant to the Change of Control provision or its Amendments), plus in each case interest on any delayed payment at the applicable Federal
rate provided for in Code Section 7872(f)(2)(A); provided however, that the reasonableness of the fees and expenses must be determined by a court of competent jurisdiction. 
  

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 8. MISCELLANEOUS: 
 (a) Waiver. A waiver by any party of any of the terms and conditions of this Agreement in any instance shall not be deemed or
construed to be a waiver of such terms and conditions for the future, or of any subsequent breach thereof. 
 (b)
Severability. If any provision of this Agreement, as applied to any circumstances, shall be adjudged by a court to be void and unenforceable, the same shall in no way affect any other provision of this Agreement or the applicability of such
provision to any other circumstances. 
 (c) Amendment. This Agreement may not be varied, altered, modified, changed,
or in any way amended except by an instrument in writing, executed by the parties hereto or their legal representatives. 
 (d) Nonassignabilitv of Payments. Neither Executive nor his estate shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive any payments hereunder, which payments and the right thereto are
expressly declared to be nonassignable and nontransferable. 
 (e) Binding Effect. This Agreement shall be binding upon
and inure to the benefit of 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 all of the assets of the Bank or otherwise, including by operation of law. 
 (f) Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the Commonwealth of Virginia, whether statutory or decisional, applicable to agreements made and entirely to be performed within such
state and such provisions of federal law as may be applicable. Venue for any dispute arising hereunder shall lie exclusively in the state or federal courts located in or having jurisdiction over the City of Norfolk, Virginia. 
 (g) Assignment. Executive shall not have the right to transfer or assign any or all of his rights or interest hereunder. Pursuant
to the provisions of Section 3(b) hereof, Executive agrees that should Employer convey all or substantially all of Employer’s assets to a third-party, which assets include this Agreement, that Employer may assign this Agreement to such
third-party without the prior consent of Executive, and, further, that such assignment shall be deemed to be undertaken with Executive’s consent with regard to the third-party, provided, however, that such assignment by Employer shall not
constitute the waiver of any right by Executive or obligation of Employer under this Agreement. 
  

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 (h) Background, Enumerations and Headings. The Background, enumerations and
headings contained in this Agreement are for convenience of reference only and are not intended to have any substantive significance in interpreting this Agreement. 
 (i) Gender and Number. Unless the context otherwise requires, whenever used
in this Agreement the singular shall include the plural, the plural shall include the singular, and the masculine gender shall include neuter or
feminine gender and vice versa. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

  

			
	THE BANK OF HAMPTON ROADS, INC.,
	 a banking corporation organized under the laws of
 the Commonwealth of Virginia

		
	By:	 	/s/ Jack W. Gibson
		 	Jack W. Gibson,
		 	Chief Executive Officer
	
	 HAMPTON ROADS BANKSHARES, INC.,
 a Virginia
corporation

		
	By:	 	/s/ Jack W. Gibson
		 	Jack W. Gibson,
		 	Chief Executive Officer
		
		 	/s/ Douglas J. Glenn
		 	DOUGLAS J. GLENN, Executive

  

 11Form of senior debt security -- medium-term note

 Exhibit 4.01 
 LEHMAN BROTHERS HOLDINGS INC. 
 Semi-Annual Review Notes with Contingent Principal Protection Linked to the Least Performing
Common Stock in a Basket of Common Stocks Due March 8, 2010 
  

			
	Number R-1	  	$760,000
	ISIN US5249086M72	  	CUSIP 5249086M7

 See Reverse for Certain Definitions 
 THIS SECURITY (THIS “SECURITY”) IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO SUCH DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO LEHMAN BROTHERS HOLDINGS INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 LEHMAN BROTHERS
HOLDINGS INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, at the
office or agency of the Company in the Borough of Manhattan, The City of New York, on the Maturity Date, in such coin or currency of the United States of America at the time of payment shall be legal tender for the payment of public and private
debts, for each $1,000 principal amount of the Securities represented hereby, an amount equal to the Payment at Maturity or the amount due upon an Automatic Call, if applicable. THE SECURITIES REPRESENTED HEREBY SHALL NOT BEAR ANY INTEREST.

 Any amount payable hereon on the Maturity Date or upon an Automatic Call, if applicable, will be paid only upon presentation and
surrender of this Security. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF WHICH
FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

 This Security shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 
  

 2 

 IN WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be signed by its
Chairman of the Board, its President, its Vice Chairman, its Chief Financial Officer, one of its Vice Presidents or its Treasurer, by manual or facsimile signature under its corporate seal, attested by its Secretary or one of its Assistant
Secretaries by manual or facsimile signature. 
  

							
	Dated: March 6, 2008	 	LEHMAN BROTHERS HOLDINGS INC.	 	
				
	[SEAL]	 	By:	 	  
	 	
		 		 	Vice President	 	
				
		 	Attest:	 	  
	 	
		 		 	Assistant Secretary	 	

  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 CITIBANK, N.A.
     as
Trustee

		
	By:	 	  

		 	    Authorized Officer

  

 3 

 Reverse of Security 
 This Security is one of a duly authorized series of Securities of the Company designated as Semi-Annual Review Notes with Contingent Principal Protection Linked to the Least Performing Common Stock in a Basket of
Common Stocks Due March 8, 2010 (herein called the “Securities”). The Company may, without the consent of the holders of the Securities, create and issue additional securities ranking equally with the Securities and otherwise
similar in all respects so that such additional securities shall be consolidated and form a single series with the Securities; provided that no additional securities can be issued if an Event of Default has occurred with respect to the Securities.
This series of Securities is one of an indefinite number of series of debt securities of the Company, issued and to be issued under an indenture, dated as of September 1, 1987, as amended (herein called the “Indenture”), duly
executed and delivered by the Company and Citibank, N.A., as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities. 
 The Payment at Maturity or the amount due upon an Automatic Call, if applicable, shall, at the request of the Trustee, be determined by the Calculation
Agent pursuant to the Calculation Agency Agreement. The Trustee shall fully rely on the determination by the Calculation Agent of the Payment at Maturity or the amount due upon an Automatic Call, if applicable, and shall have no duty to make any
such determination. The Calculation Agent will provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, of the Payment at Maturity or the amount due upon an Automatic Call, if applicable, at or
prior to 11:00 a.m. on the Business Day preceding the Maturity Date or applicable Redemption Date. 
 All calculations with respect to the
Initial Share Prices, any Closing Price of one share of the Reference Stocks, the Stock Adjustment Factors, the Final Share Prices and the Payment at Maturity or the payment upon Automatic Call, if applicable, will be rounded to the nearest one
hundred-thousandth, with five one-millionths rounded upward (e.g., .876545 would be rounded to .87655); all dollar amounts related to determination of the payment per $1,000 principal amount Security on the Maturity Date or Redemption Date,
if any, will be rounded to the nearest ten-thousandth, with five one hundred-thousandths rounded upward (e.g., .76545 would be rounded up to .7655); and all dollar amounts paid on the aggregate principal amount of Securities per Holder will
be rounded to the nearest cent, with one-half cent rounded upward. 
 This Security is not subject to any sinking fund. 
 If an Event of Default with respect to the Securities shall occur and be continuing, the amounts payable on all of the Securities may be declared due
and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Payment at Maturity calculated as though the Maturity Date were
the date of acceleration and the Final Review Date were the third Business Day immediately preceding the date of acceleration, provided that in no event will there be an Automatic Call on this accelerated Final Review Date. If the maturity of the
Securities is accelerated because of an Event of Default, the Company shall, or shall cause the Calculation Agent to, provide written notice to the Trustee at its New York office, on which notice the 
  

 4 

 Trustee may conclusively rely, and to The Depository Trust Company of the cash amount due with respect to the Securities
as promptly as possible and in no event later than two Business Days after the date of acceleration. 
 The Indenture contains provisions
permitting the Company and the Trustee, with the consent of the holders of not less than 66 2/3% in aggregate principal amount of
the Outstanding Securities (as defined in the Indenture) of each series affected by a proposed supplemental indenture (each series voting as a class), evidenced as provided in the Indenture, to execute such supplemental indenture for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture or of any supplemental indenture or, modifying in any manner the rights of the holders of the Securities of all such series; provided,
however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, if any,
or reduce any premium payable on redemption, or make the principal thereof, or premium, if any, or interest thereon, if any, payable in any coin or currency other than that hereinabove provided, without the consent of the holder of each Outstanding
Security so affected, or (ii) change the place of payment on any Security, or impair the right to institute suit for payment on any Security, or reduce the aforesaid percentage of Securities, the holders of which are required to consent to any
such supplemental indenture, without the consent of the holders of each Security so affected. It is also provided in the Indenture that, prior to any declaration accelerating the maturity of any series of Securities, the holders of a majority in
aggregate principal amount of the Securities of such series Outstanding may on behalf of the holders of all the Securities of such series waive any past default or Event of Default under the Indenture with respect to such series and its
consequences, except a default in the payment of interest, if any, or the principal of, or premium, if any, on any of the Securities of such series, or in the payment of any sinking fund installment or analogous obligation with respect to Securities
of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future holders and owners of this Security and any Securities which may be issued in exchange or substitution
hereof, irrespective of whether or not any notation thereof is made upon this Security or such other Securities. 
 No reference
herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Payment at Maturity or the amount due upon an Automatic Call, if
applicable, with respect to this Security. 
 The Securities are issuable in denominations of $1,000 and any whole multiples thereof.

 The Company, the Trustee, and any agent of the Company or of the Trustee may deem and treat the registered holder (the
“Holder”) hereof as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment hereof, or on
account hereof, and for all other purposes and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments made to or upon the order of such registered holder
shall, to the extent of the sum or sums paid, effectually satisfy and discharge liability for moneys payable on this Security. 
  

 5 

 No recourse for the payment of the principal of, or premium, if any, on, this Security, or for any claim
based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Security, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived
and released. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office or agency in a Place of Payment for this Security, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series or of like tenor and of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Company
intends to treat, and by purchasing this Security, the Holder agrees to treat, for all tax purposes, this Security as a financial contract, rather than as a debt instrument. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Definitions 
 Set forth below are definitions of the
terms used in this Security. 
 “Automatic Call” shall mean the automatic call of the Securities if the Closing Price of
each Reference Stock on any Review Date is above or equal to its Call Price. Upon the occurrence of an Automatic Call, the Securities will be automatically called for a cash payment, per $1,000 principal amount Security, that will equal $1,000 plus
the applicable Call Premium. 
 If the Securities are subject to an Automatic Call, the Holders will receive a cash payment of $1,000 plus
the applicable Call Premium on the Call Settlement Date. 
 “Basket” shall mean the basket of common stocks composed of the
Reference Stocks. 
 “Business Day”, notwithstanding any provision in the Indenture, shall mean any day that is not a
Saturday or Sunday and that is not a day on which banking institutions in the City of New York are authorized or obligated by law to close. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement, dated as of December 21, 2006 between the Company and the Calculation Agent, as amended from time to time, or any successor calculation agency
agreement. 
  

 6 

 “Calculation Agent” shall mean the person that has entered into an agreement with the
Company providing for, among other things, the determination of the Payment at Maturity. The term “Calculation Agent” shall, unless the context otherwise requires, include its successors and assigns. The initial Calculation Agent shall be
Lehman Brothers Inc. 
 “Call Price” shall mean, for each Reference Stock, 100% of its Initial Share Price. 
 “Call Premium” shall mean the following amount paid per $1,000 principal amount Security, as calculated by the Calculation Agent, upon
an Automatic Call shall equal: 
  

	 	(1)	If the Securities are called on the First Review Date, 20% × $1,000, 

  

	 	(2)	If the Securities are called on the Second Review Date, 40% × $1,000, 

  

	 	(3)	If the Securities are called on the Third Review Date, 60% × $1,000; and 

  

	 	(4)	If the Securities are called on the Final Review Date, 80% × $1,000. 

 “Call Settlement Date” shall mean, with respect to an Automatic Call of the Securities on the First Review Date, the Second Review Date or the Third Review Date, the third Business Day after such
Review Date. With respect to an Automatic Call of the Securities on the Final Review Date, the Maturity Date, unless that day is not a Business Day, in which case any payment on the Securities that would otherwise be due on the scheduled Call
Settlement Date will be made on the next succeeding Business Day following the originally scheduled Call Settlement Date. 
 “Cash
Value” shall mean the amount in cash equal to the product of (1) $1,000 divided by the Initial Share Price of the Least Performing Reference Stock and (2) the Final Share Price of the Least Performing Reference Stock. 

“Closing Price” shall mean, as to one share of any Reference Stock (or one unit of any other security for which a Closing Price must
be determined) on any Trading Day: 
  

	 	•	 	 if such Reference Stock (or such other security) is listed or admitted to trading on a national securities exchange, the last reported sale price, regular way, of
the principal trading session on such day on the principal United States securities exchange registered under the Exchange Act on which such Reference Stock (or any such other security) is listed or admitted to trading; 

 

	 	•	 	 if such Reference Stock (or such other security) is listed or admitted to trading on any national securities exchange but the last reported sale price is not
available pursuant to the preceding bullet point, the last reported sale price of the principal trading session on the over-the-counter market as reported on the OTC Bulletin Board Service on such day; 

  

	 	•	 	 if such Reference Stock (or such other security) is not listed or admitted to trading on any national securities exchange but is included in the OTC Bulletin Board,
the last reported sale price of the principal trading session on the OTC Bulletin Board on such day; or 

  

 7 

	 	•	 	 if, because of a Market Disruption Event or otherwise, the last reported sale price for such Reference Stock (or such other security) is not available for such
Trading Day pursuant to the preceding bullet points, then (i) if such Market Disruption Event has occurred on a day other than a Review Date, the Calculation Agent’s good faith estimate of the price of the Reference Stock (or such other
security) as of the close of trading on such Trading Day, in its sole discretion, and (ii) if such Market Disruption Event has occurred with respect to the Reference Stock on any originally scheduled Review Date, the price determined pursuant
to the second bullet point under the definition of “Review Date.” 

 “Company” shall have the
meaning set forth on the face of this Security. 
 “Exchange Act” shall mean the Security Exchange Act of 1934, as amended.

 “Final Review Date” shall mean March 3, 2010, subject to postponement pursuant to the second bullet point under the
definition of “Review Date.” 
 “Final Share Price” shall mean, for any Reference Stock, its Closing Price on the
Final Review Date. 
 “First Review Date” shall mean September 3, 2008, subject to postponement pursuant to the second
bullet point under the definition of “Review Date.” 
 “Holder” shall have the meaning set forth on the reverse
of this Security. 
 “Indenture” shall have the meaning set forth on the reverse of this Security. 
 “Initial Share Price” shall mean, for any Reference Stock and any Trading Day, the Closing Price of such Reference Stock on the Pricing
Date, divided by the Stock Adjustment Factor for such Reference Stock on such Trading Day. The Initial Share Price of each Reference Stock shall initially be as follows: 
  

				
	 Reference Stock
	  	Initial Share
Price
	 Wachovia Corporation
	  	$	 30.41
	 JPMorgan Chase & Co.
	  	$	 39.82

 “Least Performing Reference Stock” shall mean the Reference Stock with the
lowest value of all the Reference Stocks included in the Basket, with value calculated, as to any Reference Stock, as the product of (i) $1,000 divided by the Initial Share Price of such Reference Stock times (ii) the Final Share Price of
such Reference Stock. 
 “Market Disruption Event” shall mean, with respect to any Reference Stock (or any other security
for which a Closing Price must be determined): 
 (1)     the occurrence or existence of a suspension, absence or
material limitation of trading of such Reference Stock (or such other security) on the primary market for such Reference Stock (or such other security) at any time during the one- hour period preceding the close of the principal trading session in
such market; 
  

 8 

 (2)    a breakdown or failure in the price and trade reporting systems of the
primary market for such Reference Stock (or such other security) as a result of which the reported trading prices for such Reference Stock (or such other security) during the last one- hour period preceding the close of the principal trading session
in such market are materially inaccurate; 
 (3)    the occurrence or existence of a suspension, absence or material
limitation of trading on the primary market for trading in futures or options contracts related to such Reference Stock (or such other security), if available, at any time during the last one- hour period preceding the close of the principal trading
session in the applicable market; or 
 (4)    a decision to permanently discontinue trading in the relevant futures or
options contracts; 
 in each case as determined by the Calculation Agent in its sole discretion. 
 For the purpose of determining whether a Market Disruption Event has occurred: 
 (1)    a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an
announced change in the regular business hours of the Relevant Exchange or market for such Reference Stock; 
 (2)    limitations pursuant to the rules of any Relevant Exchange similar to NYSE Rule 80B (or any applicable rule or regulation enacted or promulgated by the NYSE, any other U.S. self-regulatory organization, the
Securities Exchange Commission or any other relevant authority of scope similar to NYSE Rule 80B as determined by the Calculation Agent in its sole discretion) on trading during significant market fluctuations will constitute a suspension, absence
or material limitation of trading; 
 (3)    a suspension of trading in futures or options contracts on such Reference
Stock (or such other security) by the primary securities market trading in such contracts, if available, by reason of: 
  

	 	•	 	 a price change exceeding limits set by such securities exchange or market, 

  

	 	•	 	 an imbalance of orders relating to such contracts, or 

  

	 	•	 	 a disparity in bid and ask quotes relating to such contracts 

 will, in each such case, constitute a suspension, absence or material limitation of trading in futures or options contracts related to such Reference Stock (or such other security); and 
 (4)    a “suspension, absence or material limitation of trading” on the primary securities market on which futures or
options contracts related to such Reference Stock (or such other security) are traded will not include any time when such securities market is itself closed for trading under ordinary circumstances. 
 “Maturity Date” shall mean March 8, 2010, unless that day is not a Business Day, in which case any payment on the Securities that
would otherwise be due on that day will be made on the next succeeding Business Day; provided, however, that if due to a non-Trading Day 

  

 9 

 
or a Market Disruption Event or otherwise, the Final Review Date is postponed so that it falls fewer than three Business Days prior to the scheduled Maturity
Date, the Maturity Date will be the third Business Day following the Final Review Date, as postponed. 
 “NYSE” shall mean
The New York Stock Exchange, Inc. 
 “Observation Period” shall mean the period from, and excluding, the Pricing Date to,
and including, Final Review Date. 
 “OTC Bulletin Board” means the OTC Bulletin Board Service operated by Financial
Industry Regulatory Authority, Inc. The term OTC Bulletin Board will include any successor service thereto. 
 “Payment at
Maturity” shall mean, if the Securities are not called pursuant to an Automatic Call, the following amount, per $1,000 principal amount Security, as calculated by the Calculation Agent: 
  

	 	(1)	If a Trigger Event has not occurred, $1,000; or 

  

	 	(2)	If a Trigger Event has occurred, (i) the number of shares of the Least Performing Reference Stock equal to the Physical Delivery Amount or (ii) at the Company’s
election, the Cash Value of the Physical Delivery Amount. 

 The Company may designate any of its affiliates to deliver any
shares of the Least Performing Reference Stock pursuant to the terms of the Securities and the Company shall be discharged of any obligation to deliver such shares of the Least Performing Reference Stock to the extent of such performance by its
affiliates. 
 “Physical Delivery Amount” shall mean the number of shares of the Least Performing Reference Stock, per
$1,000 principal amount Security, equal to $1,000 divided by the Initial Share Price of the Least Performing Reference Stock. The Company will pay cash in lieu of fractional shares in an amount equal to the product of the Final Share Price of the
Least Performing Reference Stock multiplied by the number of such fractional shares. 
 “Place of Payment” shall mean the
place or places where the Payment at Maturity or the amount due upon an Automatic Call, if applicable, on the Securities is payable. 
 “Price” shall mean, as to one share of any Reference Stock (or one unit of any other security for which a Price must be determined) on any Trading Day: 
  

	 	•	 	 if such Reference Stock (or such other security) is listed or admitted to trading on a national securities exchange, the highest intraday bid price on such day on
the principal United States securities exchange registered under the Exchange Act on which such Reference Stock (or such other security) is listed or admitted to trading; 

  

	 	•	 	 if such Reference Stock (or such other security) is not listed or admitted to trading on any national securities exchange but is included in the OTC Bulletin Board,
the highest reported bid price reported on the OTC Bulletin Board on such day; or 

  

 10 

	 	•	 	 if a bid price is not available pursuant to the preceding bullet points, the Calculation Agent’s good faith estimate of such bid price, in its sole discretion.

 “Pricing Date” shall mean March 3, 2008. 
 “Reference Stock” shall mean, initially, the common stock of Wachovia Corporation (NYSE: WB) or of JPMorgan Chase & Co. (NYSE:
JPM). Any Reference Stock may be changed in certain circumstances, as described under “Anti-dilution Adjustments—Reorganization Events.” 
 “Relevant Exchange” for any Reference Stock shall mean the primary U.S. exchange or market for trading for such Reference Stock. 
 “Reorganization Event” shall have the meaning set forth under “Anti-dilution Adjustments —Reorganization Events.”

 “Review Date” shall mean any of the First Review Date, the Second Review Date, the Third Review Date and the Final
Review Date, provided, however, that if a Review Date (including the Final Review Date) is not a Trading Day or if there is a Market Disruption Event on such day, with respect to a Reference Stock, the Calculation Agent will: 
  

	 	•	 	 with respect to each Reference Stock for which such day is a Trading Day and for which a Market Disruption Event has not occurred, determine the
Closing Price of such Reference Stock by reference to the Closing Price of such Reference Stock on that Trading Day; and 

  

	 	•	 	 with respect to each Reference Stock for which such day is not a Trading Day or for which a Market Disruption Event has occurred, (i) postpone
the Review Date to the next Trading Day for such Reference Stock on which no Market Disruption Event occurs and (ii) determine the Closing Price of such Reference Stock by reference to the Closing Price of such Reference Stock on such next
Trading Day; provided, however, if a Market Disruption Event with respect to such Reference Stock occurs on each of the eight Trading Days following the originally scheduled Review Date, then the Calculation Agent shall determine the Closing
Price of such Reference Stock with respect to such Review Date based upon its good faith estimate of the price of such Reference Stock as of the close of trading on that eighth scheduled Trading Day, in its sole discretion.

 “Second Review Date” shall mean March 3, 2009, subject to postponement pursuant to the second
bullet point under the definition of “Review Date.” 
 “Securities” shall have the meaning set forth on the
reverse of this Security. 
 “Security” shall have the meaning set forth on the front of this Security. 
  

 11 

 “Stock Adjustment Factor” for each Reference Stock shall initially equal 1.0, subject
to adjustment as described under “Anti-dilution Adjustments.” 
 “Successor Reference Stock” shall have the
meaning set forth under “Anti-dilution Adjustments—Reorganization Events.” 
 “Third Review Date” shall mean
September 3, 2009, subject to postponement pursuant to the second bullet point under the definition of “Review Date.” 
 “Trading Day” shall mean a day on which, as determined by the Calculation Agent, trading is generally conducted on the NYSE, the American Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the
Chicago Mercantile Exchange, the Chicago Board Options Exchange and the over-the-counter market for equity securities in the United States. 
 “Trigger Event” shall mean an event that occurs if, on any Trading Day during the Observation Period, the Closing Price of either Reference Stock is below its Trigger Price. 
 “Trigger Price” shall mean, for any Reference Stock and any Trading Day, a dollar amount that represents 60% of such Reference
Stock’s Initial Share Price as of that Trading Day. The Trigger Price of each Reference Stock shall initially be as follows: 
  

				
	 Issuer
	  	Trigger Price
	 Wachovia Corporation
	  	$	18.246
	 JPMorgan Chase & Co.
	  	$	23.892

 “Trustee” shall have the meaning set forth on the reverse of this Security.

 All terms used but not defined in this Security are used herein as defined in the Calculation Agency Agreement or the Indenture.

 Calculation Agent 
 The Calculation
Agent will determine, among other things, the Closing Price of each Reference Stock on any Trading Day during the Observation Period; the Stock Adjustment Factor of each Reference Stock; anti-dilution adjustments and Reorganization Events; the
selection of any Successor Reference Stock; the Payment at Maturity, the payment upon Automatic Call or the Physical Settlement Amount, as applicable; as well as whether a Trigger Event has occurred. In addition, the Calculation Agent will determine
whether there has been a Market Disruption Event. All determinations and adjustments made by the Calculation Agent will be at the sole discretion of the Calculation Agent and will, in the absence of manifest error, be conclusive for all purposes and
binding on Holders and on the Company. The Company may appoint a different Calculation Agent from time to time after the date of the original issue of the Securities without the Holders’ consent and without notifying Holders. 
 Anti-dilution Adjustments 
 The Stock Adjustment
Factor for each Reference Stock is subject to adjustment by the Calculation Agent as a result of the anti-dilution and reorganization adjustments described in this section. 
  

 12 

 No adjustment to any Stock Adjustment Factor will be required unless the adjustment would require a
change of at least 0.1% in such Stock Adjustment Factor then in effect. A Stock Adjustment Factor resulting from any of the adjustments specified in this section will be rounded to the nearest one ten-thousandth with five one hundred-thousandths
being rounded upward. The Calculation Agent will not be required to make any adjustments to the Stock Adjustment Factor for any Reference Stock after the close of business on the Business Day immediately preceding the Maturity Date. 
 No adjustments to the Stock Adjustment Factor for any Reference Stock will be required other than those specified below. 
 The Calculation Agent shall be solely responsible for (1) the determination and calculation of any adjustments to the Stock Adjustment Factors and
of any related determinations and calculations with respect to any distributions of stock, other securities or other property or assets, including cash, in connection with any corporate event described in this section, and (2) the determination
of any Successor Reference Stock, and its determinations and calculations shall be conclusive absent manifest error. 
 The Company shall,
within ten Business Days following the occurrence of an event that requires an adjustment to any Stock Adjustment Factor (other than as a result of a Reorganization Event as described below), or if the Company is not aware of this occurrence, as
soon as practicable after becoming so aware, provide notice to the Calculation Agent, which shall provide written notice to the trustee, which shall provide notice to Holders of the occurrence of this event and, if applicable, a statement in
reasonable detail setting forth such adjusted Stock Adjustment Factor. 
 Stock Splits and Reverse Stock Splits 
 If a Reference Stock is subject to a stock split or reverse stock split, then once any such split has become effective, the Stock Adjustment Factor
relating to such Reference Stock will be adjusted so that the new Stock Adjustment Factor shall equal the product of: 
  

	 	•	 	 the prior Stock Adjustment Factor for such Reference Stock and 

  

	 	•	 	 the number of shares that a holder of one share of such Reference Stock before the effective date of that stock split or reverse stock split would have owned or
been entitled to receive immediately following the applicable effective date. 

 Stock Dividends or Distributions 

 If a Reference Stock is subject to a (i) stock dividend, i.e., a distribution of additional shares of such Reference Stock issued
ratably to all holders of shares of such Reference Stock, or (ii) distribution of shares of such Reference Stock as a result of the triggering of any provision of the corporate charter of the issuer of such Reference Stock, then, once the
dividend has become effective and the shares are trading ex-dividend, the Stock Adjustment Factor for such Reference Stock will be adjusted so that it equals the Stock Adjustment Factor before such adjustment plus the product of: 
  

	 	•	 	 the prior Stock Adjustment Factor for such Reference Stock, and 

  

 13 

	 	•	 	 the number of additional shares issued in the stock dividend with respect to one share of such Reference Stock. 

 Non-cash Distributions 
 If the
issuer of a Reference Stock distributes shares of capital stock, evidences of indebtedness or other assets or property of the issuer of the relevant Reference Stock to holders of such Reference Stock (other than (i) dividends, distributions and
rights or warrants referred to under “—Stock Splits and Reverse Stock Splits” and “—Stock Dividends or Distributions” and (ii) cash distributions or dividends referred under “—Cash Dividends or
Distributions”), then, once the distribution has become effective and the shares are trading ex-dividend, the Stock Adjustment Factor for such Reference Stock will be adjusted so that the new Stock Adjustment Factor for such Reference Stock
shall equal the product of: 
  

	 	•	 	 the Stock Adjustment Factor before such adjustment, and 

  

	 	•	 	 a fraction whose numerator is the Current Market Price of such Reference Stock and whose denominator is the amount by which such Current Market Price exceeds the
Fair Market Value of such distribution; provided that if the Fair Market Value of such distribution equals or exceeds the Current Market Price of such Reference Stock, the Calculation Agent shall determine in its sole discretion the appropriate
adjustment to the Stock Adjustment Factor for such Reference Stock. 

 The “Current Market Price” of a Reference
Stock means the arithmetic average of the Closing Prices of such Reference Stock for the ten Trading Days prior to the Trading Day immediately preceding the ex-dividend date of the distribution requiring an adjustment to the Stock Adjustment Factor
for such Reference Stock. 
 The “ex-dividend date” is, with respect to the distribution of a dividend, the first Trading Day on
which transactions in such Reference Stock trade on the Relevant Exchange without the right to receive that distribution. 
 The “Fair
Market Value” of any such distribution is the value of such distribution on the ex-dividend date for such distribution, as determined by the Calculation Agent. If such distribution consists of property traded on the ex-dividend date on a U.S.
national securities exchange, the Fair Market Value will equal the Closing Price of such distributed property on such ex-dividend date. 
 Notwithstanding the foregoing, a distribution on a Reference Stock described in clause (a), (d) or (e) of the section entitled “—Reorganization Events” below that also would require an adjustment under this section
shall not cause an adjustment to the Stock Adjustment Factor of such Reference Stock and shall be treated as a Reorganization Event only pursuant to clause (a), (d) or (e) under the section entitled “—Reorganization Events.”
A distribution on a Reference Stock described in the section entitled “—Issuance of Transferable Rights or Warrants” that also would require an adjustment under this section shall cause an adjustment only pursuant to the section
entitled “—Issuance of Transferable Rights or Warrants.” 
  

 14 

 Cash Dividends or Distributions 
 If the issuer of a Reference Stock pays dividends or makes other distributions consisting exclusively of cash to all holders of that Reference Stock
during any fiscal quarter during the term of the Securities, in an aggregate amount that, together with other such dividends or distributions made during such quarterly fiscal period, exceeds the Dividend Threshold, then, once the dividend or
distribution has become effective and the shares are trading ex-dividend, the Stock Adjustment Factor for such Reference Stock will be adjusted so that it equals the product of: 
  

	 	•	 	 the Stock Adjustment Factor before such adjustment, and 

  

	 	•	 	 a fraction whose numerator is the Current Market Price of such Reference Stock and whose denominator is the amount by which such Current Market Price exceeds the
amount in cash per share the issuer of such Reference Stock distributes to holders of such Reference Stock in excess of the Dividend Threshold; provided, however, that if the amount in cash per share of such dividend or distribution equals or
exceeds the Current Market Price of such Reference Stock, the Calculation Agent shall determine in its sole discretion the appropriate adjustment to the Stock Adjustment Factor for such Reference Stock. 

 “Dividend Threshold” shall mean the amount of any cash dividend or cash distribution distributed per share of a Reference Stock that exceeds
the immediately preceding cash dividend or other cash distribution, if any, per share of such Reference Stock by more than 10% of the Closing Price of such Reference Stock on the Trading Day immediately preceding the ex-dividend date. 
 Issuance of Transferable Rights or Warrants 
 If the issuer of a Reference Stock issues transferable rights or warrants to all holders of the relevant Reference Stock to subscribe for or purchase such Reference Stock, including new or existing rights to purchase such Reference Stock at
an exercise price per share less than the closing price of such Reference Stock on both (i) the date the exercise price of such rights or warrants is determined and (ii) the expiration date of such rights and warrants pursuant to a
shareholder’s rights plan or arrangement, and if the expiration date of such rights or warrants precedes the Maturity Date, then the Stock Adjustment Factor for such Reference Stock will be adjusted on the Business Day immediately following the
issuance of such transferable rights or warrants so that the new Stock Adjustment Factor for such Reference Stock equals the Stock Adjustment Factor before such adjustment plus the product of: 
  

	 	•	 	 the Stock Adjustment Factor before such adjustment and 

  

	 	•	 	 the number of shares of such Reference Stock that can be purchased with the cash value of such warrants or rights distributed on one share of such Reference Stock.

 The number of shares that can be purchased will be based on the Closing Price of such Reference Stock on the date on
which the new Stock Adjustment Factor for such Reference 

  

 15 

 
Stock is determined. The cash value of such warrants or rights, if the warrants or rights are traded on a U.S. national securities exchange, will equal the
closing price of such warrant or right, or, if the warrants or rights are not traded on a U.S. national securities exchange, the Calculation Agent will determine, in its good faith estimate, the price of such warrant or right on the date on which
the new Stock Adjustment Factor is determined, in its sole discretion. 
 Reorganization Events 
 If prior to the Maturity Date, 
  

	 	(a)	there occurs any reclassification or change of a Reference Stock, including, without limitation, as a result of the issuance of tracking stock by the issuer of such Reference Stock,

  

	 	(b)	the issuer of a Reference Stock, or any surviving entity or subsequent surviving entity of the issuer of a Reference Stock (a “Successor Entity”), has been subject to a
merger, combination or consolidation and is not the surviving entity, 

  

	 	(c)	any statutory exchange of securities of the issuer of a Reference Stock or any Successor Entity with another corporation occurs, other than pursuant to clause (b) above,

  

	 	(d)	the issuer of a Reference Stock is liquidated or is subject to a proceeding under any applicable bankruptcy, insolvency or other similar law, 

  

	 	(e)	the issuer of a Reference Stock issues to all of its shareholders equity securities of an issuer other than the issuer of such Reference Stock, other than in a transaction described
in clauses (b), (c) or (d) above (a “Spin-off Event”), or 

  

	 	(f)	a tender or exchange offer or going-private transaction is commenced for all the outstanding shares of the issuer of a Reference Stock and is consummated for all or substantially
all of such shares, as determined by the Calculation Agent in its sole discretion (an event in clauses (a) through (f), a “Reorganization Event”), 

 then, instead of adjusting the Stock Adjustment Factor for such Reference Stock, the Calculation Agent, in its sole discretion without consideration for the interests of investors, shall either: 
  

	 	(A)	determine a Successor Reference Stock (as defined below) to such Reference Stock that experiences any such Reorganization Event (the “Original Reference Stock”) after the
close of the principal trading session on the Trading Day immediately prior to the effective date of such Reorganization Event in accordance with the following paragraph (such successor reference stock as so determined, a “Successor Reference
Stock” and such successor reference stock issuer, a “Successor Reference Stock Issuer”); or 

  

	 	(B)	 deem the Closing Price and the Stock Adjustment Factor of such Original Reference Stock on the Trading Day immediately prior to the effective date of 

  

 16 

	 	 
such Reorganization Event to be the Closing Price (in the case of daily monitoring) (or the Price (in the case of continuous monitoring)) and the Stock
Adjustment Factor of such Original Reference Stock on every remaining Trading Day to, and including, the last Trading Day in the Observation Period. 

 Upon the determination by the Calculation Agent of any Successor Reference Stock pursuant to clause (A) of the preceding sentence, references in this Security to such “Reference Stock” shall no longer
be deemed references to the Original Reference Stock and shall be deemed instead to be references to any such Successor Reference Stock for all purposes, and references in Security to “issuer” of the Original Reference Stock shall be
deemed to be references to any such Successor Reference Stock Issuer. 
 Upon the selection of any Successor Reference Stock by the
Calculation Agent pursuant to clause (A) of the preceding sentence: 
  

	 	(i)	the Initial Share Price for such Successor Reference Stock will be the Closing Price of such Successor Reference Stock on the Trading Day immediately following the effective date of
the Reorganization Event multiplied by the Initial Share Price of the Original Reference Stock and divided by the Closing Price of the Original Reference Stock on the Trading Day immediately prior to the effective date of such Reorganization Event;

  

	 	(ii)	the Trigger Price for such Successor Reference Stock will be an amount that represents the same percentage of the Initial Share Price for such Successor Reference Stock as the
percentage of the Initial Share Price of the Original Reference Stock represented by the Trigger Price, if applicable, of the Original Reference Stock, as determined by the Calculation Agent; 

  

	 	(iii)	the Call Price for the Successor Reference Stock will be an amount that represents the same percentage of the Initial Share Price for the Successor Reference Stock as the percentage
of the Initial Share Price of the Original Reference Stock represented by the Trigger Price, if applicable, of the Original Reference Stock, as determined by the Calculation Agent; and 

  

	 	(iv)	the Stock Adjustment Factor for such Successor Reference Stock shall be 1.0, subject to adjustment for certain corporate events related to such Successor Reference Stock in
accordance with this “ Anti-dilution Adjustments” section. 

 For the avoidance of doubt, in the case of an issuance
by the issuer of a Reference Stock to all of its shareholders of equity securities of an issuer other than the issuer of such Reference Stock as described in clause (e) above, if the Closing Price of such Reference Stock as of the effective
date of such issuance does not increase or decline by at least 50% from the Initial Share Price of the relevant Reference Stock, such issuance shall not constitute a Reorganization Event and no adjustments shall be made under this “—
Reorganization Events” section. Instead, such Reference Stock will be subject to adjustments as described under “Non-cash Distributions” in this “Anti-dilution Adjustments” section. 
  

 17 

 The “Successor Reference Stock” will be the common stock of a U.S. company that is selected by
the Calculation Agent from among the common stocks of U.S. companies then registered to trade on the NYSE, the Nasdaq Global Select Market or the Nasdaq Global Market and that is not already a Reference Stock, with the same primary Standard
Industrial Classification Code (“SIC Code”) as the Original Reference Stock that, in the sole discretion of the Calculation Agent, is the most comparable to the Original Reference Stock, taking into account such factors as the Calculation
Agent deems relevant, including, without limitation, market capitalization, dividend history and stock price volatility; provided, however, that a Successor Reference Stock will not be any stock that is subject to a trading
restriction under the trading restriction policies of the Company or any of its affiliates that would materially limit the ability of the Company or any of its affiliates to hedge the Securities with respect to such stock (a “Hedging
Restriction”); provided further that if a Successor Reference Stock cannot be identified as set forth above for which a Hedging Restriction does not exist, the Successor Reference Stock will be selected by the Calculation Agent
from the largest market capitalization stock of a U.S. company within the same Division and Major Group classification (as defined by the Office of Management and Budget) as the primary SIC Code for the Original Reference Stock. 
 Following a Reorganization Event in which a Successor Reference Stock is selected, the Stock Adjustment Factor of the Successor Reference Stock will be
subject to adjustment as described above under this “Anti-dilution Adjustments” section, and, if no Successor Reference Stock is selected, the Original Reference Stock Issuer will, upon a subsequent Reorganization Event, be subject to the
election by the Calculation Agent described in clause (A) and (B) of the first paragraph under — Reorganization Events” in this “Anti-dilution Adjustments” section. 
 The Company shall, or shall cause the Calculation Agent to, provide written notice to the Trustee, the Company and The Depository Trust Company
(“DTC”) within thirty business days immediately following the effective date of any Reorganization Event, of the Successor Reference Stock Issuer, the Successor Reference Stock, the Trigger Price and the Initial Share Price for such
Successor Reference Stock, as well as the Original Reference Stock so replaced. 
  

 18 

 The following abbreviations, when used in the inscription on the face of the within Security, shall be
construed as though they were written out in full according to applicable laws or regulations: 
  

							
	TEN COM -	    	as tenants in common	    	UNIF GIFT MIN ACT - _________ Custodian  _________
		    		    	                          (Cust)             
     (Minor)

	TEN ENT -	    	as tenants by the entireties	    	under Uniform Gifts to Minors
	JT TEN -	    	as joint tenants with right of	    	Act	  	  

		    	Survivorship and not as tenants in common	    		  	(State)

 Additional abbreviations may also be used though not in the above list. 
                                       
                   
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
  

			
	 	 	
	 	
	 	 	

  
  
  

	
	 

 (Name and Address of Assignee, including zip code, must be printed or typewritten.) 
  
  

	
	 

 the within Security, and all rights thereunder, hereby irrevocably constituting and appointing 
  
  

	
	 

 to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 Dated: 
 __________________________________________ 
 NOTICE: The signature to this assignment must correspond with the name as it appears
upon the face of the within Security in every particular, without alteration or enlargement or any change whatever. 
 Signature(s) Guaranteed: 

___________________________ 
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED MEDALLION SIGNATURE GUARANTEE PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. 
  

 19

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