Document:

Exhibit 4.1

 

SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.

 

THIS OBLIGATION IS NOT
A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE
CORPORATION. THIS OBLIGATION IS SUBORDINATED TO THE CLAIMS OF DEPOSITORS AND THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE
COMPANY, IS INELIGIBLE AS COLLATERAL FOR A LOAN BY THE COMPANY OR ANY OF ITS SUBSIDIARIES AND IS UNSECURED.

 

THIS SUBORDINATED NOTE
WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $50,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED
TRANSFER OF SUCH NOTES IN A DENOMINATION OF LESS THAN $50,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID
AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH SECURITIES FOR ANY
PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON SUCH SECURITIES, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED
TO HAVE NO INTEREST WHATSOEVER IN SUCH SECURITIES.

 

THIS SUBORDINATED NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SUBORDINATED NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED,
SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION
IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SUBORDINATED NOTE BY
ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SUBORDINATED NOTE ONLY (A) TO THE COMPANY, (B) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO A “NON U.S. PERSON”
IN AN “OFFSHORE TRANSACTION” PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)
(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SUBORDINATED NOTE FOR ITS OWN ACCOUNT, OR FOR
THE ACCOUNT OF SUCH AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE
IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION

 

    	 	 	 

     

    

 

REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY
TO IT IN ACCORDANCE WITH THE SUBORDINATED NOTE PURCHASE AGREEMENT, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. THE HOLDER
OF THIS SUBORDINATED NOTE BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

 

THE HOLDER OF THIS SUBORDINATED
NOTE BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY
UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT OR AN APPLICABLE EXEMPTION THEREFROM.

 

IN CONNECTION WITH ANY
TRANSFER, THE HOLDER OF THIS SUBORDINATED NOTE WILL DELIVER TO THE COMPANY THE TRANSFER CERTIFICATE ATTACHED HERETO AND PROVIDE
SUCH OTHER INFORMATION AS MAY BE REASONABLY REQUIRED BY THE COMPANY TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

CERTAIN ERISA CONSIDERATIONS:

 

THE HOLDER OF THIS SUBORDINATED NOTE, OR ANY
INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL
RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”),
OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY,
AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN,
UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION
CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SUBORDINATED
NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE
AND HOLDING. ANY PURCHASER OR HOLDER OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS
PURCHASE AND HOLDING THEREOF THAT EITHER: (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION
4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE

 

    	 	 	 

     

    

 

BENEFIT PLAN OR PLAN, OR ANY OTHER
PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE OR (ii)
SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR
WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

 

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING
THE ACQUISITION OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING
THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN.

 

    	 	 	 

     

    

 

SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.

 

5.875%
Fixed to Floating Rate Subordinated Note 

DUE
JANUARY 31, 2027

 

	Certificate No.:  [·]	CUSIP: [·]
	 	 
	U.S. $[·]	Dated: January 20, 2017

 

FOR VALUE RECEIVED, the
undersigned, Southern National Bancorp of Virginia, Inc., a Virginia corporation (the “Company”), promises to
pay to the order of [·], or its registered assigns (collectively,
the “Holder”), the principal amount of $[·],
in the lawful currency of the United States of America, or such lesser or greater amount as shall then remain outstanding under
this Subordinated Note, at the times and in the manner provided herein, but no later than January 31, 2027 (the “Maturity
Date”), or such other date upon which this Fixed to Floating Rate Subordinated Note Due January 31, 2027 shall become
due and payable, whether by reason of extension, acceleration or otherwise, and to pay interest on such principal amount at the
initial rate of 5.875% per annum (computed on the basis of a 360-day year of twelve 30-day months) from January 20, 2017 until
but excluding January 31, 2022, on January 31st, April 30th, July 30th, and October 31st of each year (each, a “Fixed
Interest Payment Date”), provided that the first Fixed Interest Payment Date shall be April 30, 2017. Thereafter, the
Company will pay interest on the principal amount of this Subordinated Note at a variable rate equal to three month LIBOR (as defined
below) plus 395 basis points (computed on the basis of a 360-day year and the actual number of days elapsed in each month) payable
each January 31st, April 30th, July 30th, and October 31st (each a “Floating Interest Payment Date,” collectively
with the Fixed Interest Payment Dates, the “Interest Payment Dates”). The Holder entitled to the interest payment
on each such Interest Payment Date is the holder of record on the fifteenth calendar day of the month in which the relevant Interest
Payment Date occurs and at maturity. If any payment of interest or principal is not paid in full when the same becomes due and
payable, then interest will be compounded quarterly.

 

Reference is hereby made
to the further provisions of this Subordinated Note set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed.

 

    	 	 	 

     

    

 

 

	 	SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.
	 	 	 
	 	By:	 
	 	 	Name:	William H. Lagos
	 	 	Title:  	Senior Vice President and Chief Financial Officer

 

	ATTEST:	 	 
	 	 	 
	 	 	 

 

Signature Page to 5.875% Fixed to Floating
Rate 

Subordinated Note Due January 31, 2027

 

    	 	 	 

     

    

 

[REVERSE SIDE OF NOTE]

 

SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.

5.875%
Fixed to Floating Rate Subordinated NoteS due January 31, 2027

 

The Company promises to
pay interest on the principal amount of this Fixed to Floating Subordinated Note due January 31, 2027 (the “Subordinated
Note”), commencing on January 31, 2017 until january 31, 2027 (the “Maturity
Date”), or such earlier date as this Subordinated Note is paid in full, at the rate of simple interest set forth herein.
The unpaid principal balance of this Subordinated Note plus all accrued but unpaid interest thereon shall be due and payable on
the Maturity Date or such earlier date on which such amount shall become due and payable. This Subordinated Note is one of the
Subordinated Notes referred to in that certain Subordinated Note Purchase Agreement, dated January 20, 2017, among the Company,
the Holder and the other Purchasers named therein (the “Purchase Agreement”) and is entitled to the benefits
thereof. Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Purchase Agreement.

 

1.         Computation
and Payment of Interest. This Subordinated Note will bear interest at the initial rate of 5.875% per annum (computed
on the basis of a 360-day year of twelve 30-day months) from January 20, 2017 until but excluding January 31, 2022, payable in
arrears on January 31st, April 30th, July 30th, and October 31st of each year (each, a “Fixed Interest Payment Date”),
provided that the first Fixed Interest Payment Date shall be April 30, 2017. Thereafter, the Company will pay interest
on the principal amount of this Subordinated Note at a variable rate equal to three month LIBOR (as defined below) plus 395 basis
points (computed on the basis of a 360-day year and the actual number of days elapsed in each month) payable in arrears on January
31st, April 30th, July 30th, and October 31st, (each a “Floating Interest Payment Date,” collectively
with the Fixed Interest Payment Dates, the “Interest Payment Dates”). The Holder entitled to the interest payment
on each such Interest Payment Date is the holder of record on the fifteenth calendar day of the month in which the relevant Interest
Payment Date occurs and at maturity. Interest shall be computed on the basis of 30-day months and a year of 360 days up to, but
excluding January 31, 2022, and the amount of interest payable from and including January 31, 2022 will be computed on the basis
of a 360-day year and the number of days actually elapsed. The initial Fixed Interest Payment Date shall be April 30, 2017. If
any payment of interest or principal is not paid in full when the same becomes due and payable, then interest will be compounded
quarterly. Dollar amounts resulting from interest calculations will be rounded to the nearest cent, with one-half cent rounded
upward. “LIBOR” means the 3-month USD LIBOR, which will be the offered rate for 3-month deposits in U.S. dollars,
as that rate appears on the Bloomberg Page BBAM1 (or any successor page thereto) as of 11:00 a.m., London time, as observed two
London banking days prior to the first day of the applicable floating rate interest period and, if not displayed as of such time
with respect to any applicable floating rate interest period, then LIBOR will be LIBOR in effect for the floating rate interest
period preceding the floating interest period for which LIBOR is to be determined, or, with respect to the first floating rate
interest period, the most recent possible prior date (provided, that in the event that LIBOR is less than zero on any such measurement
date, then LIBOR will be deemed to be equal to zero as of such measurement date). A London banking

 

    	 	 	 

     

    

 

day is a day on which commercial
banks and foreign currency markets settle payments and are open for general business in London.

 

2.         Non-Business
Days. Whenever any payment to be made by the Company hereunder shall be stated to be due on a day that is not a Business Day,
such payment shall be made on the next succeeding Business Day without change in any computation of interest with respect to such
payment (or any succeeding payment). “Business Day” means any day other than a Saturday, Sunday or any
other day on which banking institutions in the Commonwealth of Virginia are permitted or required by any applicable law or executive
order to close.

 

3.         Transfer.
Except as otherwise provided herein or in the Purchase Agreement, this Subordinated Note is transferable in whole or in part, and
may be exchanged for a like aggregate principal amount of Subordinated Notes of other authorized denominations, by the Holder in
person, or by his attorney duly authorized in writing, at the Payment Office (as defined below). The Company or its agent (the
“Registrar”) shall maintain a register of each holder of the Subordinated Notes. The Company shall be entitled
to treat each Person in its register as the beneficial owner of this Subordinated Note. The Subordinated Notes will initially be
issued in certificated form, but may be issued in global and book-entry form as provided in Section 4 below. This Subordinated
Note may be transferred in whole or in part at the principal offices of the Company or Registrar, accompanied by due endorsement
or written instrument of transfer in the form attached hereto together with the purchaser acknowledgment. Upon such surrender and
presentment, the Company or the Registrar shall issue one or more Subordinated Notes, in authorized denominations, with an aggregate
principal amount equal to the aggregate principal amount of this Subordinated Note and registered in such name or names requested
by the holder of record (and, in the absence of an opinion of counsel reasonably satisfactory to the Company to the contrary, bearing
the restrictive legend(s) set forth hereinabove), and shall update its register accordingly. Such transferee shall be solely responsible
for delivering to the Company or the Registrar a mailing address or other information necessary for the Company or the Registrar
to deliver notices and payments to such transferee. The Company may also request evidence of compliance with any restrictive legends
appearing on this Subordinated Note in connection with any such proposed transfer. The Company will not be required to register
the transfer of or exchange this Subordinated Note within fifteen (15) calendar days of the Maturity Date or with respect to any
portion of this Subordinated Note called for redemption. No service charge will be made for any registration of transfer or exchange
of this Subordinated Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated
Note for other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments
or other governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from the
Holder requesting such transfer or exchange.

 

4.         Global
Subordinated Notes.

 

(a)         Immediately
after the issuance of this Subordinated Note, the Company shall take all commercially reasonable action to cause the Subordinated
Notes owned

 

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by each Holder that is a “qualified institutional buyer” as defined under Rule 144A under the Securities
Act of 1933, as amended, to be issued in the form of one or more global Subordinated Notes (each a “Global Subordinated
Note”) registered in the name of The Depository Trust Company or another organization registered as a clearing agency
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and designated as Depositary by
the Company or any successor thereto (the “Depositary”) or a nominee thereof and delivered to such Depositary
or a nominee thereof or custodian therefor.

 

(b)         Notwithstanding
any other provision herein, no Global Subordinated Note may be exchanged in whole or in part for Subordinated Notes registered,
and no transfer of a Global Subordinated Note in whole or in part may be registered, in the name of any Person other than the Depositary
for such Global Subordinated Note or a nominee thereof unless (i) such Depositary advises the Company in writing that such Depositary
is no longer willing or able to properly discharge its responsibilities as Depositary with respect to such Global Subordinated
Note, and no qualified successor is appointed by the Company within ninety (90) days of receipt by the Company of such notice,
(ii) such Depositary ceases to be a clearing agency registered under the Exchange Act and no successor is appointed by the Company
within ninety (90) days after obtaining knowledge of such event, or (iii) an Event of Default shall have occurred and be continuing.
Upon the occurrence of any event specified in clauses (i), (ii) or (iii) above, the Company or its agent shall notify the Depositary
and instruct the Depositary to notify all owners of beneficial interests in such Global Subordinated Note of the occurrence of
such event and of the availability of Subordinated Notes to such owners of beneficial interests requesting the same.

 

(c)         If
any Global Subordinated Note is to be exchanged for other Subordinated Notes or canceled in part, or if another Subordinated Note
is to be exchanged in whole or in part for a beneficial interest in any Global Subordinated Note, then either (i) such Global Subordinated
Note shall be so surrendered for exchange or cancellation as provided in this Section 4 or (ii) the principal amount thereof
shall be reduced or increased by an amount equal to the portion thereof to be so exchanged or canceled, or equal to the principal
amount of such other Subordinated Note to be so exchanged for a beneficial interest therein, as the case may be, by means of an
appropriate adjustment made on the records of the Company or Registrar, whereupon the Company or the Registrar, in accordance with
the applicable rules and procedures of the Depositary (“Applicable Depositary Procedures”), shall instruct the
Depositary or its authorized representative to make a corresponding adjustment to its records. Upon any such surrender or adjustment
of a Global Subordinated Note by the Depositary, accompanied by registration instructions, the Company shall execute and deliver
any Subordinated Notes issuable in exchange for such Global Subordinated Note (or any portion thereof) in accordance with the instructions
of the Depositary.

 

(d)         Every
Subordinated Note executed and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Subordinated
Note or any portion thereof shall be executed and delivered in the form of, and shall be, a Global Subordinated Note, unless such
Subordinated Note is registered in the name of a Person other than the Depositary for such Global Subordinated Note or a nominee
thereof.

 

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(e)         The
Depositary or its nominee, as the registered owner of a Global Subordinated Note, shall be the Holder of such Global Subordinated
Note for all purposes under this Subordinated Note, and owners of beneficial interests in a Global Subordinated Note shall hold
such interests pursuant to Applicable Depositary Procedures. Accordingly, any such owner’s beneficial interest in a Global
Subordinated Note shall be shown only on, and the transfer of such interest shall be effected only through, records maintained
by the Depositary or its nominee or its Depositary participants. The Registrar shall be entitled to deal with the Depositary for
all purposes relating to a Global Subordinated Note (including the payment of principal and interest thereon and the giving of
instructions or directions by owners of beneficial interests therein and the giving of notices) as the sole holder of the Subordinated
Note and shall have no obligations to the owners of beneficial interests therein. The Registrar shall have no liability in respect
of any transfers affected by the Depositary.

 

(f)         The
rights of owners of beneficial interests in a Global Subordinated Note shall be exercised only through the Depositary and shall
be limited to those established by law and agreements between such owners and the Depositary and/or its participants.

 

(g)         No
holder of any beneficial interest in any Global Subordinated Note held on its behalf by a Depositary shall have any rights with
respect to such Global Subordinated Note, and such Depositary may be treated by the Company and any agent of the Company as the
owner of such Global Subordinated Note for all purposes whatsoever. Neither the Company nor any agent of the Company will have
any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests
of a Global Subordinated Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
Notwithstanding the foregoing, nothing herein shall prevent the Company or any agent of the Company from giving effect to any written
certification, proxy or other authorization furnished by a Depositary or impair, as between a Depositary and such holders of beneficial
interests, the operation of customary practices governing the exercise of the rights of the Depositary (or its nominee) as Holder
of any Subordinated Note.

 

5.         Affirmative
Covenants of the Company. During the time that any portion of the principal balance of this Subordinated Note is unpaid and
outstanding, the Company shall take or cause to be taken the actions set forth below.

 

(a)         Payment of Principal
and Interest. The Company covenants and agrees for the benefit of the Holder that it will duly and punctually pay the principal
of, and interest on, this Subordinated Note, in accordance with the terms hereof. Principal and interest will be considered paid
on the date due if the Company or a subsidiary thereof holds as of 12:00 P.M., Eastern time, on any Interest Payment Date, an amount
in immediately available funds provided by the Company that is designated for and sufficient to pay all principal and interest
then due.

 

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(b)         Corporate Existence.
The Company will do or cause to be done all things necessary to preserve and keep in full force and effect: (i) the corporate existence
of the Company; (ii) the existence (corporate or other) of each subsidiary; and (iii) the rights (charter and statutory), licenses
and franchises of the Company and each of its subsidiaries; provided, however, that the Company will not be required to preserve
the existence (corporate or other) of any of its subsidiaries or any such right, license or franchise of the Company or any of
its subsidiaries if the Board of Directors of the Company determines that the preservation thereof is no longer desirable in the
conduct of the business of the Company and its subsidiaries taken as a whole and that the loss thereof will not be disadvantageous
in any material respect to the Holders.

 

(c)         Maintenance of
Properties. The Company will, and will cause each subsidiary to, cause all its properties used or useful in the conduct of
its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and
will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment
of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted
at all times; provided, however, that nothing in this Section will prevent the Company or any subsidiary from discontinuing the
operation and maintenance of any of their respective properties if such discontinuance is, in the judgment of the Board of Directors
of the Company or of any subsidiary, as the case may be desirable in the conduct of its business.

 

(d)         Compliance with
Laws. The Company and each of its subsidiaries shall comply with the requirements of all laws, regulations, orders, and decrees
applicable to it or its properties, except for such noncompliance that would not reasonably be expected to result in a material
adverse effect (i) in the condition (financial or otherwise), or in the earnings of the Company and its subsidiaries considered
as one enterprise, without or not arising in the ordinary course of business or (ii) on the ability of the Company to perform its
obligations under this Subordinated Note.

 

(e)         Taxes and Assessments.
The Company and each of its subsidiaries shall punctually pay and discharge all taxes when due, assessments, and other governmental
charges or levies imposed upon it or upon its income or upon any of its properties; provided, that no such taxes, assessments or
other governmental charges need be paid if they are being contested in good faith by the Company.

 

(f)         Compliance Certificate.
Not later than ninety (90) days following the end of each fiscal year of the Company, the Company shall provide the Holder with:
(i) a certificate (the “Compliance Certificate”), executed by the principal executive officer and principal
financial officer of the Company in their capacities as such, stating whether (A) the Company has complied with all notice
provisions and covenants contained in this Subordinated Note; (B) an Event of Default has occurred; (C) an event of default
has occurred under any other indebtedness of the Company; or (D) an event or events have occurred that in the

 

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reasonable judgment
of the management of the Company would have a material adverse effect on the ability of the Company to perform its obligations
under this Subordinated Note.

  

6.         Subordination.

 

(a)       The
indebtedness of the Company evidenced by this Subordinated Note, including the principal and interest, shall be subordinate and
junior in right of payment to its obligations to the holders of all Senior Indebtedness (as defined below) and such subordination
is for the benefit of and enforceable by the holders of such Senior Indebtedness.. In the event of any insolvency, receivership,
conservatorship, reorganization, readjustment of debt, marshaling of assets and liabilities or similar proceedings or any liquidation
or winding up of or relating to the Company, whether voluntary or involuntary, holders of all Senior Indebtedness shall be entitled
to be paid in full before any payment shall be made on account of the principal of or interest on this Subordinated Note. In the
event of any such proceedings, after payment in full of all sums owing on such prior obligations, the Holder, together with holders
of any obligations of the Company ranking on a parity with this Subordinated Note, shall be entitled to be paid from the
remaining assets of the Company the unpaid principal thereof and any interest thereon before any payment or other distribution,
whether in cash, property or otherwise, shall be made on account of any capital stock or any obligations of the Company ranking
junior to this Subordinated Note. Nothing herein shall impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Subordinated Note according to its terms. “Senior Indebtedness” means
the principal of, and premium, if any, and interest, if any, on each of the following, whether now outstanding, or created, assumed
or incurred in the future: (i) the Company’s obligations for money borrowed; (ii) indebtedness of the Company evidenced by
bonds, debentures, notes or similar instruments; (iii) similar obligations of the Company arising from off-balance sheet guarantees
and direct credit substitutes; (iv) reimbursement obligations of the Company with respect to letters of credit, bankers’
acceptances or similar facilities; (v) obligations of the Company issued or assumed as the deferred purchase price of property
or services (but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business); (vi) capital
lease obligations of the Company; (vii) obligations of the Company associated with derivative products including but not limited
to securities contracts, foreign currency exchange contracts, swap agreements (including interest rate and foreign exchange rate
swap agreements), cap agreements, floor agreements, collar agreements, interest rate agreements, foreign exchange rate agreements,
options, commodity futures contracts, commodity option contracts and similar financial instruments; (viii) a deferred obligation
of, or any such obligation, directly or indirectly guaranteed by, the Company which obligation is incurred in connection with the
acquisition of any business, properties or assets not evidenced by a note or similar instrument given in connection therewith;
(ix) debt of others described in the preceding clauses that Company has guaranteed or for which the Company is otherwise liable;
and (x) the Company’s obligations to general creditors; provided, that Senior Indebtedness excludes (A) any of the foregoing
if, in the instrument creating or evidencing that indebtedness, obligation or liability, or pursuant to which the same is outstanding,
it is expressly provided that the indebtedness, obligation or liability is not senior in right of payment to, is junior in right
of payment to or ranks equally in right of payment with, other specific types of indebtedness, obligations or liabilities of the
Company

 

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that include this Subordinated Note or other indebtedness, obligations or liabilities that rank equally with or junior
to this Subordinated Note, (B) any indebtedness, obligation or liability that is subordinated to indebtedness, obligation or liabilities
of the Company to substantially the same extent as or to a greater extent than the Notes are subordinated, and (C) the Subordinated
Notes and, unless expressly provided in the terms thereof, any indebtedness of the Company to its subsidiaries.

 

(b)       The
Holder, if a depository institution, waives any applicable right of offset by it as a lender.

 

7.         Events
of Default and Remedies

 

(a)       Notwithstanding
any cure periods described below, the Company shall immediately notify Holder in writing when the Company obtains knowledge of
the occurrence of any default specified below. Regardless of whether the Company has given the required notice, the occurrence
of one or more of the following will constitute an “Event of Default” under this Subordinated Note:

 

(i)         the
Company fails to pay any principal of or installment of interest on this Subordinated Note when due after a 15-day grace period;

 

(ii)        the
Company fails to keep or perform any of its agreements, undertakings, obligations, covenants or conditions under the Purchase Agreement
or this Subordinated Note not expressly referred to in another clause of this Section 7 and such failure continues for a period
of thirty (30) days after the Company has received notice thereof;

 

(iii)        any
certification made pursuant to the Purchase Agreement by the Company or otherwise made in writing in connection with or as contemplated
by the Purchase Agreement or this Subordinated Note by the Company shall be materially incorrect or false as of the delivery date
of such certification, or any representation to Holder by the Company as to the financial condition or credit standing of the Company
is or proves to be false or misleading;

 

(iv)        the
dissolution of the Company;

 

(v)        any
order or decree is entered by any court of competent jurisdiction directly or indirectly enjoining or prohibiting Holder or the
Company from performing any of their obligations under the Purchase Agreement or this Subordinated Note, and such order or decree
is not vacated, and the proceedings out of which such order or decree arose are not dismissed, within sixty (60) days after the
granting of such decree or order;

 

(vi)       the
Company (a) becomes insolvent or is unable to pay its debts as they mature, (b) makes an assignment for the benefit of creditors,
(c) admits in writing its inability to pay its debts as they mature, or (d) ceases to be a bank holding company or financial holding
company under the Bank Holding Company Act of 1956, as amended;

 

    	 	 7	 

     

    

 

(vii)       if,
pursuant to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, insolvency, dissolution or liquidation
law or statute of the federal government or any state government that, by its express terms, is applicable to the Company, (a)
any proceedings involving the Company are commenced by or against the Company, or (b) a trustee of all or any substantial part
of the assets of the Company is applied for or appointed, and the Company by any action or failure to act indicates its approval
of, consent to or acquiescence in any of the foregoing, or an order shall be entered approving the petition in such proceedings,
or approving the application for or appointment of such trustee, and within sixty (60) days after the entry of such order or such
appointment, such order or appointment is not vacated or stayed on appeal or otherwise, or shall not otherwise have ceased to continue
in effect; or

 

(viii)      the
Company applies for, consents to or acquiesces in the appointment of a receiver or conservator for itself, or in the absence of
such application, consent or acquiescence, a receiver or conservator is appointed for the Company.

 

(b)       Remedies
of Holders. Upon the occurrence of any Event of Default, Holder shall have the right, if such Event of Default shall then be
continuing, in addition to all the remedies conferred upon Holder by the terms of the Purchase Agreement or this Subordinated Note,
to do any or all of the following, concurrently or successively, without notice to the Company:

 

(i)         solely
pursuant to Section 7(a)(iv), 7(a)(vii) or 7(a)(viii), declare this Subordinated Note to be, and it shall thereupon become, immediately
due and payable, without presentation, demand, protest or notice of any kind, all of which are hereby expressly waived, anything
contained herein or in this Subordinated Note to the contrary;

 

(ii)        exercise
all of its rights and remedies at law or in equity, excluding the right, if any, to declare this Subordinated Note to be immediately
due and payable (such right to acceleration being governed solely by Section 7(b)(i); or

 

(iii)        if
the Bank ceases or elects to cease to be subject to the supervision and regulations of the Federal Reserve or similar regulatory
authority overseeing bank, thrift, savings and loan or financial holding companies or similar institutions requiring specifications
for the treatment of capital similar in nature to the capital adequacy guidelines under the Federal Reserve’s rules and regulations,
then Holder may declare this Subordinated Note to be, and it shall thereupon become, immediately due and payable upon the occurrence
of any Event of Default set forth in Section 7.

 

(c)       Distribution
Limitations Upon Event of Default. Following the occurrence of any Event of Default and until such Event of Default is cured
by the Company, the Company shall not (i) declare, pay or make any dividends or distributions on or in respect of, and will not
authorize or call, redeem, repurchase or retire, any Company capital stock (other than dividends payable solely in shares of Company
capital stock) or (ii) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt
of the Company that ranks equal with or junior to the Subordinated Notes. The limitations

 

    	 	 8	 

     

    

 

imposed by the provisions of this Section 7(c)
shall apply whether or not the Holder has notified the Company of an Event of Default.

 

(d)         Failure to Make Payments. In the
event of failure by the Company to make any required payment of principal or interest on this Subordinated Note (and, in the case
of payment of interest, such failure to timely pay shall have continued for 30 calendar days), the Company will, upon demand of
the Holder, pay to the Holder the amount then due and payable on this Subordinated Note for principal and interest (without acceleration
of the Subordinated Note in any manner), with interest on the overdue principal and interest at the rate borne by this Subordinated
Note, to the extent permitted by applicable law. If the Company fails to pay such amount upon such demand, the holder of this Subordinated
Note may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid and such further
amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of such Holder, its agents and counsel, may prosecute such proceeding to judgment or final decree and may enforce
the same against the Company and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the
property of the Company.

 

(e)         Other
Remedies. Nothing in this Section 7 is intended to restrict Holder’s rights under this Subordinated Note, other
related documents, or at law or in equity, and Holder may exercise such rights and remedies as and when they are available.

 

8.         Successors
to the Company.

 

(a)       Conditions
Applicable to Successors. The Company shall not merge with or into, nor sell all or substantially all of its assets to, any
Person unless:

 

(i)         except
in a case in which the Company is the surviving entity in a merger, such Person (the “Successor”) executes,
and delivers to the Holder, a copy of an instrument pursuant to which such Person assumes the due and punctual payment of the principal
of and interest on this Subordinated Note and the performance and observance of all the obligations of the Company under this Subordinated
Note, and

 

(ii)         immediately
after giving effect to the transaction, no Event of Default and no event which after notice or lapse of time or both would become
an Event of Default shall have occurred.

 

(b)       Successor
as Company. Upon compliance with this Section 8, the Successor shall succeed to and be substituted for the Company under
this Subordinated Note with the same effect as if the Successor had been named as the Company herein, and the Company shall be
released from the obligation to pay the principal of and interest accrued on the Note.

 

    	 	 9	 

     

    

 

9.         Amendments
and Waivers.

 

(a)        Amendment
of Notes. Except as otherwise provided in Section 8 hereof, and subject to any necessary regulatory approval, the Subordinated
Notes may, with the consent of the Company and the Holders of more than fifty percent (50%) of the aggregate outstanding principal
amount of the Subordinated Notes then outstanding, be amended or any provision, past or existing default, or non-compliance thereof
waived (or modify any previously granted waiver); provided, however, that, without the consent of each Holder of
an affected Subordinated Note, no such amendment or waiver may:

 

		(i)	reduce the principal amount of the Subordinated Note;

 

		(ii)	reduce the rate of or change the time for payment of interest on any Subordinated Note;

 

		(iii)	extend the maturity of any Subordinated Note;

 

		(iv)	make any change in Sections 6 through 9 hereof;

 

		(v)	make any change in Section 11 hereof that adversely affects the rights of any holder of a Subordinated
Note; or

 

		(vi)	disproportionately affect any of the Holders of the then outstanding Subordinated Notes.

 

(b)         Effectiveness
of Amendments. An amendment or waiver becomes effective in accordance with its terms and thereafter binds every holder of the
Subordinated Notes, unless otherwise provided by Section 9(a) above. After an amendment or waiver becomes effective, the Company
shall mail to the Holder a copy of such amendment or waiver. The Company may require the Holder to surrender this Subordinated
Note so that an appropriate notation concerning the amendment or waiver may be placed thereon or a new Subordinated Note, reflecting
the amendment or waiver, exchanged therefor. Even if such a notation is not made or such a new Subordinated Note is not issued,
such amendment or waiver and any consent given thereto by a Holder of this Subordinated Note shall be binding according to its
terms on any subsequent Holder of this Subordinated Note.

 

(c)         Amendments
Without Consent of Holders. Notwithstanding Section 9(a) hereof but subject to the proviso contained in subsections
(i) through (vi) therein, the Company may amend or supplement this Subordinated Note without the consent of the holders of the
Subordinated Notes to (i) cure any ambiguity, defect or inconsistency therein, (ii) provide for uncertificated Subordinated Notes
in addition to or in place of certificated Subordinated Notes or (iii) make any other change, in each case, that does not adversely
affect the rights of any holder of any Subordinated Note.

 

10.       Order
of Payments; Pari Passu. Any payments made hereunder shall be applied first against costs and expenses of the Holder hereunder;
then against interest due hereunder;

 

    	 	 10	 

     

    

 

and then against principal due hereunder. Holder acknowledges and agrees that the payment
of all or any portion of the outstanding principal amount of this Subordinated Note and all interest hereon shall be pari passu
in right of payment and in all other respects to the other Subordinated Notes. In the event Holder receives payments in excess
of its pro rata share of the Company’s payments to the holders of all of the Subordinated Notes, then Holder shall hold in
trust all such excess payments for the benefit of the holders of the other Subordinated Notes and shall pay such amounts held in
trust to such other holders upon demand by such holders.

 

11.       Optional
Redemption.

 

(a)       Redemption
Prior to Fifth Anniversary. This Subordinated Note shall not be redeemable by the Company prior to the fifth anniversary of
the effective date of this Subordinated Note, except that in the event (i) this Subordinated Note no longer qualifies as “Tier 2”
capital (as defined by the Board of Governors of the Federal Reserve) as a result of any amendment or change in interpretation
or application of law or regulation by any judicial, legislative or regulatory authority that becomes effective after the date
of issuance of this Subordinated Note, (ii) of a Tax Event (as defined below) or (iii) of an Investment Company Act Event
(as defined below), as amended, the Company may redeem this Subordinated Note, in whole or in part, at any time upon giving not
less than 10 days’ notice to the Holder of this Subordinated Note at an amount equal to 100% of the principal amount outstanding
plus accrued but unpaid interest to but excluding the redemption date. “Tax Event” means the receipt by the
Company of an opinion of counsel to the Company that as a result of any amendment to, or change (including any final and adopted
(or enacted) prospective change) in, the laws (or any regulations thereunder) of the United States or any political subdivision
or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting
or applying such laws or regulations, there exists a material risk that interest payable by the Company on the Subordinated Notes
is not, or within 120 days after the receipt of such opinion will not be, deductible by the Company, in whole or in part, for United
States federal income tax purposes. “Investment Company Act Event” means the receipt by the Company of an opinion
of counsel to the Company to the effect that there is a material risk that the Company is, or within 120 days of the date of such
opinion will be, considered an “investment company” that is required to register under the Investment Company Act of
1940, as amended.

 

(b)       Redemption
on or after Fifth Anniversary. On or after the fifth anniversary of the date hereof, subject to Section 9(c) hereof, this Subordinated
Note shall be redeemable by the Company, in whole at any time, or in part from time to time, at a redemption price equal to 100%
of the outstanding principal amount to be redeemed, plus accrued but unpaid interest thereon to but excluding the redemption date.

 

(c)       Notice
of Redemption. Notice of redemption of this Subordinated Note shall be given by first class mail, postage prepaid, addressed
to the Holder at its last address appearing on the books of the Company. Such mailing shall be at least thirty (30) days and not
more than sixty (60) days before the redemption date. Any notice mailed as provided in this Subordinated Note shall be conclusively
presumed to have been duly given, whether or not the

 

    	 	 11	 

     

    

 

Holder receives such notice, but failure duly to give such notice by mail,
or any defect in such notice or in the mailing thereof, to the Holder shall not affect the validity of the proceedings for the
redemption of any other holders of the Subordinated Notes. Each notice of redemption given to the Holder shall state: (i) the redemption
date; (ii) the principal amount of this Subordinated Note to be redeemed; (iii) the redemption price; and (iv) the place or places
where this Subordinated Note is to be surrendered for payment of the redemption price.

 

(d)       Partial
Redemption. If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall
be issued representing the unredeemed portion without charge to the Holder thereof and (ii) such redemption shall be effected on
a pro rata basis as to the Holders of the Subordinated Notes. For purposes of clarity, upon a partial redemption, a like percentage
of the principal amount of every Subordinated Note held by every Holder shall be redeemed; provided, that the Company may round
the portion to be redeemed of this Subordinated Note up or down so that the unredeemed amount remains an authorized denomination
hereunder, without any impact on the pro rata amount to be redeemed from other Holders.

 

(e)       Effectiveness
of Redemption. If notice of redemption has been duly given and if on or before the redemption date all funds necessary for
the redemption have been deposited by the Company, in trust for the pro rata benefit of the Holders of the Subordinated Notes called
for redemption, so as to be and continue to be available solely therefor, then, notwithstanding that any Subordinated Notes so
called for redemption have not been surrendered for cancellation, on and after the redemption date interest shall cease to accrue
on all Subordinated Notes so called for redemption, all Subordinated Notes so called for redemption shall no longer be deemed outstanding
and all rights with respect to such Subordinated Notes shall forthwith on such redemption date cease and terminate, except only
the right of the Holders thereof to receive the amount payable on such redemption held in trust, without interest. Any funds unclaimed
at the end of three years from the redemption date shall, to the extent permitted by law, be released to the Company, after which
time the Holders of the Subordinated Notes so called for redemption shall look only to the Company for payment of the redemption
price of such Subordinated Notes.

 

(f)       Regulatory Approvals. Any redemption
pursuant to this Section 11 shall be subject to receipt of any and all required federal and state regulatory approvals, including,
but not limited to, the prior approval of the Federal Reserve. In the case of any redemption of this Subordinated Note pursuant
to paragraphs (a) and (b) of this Section 11, the Company will give the holder hereof notice of redemption, which notice shall
indicate the aggregate principal amount of Subordinated Notes to be redeemed, not less than 30 nor more than 45 calendar days prior
to the redemption date.

 

12.       Notices.
All notices to the Company under this Subordinated Note shall be in writing and addressed to the Company at Southern National Bancorp
of Virginia, Inc., 6830 Old Dominion Drive, McLean, Virginia 22101, Attention: William H. Lagos, Senior Vice President & Chief
Financial Officer, or to such other address as the Company may notify to the Holder (the “Payment Office”).
All notices to the Holders shall be in writing and sent by first-

 

    	 	 12	 

     

    

 

class mail to each Holder at his or its address as set forth in
the Purchase Agreement. All notices shall be delivered in accordance with, and effective as provided in, the Purchase Agreement.

 

13.      Conflicts;
Governing Law; Venue. In the case of any conflict between the provisions of this Subordinated Note and the Purchase Agreement,
the provisions of this Subordinated Note shall control. This Subordinated Note shall be construed in accordance with, and be governed
by the laws of, the Commonwealth of Virginia without giving effect to any conflicts of law provisions of such laws. The jurisdiction
and venue with respect to any disputes related to this Subordinated Note shall be as set forth in the Purchase Agreement. This
Subordinated Note is intended to meet the criteria for qualification of the outstanding principal as Tier 2 Capital under the regulatory
guidelines of the Federal Reserve, and the terms hereof will be interpreted in a manner to satisfy such intent.

 

14.       Successors
and Assigns. This Subordinated Note shall be binding upon the Company and inure to the benefit of the Holder and its respective
successors and permitted assigns. The Holder may assign all, or any part of, or any interest in, the Holder’s rights and
benefits hereunder only to the extent and in the manner permitted in the Purchase Agreement. To the extent of any such assignment,
such assignee shall have the same rights and benefits against the Company and shall agree to be bound by and to comply with the
terms and conditions of the Purchase Agreement as it would have had if it were the Holder hereunder.

 

15.         Waivers.
Neither any failure nor any delay on the part of the Holder in exercising any right, power or privilege under this Subordinated
Note shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of
any other right, power or privilege.

 

16.         No
Sinking Fund; Convertibility. This Note is not entitled to the benefit of any sinking fund. This Note is not convertible into
or exchangeable for any of the equity securities, other securities or assets of the Company or any subsidiary.

 

    	 	 13	 

     

    

 

ASSIGNMENT FORM

 

To assign this all or a portion of
this Subordinated Note, fill in the form below:

 

The undersigned hereby assigns and
transfers $_________________ in principal of this Subordinated Note to:

 

	 
	(Print or type assignee’s name, address and zip code)
	 
	 
	(Insert assignee’s social security or tax I.D. No.)
	 

 

and irrevocably appoint Southern National Bancorp
of Virginia, Inc., as transfer agent, to transfer $_________________ in principal of this Subordinated Note on the books of Southern
National Bancorp, Inc. (the “Issuer”). The agent may substitute another to act for him.

 

	Date:  _____ ___, 20__	Your Signature:	______________

 

	Signature Guarantee:	 	 

 

	 	 

(Signature must be guaranteed)

	 
	Sign exactly as your name appears on the other side of this Subordinated Note.

 

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
signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”).

 

The signatory
hereto hereby certifies that it  ̈
is /  ̈ is not an Affiliate
of the Issuer and that, to its knowledge, the proposed transferee  ̈
is /  ̈
is not an Affiliate of the Issuer (as that term is defined in Rule 144(a)(1)-(2)).

 

In connection with any transfer or exchange
of any of the Note(s) evidenced by this certificate occurring prior to the date that is one year after the later of the date of
original issuance of such Notes and the last

 

    	 	 14	 

     

    

 

date, if any, on which such Notes were owned
by the Issuer or any Affiliate of the Issuer, the undersigned confirms that such Notes are being: 

	(1)	 ̈	acquired for the undersigned’s own account, without transfer; or
	 	 	 
	(2)	 ̈	transferred to the Issuer; or
	 	 	 
	(3)	 ̈	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
	 	 	 
	(4)	 ̈	transferred pursuant to an effective registration statement under the Securities Act; or
	 	 	 
	(5)	 ̈	transferred pursuant to and in compliance with Regulation S under the Securities Act; or
	 	 	 
	(6)	 ̈	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a signed letter containing certain representations and agreements; or
	 	 	 
	(7)	 ̈	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.

 

Unless one of the boxes is checked, the Issuer
will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered holder
thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuer may require, prior to registering
any such transfer of the Notes, in its sole discretion, such legal opinions, certifications and other information as the Issuer
may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such
Act.

 

	 	 
	 	Signature

 

    	 	 15	 

     

    

 

ACKNOWLEDGMENT OF PURCHASER

 

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
signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15.

 

TO BE COMPLETED BY PURCHASER IF NOTE IS BEING TRANSFERRED PURSUANT
TO AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”);.

 

The undersigned represents
and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning
of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A
or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

The representations and
warranties contained in this Assignment Form are accurate and complete to the best of my knowledge on the date hereof. The undersigned
hereby agrees and undertakes to notify immediately the Issuer, the transfer agent and the transferor of this Subordinated Note
of any development of which the undersigned becomes aware that renders the representation and warranties contained herein inaccurate
or incomplete.

 

The undersigned is familiar
with Rule 144A and agrees that, in connection with the sale of the Notes, the Issuer, its transfer agent, the transferor, and each
of their respective agents and representatives and counsel (collectively, the “Authorized Parties”) are relying
on the statements made herein. Each of the Authorized Parties may rely on such statements as if this Assignment Form were addressed
to it.

 

	 	 
	 	Signature

 

	 	Date: 	 

 

    	 	 16Exhibit 10.1

 

SUBORDINATED NOTE
PURCHASE AGREEMENT

 

This SUBORDINATED
NOTE PURCHASE AGREEMENT, dated as of January 20, 2017 (this “Agreement”), is by and among Southern
National Bancorp of Virginia, Inc., a Virginia corporation (the “Company”),
and each purchaser named on Schedule A (each, a “Purchaser,” and together, “Purchasers”).

 

BACKGROUND

 

The Company intends to sell to Purchasers,
and Purchasers intend to purchase from the Company, Fixed to Floating Rate Subordinated Notes due 2027 in the aggregate principal
amount of up to $27,000,000 in the form set forth on Exhibit A (the “Notes”) evidencing
unsecured subordinated debt of the Company.

 

NOW, THEREFORE, in consideration
of the premises, and of the representations, warranties, covenants and agreements set forth herein, the parties agree as follows:

 

Article
I

PURCHASE;
CLOSING

 

Section 1.1        Purchase.
On the terms and subject to the conditions set forth herein, and in consideration of each Purchaser’s payment of the Purchase
Price (as defined herein), each Purchaser will purchase from the Company, and the Company will sell to each Purchaser, severally
and not jointly, the Notes. The principal amount of the Notes to be delivered to each Purchaser is set forth next to such Purchaser’s
name on Schedule A.

 

Section 1.2        Closing.

 

(a)   
     Subject to the satisfaction or waiver of the conditions set forth in this Agreement, the
closing of the purchase of the Notes by Purchasers pursuant hereto (the “Closing”) shall occur at
10:00 a.m., Eastern time, on the date hereof, subject to the satisfaction or waiver (by the party entitled to grant such
waiver) of the conditions to the Closing set forth in this Agreement (other than those conditions that by their nature are to
be satisfied at the Closing, but subject to fulfillment or waiver at the Closing of those conditions), remotely via the
electronic or other exchange of documents and signature pages, or such other date or location as agreed in writing by the
parties. The date of the Closing is referred to as the “Closing Date.”

 

(b) 
       Subject to the satisfaction or waiver on the Closing Date of the applicable
conditions to the Closing in Section 1.2(c), at the Closing:

 

(i)          The
Company will deliver to each Purchaser, in the denominations set forth on Schedule A, a Note duly executed by the
Company; and

 

(ii)         Each
Purchaser will deliver the amount set forth next to its name and designated as its “Purchase Price” on Schedule
A to the Company by wire transfer of immediately available funds to the account provided to such Purchaser by the Company
(the “Purchase Price”).

 

(c)    
    Closing Conditions.

 

     

     

    

  

(i)          The
obligation of each Purchaser, on the one hand, and the Company, on the other hand, to effect the Closing is subject to the fulfillment
or written waiver by each Purchaser or the Company, as applicable, prior to the Closing of the following condition:

 

A.           no
provision of any applicable law or regulation and no judgment, injunction, order or decree shall prohibit the Closing or shall
prohibit or restrict Purchasers or their Affiliates from owning any Notes in accordance with the terms thereof and no lawsuit shall
have been commenced by any court, administrative agency or commission or other governmental authority or instrumentality, whether
federal, state, local or foreign, or any applicable industry self-regulatory organization (each, a “Governmental Entity”)
seeking such prohibition or restriction.

 

(ii)         The
obligation of each Purchaser to consummate the purchase of the Note to be purchased by it at Closing is also subject to the fulfillment
by the Company or written waiver by each Purchaser prior to the Closing of each of the following conditions:

 

A.           the
representations and warranties of the Company set forth in this Agreement shall be true and correct in all respects on and as of
the date of this Agreement and on and as of the Closing Date as though made on and as of the Closing Date, except where the failure
to be true and correct (without regard to any materiality or Material Adverse Effect qualifications contained therein), individually
or in the aggregate, would not be reasonably likely to have a Material Adverse Effect (and except that (i) representations and
warranties made as of a specified date shall only be required to be true and correct as of such date and (ii) the representations
and warranties of the Company set forth in Sections 2.2(b) (but only with respect to the last sentence thereof), 2.2(c) and 2.2(m)(4)
shall be true and correct in all respects);

 

B.           the
Company shall have performed in all material respects all obligations required to be performed by it at or prior to the Closing,
as the case may be, under this Agreement to be performed by it on or prior to the Closing Date;

 

C.           Each
Purchaser shall have received a certificate signed on behalf of the Company by a senior executive officer certifying to the effect
that the conditions set forth in Section 1.2(c)(ii)(A) and Section 1.2(c)(ii)(B) have been satisfied;

 

D.           any
governmental and other consents, approvals, authorizations, non-objections, applications, registrations and qualifications that
are required to be obtained in connection with or for the consummation of the transactions contemplated by this Agreement and the
performance of the Company’s obligations thereunder (the “Required Approvals”) shall have been
made or been obtained and shall be in full force and effect as of the Closing Date; provided, that no such Required Approval shall
impose any Burdensome Condition;

 

E.           since
the date hereof, no Material Adverse Effect shall have occurred;

 

F.           at
the Closing, the Company shall deliver to each Purchaser a certificate of the Secretary of the Company, in the form attached hereto
as Exhibit B (the “Secretary’s Certificate”), dated as of the Closing Date,
(i) certifying the resolutions adopted by the Board of Directors of the Company or a duly authorized committee thereof approving
the transactions contemplated by this Agreement and the issuance of the Notes under this Agreement, (ii) certifying the current
versions of the Certificate of Incorporation, as amended, and bylaws, as amended, of the Company, and (iii) certifying as to the
signatures and authority of persons signing this Agreement and related documents on behalf of the Company;

 

    	 	- 2 -	 

     

    

  

G.           at
the Closing, the Company shall deliver to Purchasers the opinion of Alston & Bird LLP, counsel to the Company, dated as of
the Closing Date, substantially in the form set forth at Exhibit C attached hereto addressed to the Purchasers;

 

H.           since
the date hereof, there shall not be any action taken, or any law, rule or regulation enacted, entered, enforced or deemed applicable
to the Company or the Company Subsidiaries, Purchasers or the transactions contemplated by this Agreement, by the Board of Governors
of the Federal Reserve System (the “Federal Reserve”) or any other Governmental Entity, whether in connection
with the Required Approvals or otherwise, which imposes any restriction or condition which any Purchaser determines, in its reasonable
good faith judgment, is materially and unreasonably burdensome on the Company’s or such Purchaser’s business or would
materially reduce the economic benefits of the transactions contemplated by this Agreement to such Purchaser to such a degree that
such Purchaser would not have entered into this Agreement had such condition or restriction been known to it on the date hereof
(any such condition or restriction, a “Burdensome Condition”), and, for the avoidance of doubt, (i) any
requirements to disclose the identities of limited partners, shareholders or members of such Purchaser or its Affiliates or its
investment advisors, other than the identities of Affiliates of such Purchaser, shall be deemed a Burdensome Condition unless otherwise
determined by such Purchaser in its sole discretion and (ii) any restrictions or conditions imposed on such Purchaser in any passivity
commitments shall not be deemed a Burdensome Condition;

 

I.           prior
to the Closing, the Company shall have secured a CUSIP number for the Notes; and

 

J.           prior
to, or contemporaneously with the Closing, each of the Purchasers set forth on Schedule A shall have actually subscribed for the
amounts set forth opposite such Purchaser’s name on Schedule A.

 

(iii)        The
obligation of the Company to effect the Closing is subject to the fulfillment or written waiver by the Company prior to the Closing
of the following additional conditions:

 

A.           the
representations and warranties of each Purchaser, as to that Purchaser only, set forth in this Agreement shall be true and correct
in all respects on and as of the date of this Agreement and on and as of the Closing Date as though made on and as of the Closing
Date, except where the failure to be true and correct (without regard to any materiality or Material Adverse Effect qualifications
contained therein) would not materially adversely affect the ability of such Purchaser to perform its obligations hereunder;

 

B.           each
Purchaser shall have performed in all material respects all obligations required to be performed by it at or prior to the Closing,
as the case may be, under this Agreement to be performed by it on or prior to the Closing Date;

 

C.           the
Required Approvals shall have been made or been obtained and shall be in full force and effect as of the Closing Date; provided,
that no such Required Approval shall impose any Burdensome Condition; and

 

D.           since
the date hereof, there shall not be any action taken, or any law, rule or regulation enacted, entered, enforced or deemed applicable
to the Company or the Company Subsidiaries, Purchasers or the transactions contemplated by this Agreement, by the Federal Reserve
or any other Governmental Entity, whether in connection with the Required Approvals or otherwise, which imposes any restriction
or condition that is a Burdensome Condition.         

 

    	 	- 3 -	 

     

    

  

Article
II

REPRESENTATIONS
AND WARRANTIES

 

Section 2.1          Disclosure.

 

(a)          As
used in this Agreement, any reference to any fact, change, circumstance or effect being “material” with
respect to the Company means such fact, change, circumstance or effect is material in relation to the business, assets, results
of operations or financial condition of the Company and the Company Subsidiaries taken as a whole. As used in this Agreement, the
term “Material Adverse Effect” means any circumstance, event, change, development or effect that, individually
or in the aggregate, (1) is material and adverse to the business, assets, results of operations or financial condition of the Company
and Company Subsidiaries taken as a whole or (2) would materially impair the ability of the Company to perform its obligations
under this Agreement or to consummate the Closing; provided, that in determining whether a Material Adverse Effect has occurred,
there shall be excluded any effect to the extent resulting from the following: (A) changes, after the date hereof, in U.S. generally
accepted accounting principles (“GAAP”) or regulatory accounting principles generally applicable to banks,
savings associations or their holding companies, (B) changes, after the date hereof, in applicable laws, rules and regulations
or interpretations thereof by Governmental Entities, (C) actions or omissions of the Company expressly required by the terms of
this Agreement or taken with the prior written consent of Purchasers, (D) changes in general economic, monetary or financial conditions
in the United States, (E) changes in global or national political conditions, including the outbreak or escalation of war or acts
of terrorism, or (F) the public disclosure of this Agreement or the transactions contemplated by this Agreement; provided, further,
however, that if any event described in clause (A), (B), (D) or (E) of this Section 2.1(b) occurs and such event has a materially
disproportionate effect on the Company relative to other banks, savings associations and their holding companies in the United
States, only then such event will be deemed to have had a Material Adverse Effect.

 

(b)          “Previously
Disclosed” with regard to a party means information set forth in any publicly available filing or report filed by
the Company with the United States Securities and Exchange Commission (the “SEC”) prior to the date hereof.

 

Section 2.2           Representations
and Warranties of the Company. Except as Previously Disclosed, the Company hereby represents and warrants to Purchasers, as
of the date of this Agreement and as of the Closing Date (except for the representations and warranties that are as of a specific
date, which shall be made as of that date), that:

 

(a)          Organization
and Authority. Each of the Company and the Company Subsidiaries is a corporation, bank or other entity duly organized and validly
existing under the laws of the jurisdiction of its incorporation or organization, is duly qualified to do business and is in good
standing in all jurisdictions where its ownership or leasing of property or the conduct of its business requires it to be so qualified
except where any failure to be so qualified would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect, and has the corporate or other organizational power and authority to own its properties and assets and to carry
on its business as it is now being conducted. The Company is duly registered as a bank holding company under the Bank Holding Company
Act of 1956, as amended, and under applicable state Laws.

 

(b)          Company
Subsidiaries. Other than SonaBank, a commercial bank organized under the laws of Virginia and a wholly owned subsidiary of
the Company (the “Bank” or the “Company Subsidiary”), the Company has no Subsidiaries.
The Company owns, directly or indirectly, all of its interests in the Bank free and clear of any and all Liens. The deposit accounts
of the Bank are insured by the Federal Deposit Insurance Corporation (“FDIC”) to the fullest extent permitted
by the

 

    	 	- 4 -	 

     

    

  

Federal Deposit Insurance Act, as amended
and the rules and regulations of the FDIC thereunder, and all premiums and assessments required to be paid in connection therewith
have been paid when due (after giving effect to any applicable extensions). The Company beneficially owns all of the outstanding
capital securities and has sole control of the Bank.

 

(c)         Authorization;
No Conflicts; No Defaults.

 

(i)          The
Company has the corporate power and authority to execute and deliver this Agreement and the Notes (collectively, the “Transaction
Documents”) and to perform its obligations hereunder and thereunder. The execution, delivery and performance of the
Transaction Documents by the Company and the consummation of the transactions contemplated hereby and thereby have been duly authorized
by all necessary corporate action on the part of the Company. The Board of Directors has duly approved the agreements and transactions
contemplated by the Transaction Documents. No other corporate proceedings are necessary for the execution and delivery by the Company
of the Transaction Documents, the performance by it of its obligations hereunder or thereunder or the consummation by it of the
transactions contemplated hereby or thereby. The Transaction Documents have been, and when delivered at the Closing will be, duly
and validly executed and delivered by the Company and, assuming due authorization, execution and delivery by Purchasers and the
other parties thereto, are, or in the case of documents executed after the date of this Agreement, will be, upon execution, the
valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms, except
as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar
laws of general applicability relating to or affecting creditors’ rights or by general equity principles (whether applied
in equity or at law).

 

(ii)         Neither
the execution and delivery by the Company of the Transaction Documents nor the consummation of the transactions contemplated hereby
or thereby, nor compliance by the Company with any of the provisions hereof or thereof, will (A) violate, conflict with, or result
in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would constitute
a default) under, or result in the termination of, or result in the loss of any benefit or creation of any right on the part of
any third party under, or accelerate the performance required by, or result in a right of termination or acceleration of, or result
in the creation of any liens, charges, adverse rights or claims, pledges, covenants, title defects, security interests and other
encumbrances of any kind (“Liens”) upon any of the properties or assets of the Company or any Company
Subsidiary, under any of the terms, conditions or provisions of (i) the articles of incorporation or bylaws (or similar governing
documents) of the Company and each Company Subsidiary or (ii) subject to receipt of any Requisite Governmental Consents, any
note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the Company
or any of the Company Subsidiaries is a party or by which it may be bound, or to which the Company or any of the Company Subsidiaries,
or any of the properties or assets of the Company or any of the Company Subsidiaries may be subject, or (B) subject to receipt
of any Requisite Governmental Consents, violate any Law applicable to the Company or any of the Company Subsidiaries or any of
their respective properties or assets except in the case of clause (A)(ii) of this paragraph for such violations, conflicts and
breaches as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(iii)        None
of the Company, the Bank or any other Subsidiary of the Company is in default in the performance, observance or fulfillment of
any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating, evidencing
or securing Indebtedness of any kind or pursuant to which any such Indebtedness is issued, or other agreement or instrument to
which the Company, Bank or any other Subsidiary of the Company is a party or by which

 

    	 	- 5 -	 

     

    

  

the Company, the Bank or any other Subsidiary
of the Company or their respective properties may be bound or affected, except, in each case, only such defaults that would not
reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on the Company. For purposes of this
Agreement, “Indebtedness” shall mean and include: (a) all items arising from the borrowing of money that, according
to GAAP as in effect from time to time, would be included in determining total liabilities as shown on the consolidated balance
sheet of the Company; and (b) all obligations secured by any lien in Property owned by the Company whether or not such obligations
shall have been assumed; provided, however, Indebtedness shall not include deposits or other indebtedness created, incurred or
maintained in the ordinary course of the Company’s or the Bank’s business (including, without limitation, federal funds
purchased, advances from any Federal Home Loan Bank, Federal Reserve Bank, secured deposits of municipalities and repurchase arrangements)
and consistent with customary banking practices and applicable laws and regulations.

 

(d)          Governmental
Consents. Other than with respect to any Required Approvals or any approval required under the securities or blue sky laws
of the various states (collectively, the “Requisite Governmental Consents”), no governmental consents
are necessary for the execution and delivery of the Transaction Documents or for the consummation by the Company of the transactions
contemplated hereby and thereby.

 

(e)          Litigation
and Other Proceedings. Except (i) as would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect and (ii) as Previously Disclosed, there is no pending or, to the Knowledge of the Company, threatened claim, action,
suit, arbitration, complaint, charge or investigation or proceeding against the Company or any Company Subsidiary or any of its
assets, rights or properties, nor is the Company or any Company Subsidiary a party or named as subject to the provisions of any
order, writ, injunction, settlement, judgment or decree of any court, arbitrator or government agency, or instrumentality. The
Company is in compliance in all material respects with all existing decisions, orders, and agreements of or with Governmental Entities
to which it is subject or bound.

 

(f)          Financial
Statements. Each of the audited consolidated balance sheets of the Company and the Company Subsidiaries and the related audited
consolidated statements of income (loss), statements of shareholders’ equity and comprehensive income (loss) and cash flows,
together with the notes thereto, for the years ended December 31, 2013, 2014 and 2015, and the unaudited consolidated balance sheets
of the Company and the Company Subsidiaries and the related audited consolidated statements of income (loss), statements of shareholders’
equity and comprehensive income (loss) and cash flows, together with the notes thereto, for the three and nine months ended September
30, 2016, all of which have been filed by the Company with the SEC, (collectively, the “Company Financial Statements”),
(1) have been prepared from, and are in accordance with, the books and records of the Company and the Company Subsidiaries, (2)
complied, as of their respective date of such filing, in all material respects with applicable accounting requirements, (3) have
been prepared in accordance with GAAP applied on a consistent basis, and (4) present fairly in all material respects the consolidated
financial position of the Company and the Company Subsidiaries at the dates and the consolidated results of operations, changes
in shareholders’ equity and cash flows of the Company and the Company Subsidiaries for the periods stated therein (except,
in the case of unaudited financial statements, to normal year-end adjustments and the fact that they do not contain all of the
footnotes disclosures required by GAAP). The Bank’s allowance for loan losses is in compliance in all material respects with
(A) the Bank’s methodology for determining the adequacy of its allowance for loan losses and (B) the standards established
by applicable Governmental Entities and the Financial Accounting Standards Board.

 

    	 	- 6 -	 

     

    

  

(g)          Reports.
Since December 31, 2013, the Company and each Company Subsidiary have filed all material reports, registrations, documents, filings,
statements and submissions, together with any required amendments thereto, that it was required to file with any Governmental Entity
(the foregoing, collectively, the “Company Reports”) and have paid all material fees and assessments
due and payable in connection therewith. As of their respective filing dates, the Company Reports complied in all material respects
with all statutes and applicable rules and regulations of the applicable Governmental Entities, as the case may be.

 

(h)          Books
and Records. The books and records of the Company and the Company Subsidiaries are complete and correct in all material respects.
No written or, to the Knowledge of the Company, oral notice or allegation of any material inaccuracies or discrepancies in such
books and records has been received by the Company. The records, systems, controls, data and information of the Company and the
Company Subsidiaries are recorded, stored, maintained and operated under means (including any electronic, mechanical or photographic
process, whether computerized or not) that are under the exclusive ownership and direct control of the Company or the Company Subsidiaries
or accountants (including all means of access thereto and therefrom), except for any non-exclusive ownership and non-direct control
that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(i)          Internal
Accounting Controls. The Company, the Bank and each other applicable Subsidiary of the Company has established and maintains
a system of internal control over financial reporting that pertain to the maintenance of records that accurately and fairly reflect
the transactions and dispositions of the Company’s assets (on a consolidated basis), provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that the Company’s and
the Bank’s receipts and expenditures are being made only in accordance with authorizations of Company management and Board
of Directors, and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition
of assets of the Company on a consolidated basis that could have a material effect on the financial statements. Such internal control
over financial reporting is effective to provide reasonable assurance regarding the reliability of the Company’s financial
reporting and the preparation of the Company’s financial statements for external purposes in accordance with GAAP. Since
the conclusion of the Company’s 2015 fiscal year there has not been and there currently is not (i) any significant deficiency
or material weakness in the design or operation of its internal control over financial reporting which is reasonably likely to
adversely affect its ability to record, process, summarize and report financial information, or (ii) any fraud, whether or
not material, that involves management or other employees who have a role in the Company’s or the Bank’s internal control
over financial reporting. The Company (A) has implemented and maintains disclosure controls and procedures reasonably designed
and maintained to ensure that material information relating to the Company is made known to the Chief Executive Officer and the
Chief Financial Officer of the Company by others within the Company and (B) has disclosed, based on its most recent evaluation
covering the period through December 31, 2015, to the Company’s outside auditors and the audit committee of the Company’s
Board of Directors that there exist no significant deficiencies and material weaknesses in the design or operation of internal
controls over financial reporting which are reasonably likely to adversely affect the Company’s internal controls over financial
reporting. Such disclosure controls and procedures are effective for the purposes for which they were established.

 

(j)          Off
Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company or any of the Company
Subsidiaries and an unconsolidated or other affiliated entity that is not reflected on the Company Financial Statements.

 

    	 	- 7 -	 

     

    

  

(k)          Risk
Management Instruments. All material derivative instruments, including swaps, caps, floors and option agreements entered into
for the Company’s or any of the Company Subsidiaries’ own account were entered into (1) only in the ordinary course
of business, (2) in accordance with prudent practices and in all material respects with all applicable Laws and (3) with counterparties
believed to be financially responsible at the time; and each of them constitutes the valid and legally binding obligation of the
Company or any Company Subsidiary, as applicable, enforceable in accordance with its terms. Neither the Company nor, to the Knowledge
of the Company, any other parties thereto is in breach of any of its material obligations under any such agreement or arrangement.

 

(l)          No
Undisclosed Liabilities. Except as Previously Disclosed, there are no liabilities of the Company or any of the Company Subsidiaries
of any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, except for (1) liabilities
adequately reflected or reserved against in accordance with GAAP in the Company Financial Statements and (2) liabilities that have
arisen in the ordinary and usual course of business and consistent with past practice since December 31, 2015 and that have not
or would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(m)          Absence
of Certain Changes. Since January 1, 2016, except as disclosed in the Company Financial Statements or otherwise Previously
Disclosed, (1) the Company and the Company Subsidiaries have conducted their respective businesses in all material respects in
the ordinary and usual course of business consistent with past practices, (2) none of the Company or any Company Subsidiary has
incurred any material liability or obligation, direct or contingent, for borrowed money, except borrowings in the ordinary course
of business, (3) the Company has not made or declared any distribution in cash or in kind to its shareholders or issued or repurchased
any shares of its capital stock, (4) through (and including) the date of this Agreement, no fact, event, change, condition, development,
circumstance or effect has occurred that has had or would reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect, and (5) no material default (or event which, with notice or lapse of time, or both, would constitute a material
default) exists on the part of the Company or any Company Subsidiary or, to the Knowledge of the Company, on the part of any other
party, in the due performance and observance of any term, covenant or condition of any agreement to which the Company or any Company
Subsidiary is a party and which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(n)          Compliance
with Laws. The Company and each Company Subsidiary have all permits, licenses, franchises, authorizations, orders and approvals
of, and have made all filings, applications and registrations with, Governmental Entities that are required in order to permit
them to own or lease their properties and assets and to carry on their business as presently conducted and that are material to
the business of the Company and each Company Subsidiary, except where the failure to have such permits, licenses, franchises, authorizations,
orders and approvals, or to have made such filings, applications and registrations, would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect. The Company and each Company Subsidiary have complied in all material respects
and (1) are not in default or violation in any respect of, (2) to the Company’s Knowledge, are not under investigation with
respect to, and (3) to the Company’s Knowledge, have not been threatened to be charged with or given notice of any material
violation of, any applicable material domestic (federal, state or local) or foreign law, statute, ordinance, license, rule, regulation,
policy or guideline, order, demand, writ, injunction, decree or judgment of any Governmental Entity (each, a “Law”),
other than such noncompliance, defaults or violations that would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect. Except for statutory or regulatory restrictions of general application, no Governmental Entity has placed
any material restriction on the business or properties of

 

    	 	- 8 -	 

     

    

  

the Company or any of the Company Subsidiaries.
As of the date hereof, the Bank has a Community Reinvestment Act rating of “satisfactory” or better.

 

(o)          Agreements
with Regulatory Agencies. Neither the Company nor any Company Subsidiary (A) is subject to any cease-and-desist or other similar
order or enforcement action issued by, (B) is a party to any written agreement, consent agreement or memorandum of understanding
with, (C) is a party to any commitment letter or similar undertaking to, or (D) is subject to any capital directive by, and
since December 31, 2013, neither of the Company nor any Company Subsidiary has adopted any board resolutions at the request of,
any Governmental Entity that currently restricts in any material respect the conduct of its business or that in any material manner
relates to its capital adequacy, its liquidity and funding policies and practices, its ability to pay dividends, its credit, risk
management or compliance policies, its internal controls, its management or its operations or business (each item in this sentence,
a “Regulatory Agreement”), nor has the Company nor any of the Company Subsidiaries been advised since
December 31, 2013 by any Governmental Entity that it is considering issuing, initiating, ordering, or requesting any such Regulatory
Agreement.

 

(p)          Brokers
and Finders. The Company has engaged FIG Partners LLC (the “Placement Agent”), a registered broker-dealer
subject to the rules and regulations of the Financial Industry Regulatory Authority (“FINRA”), in connection
with the offer and sale of the Notes as contemplated by the Transaction Documents. Except for such engagement, neither the Company
nor any of its officers, directors, employees or agents has employed any broker or finder or incurred any liability for any financial
advisory fees, brokerage fees, commissions or finder’s fees, and no broker or finder has acted directly or indirectly for
the Company in connection with the Transaction Documents or the transactions contemplated hereby or thereby.

 

(q)          Tax
Matters. The Company and each of the Company Subsidiaries has (i) filed all material foreign, U.S. federal, state and local
tax returns, information returns and similar reports that are required to be filed, and all such tax returns are true, correct
and complete in all material respects, and (ii) paid all material taxes required to be paid by it and any other material assessment,
fine or penalty levied against it other than taxes (x) currently payable without penalty or interest, or (y) being contested in
good faith by appropriate proceedings.

 

(r)          Offering
of Securities. Neither the Company nor any Person acting on its behalf has taken any action which would subject the offering,
issuance or sale of the Notes to the registration requirements of the Securities Act of 1933, as amended (the “Securities
Act”). Neither the Company nor any Person acting on its behalf has engaged or will engage in any form of general
solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with any offer
or sale of the Notes pursuant to the transactions contemplated by the Transaction Documents. Assuming the accuracy of Purchasers’
representations and warranties set forth in this Agreement, no registration under the Securities Act is required for the offer
and sale of the Notes by the Company to Purchasers.

 

(s)          Investment
Company Status. The Company is not, and upon consummation of the transactions contemplated by the Transaction Documents will
not be, an “investment company,” a company controlled by an “investment company” or an “affiliated
Person” of, or “promoter” or “principal underwriter” of, an “investment company,” as
such terms are defined in the Investment Company Act of 1940, as amended.

 

(t)          Representations
and Warranties Generally. The representations and warranties of Company set forth in this Agreement are true and correct as
of the date hereof and will be true and correct as of the Closing Date and as otherwise specifically provided herein. None of the
representations, warranties, covenants and agreements made in this Agreement or in any certificate or other document 

 

    	 	- 9 -	 

     

    

  

delivered to Purchasers by or on behalf of
Company pursuant to or in connection with this Agreement contains any untrue statement of a material fact or omits to state a material
fact or any fact necessary to make the statements contained therein not misleading in light of the circumstances when made and
as of the Closing Date.

 

(u)          Accuracy
of Representations. The Company acknowledges and understands that the Purchaser will rely upon the truth and accuracy of the
foregoing representations, acknowledgements and agreements in connection with the transactions contemplated by this Agreement,
and agrees that if any of the representations or acknowledgements made by it are no longer accurate as of the Closing Date, or
if any of the agreements made by it are breached on or prior to the Closing Date, it shall promptly notify the Purchaser.

 

Section 2.3           Representations
and Warranties of Purchasers. Each Purchaser, severally, but not jointly, hereby represents and warrants to the Company, as
of the date of this Agreement and as of the Closing Date (except to the extent made only as of a specified date, in which case
as of such date), that:

 

(a)          Organization
and Authority. Such Purchaser is duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization, is duly qualified to do business and is in good standing in all jurisdictions where its ownership or leasing
of property or the conduct of its business requires it to be so qualified and where failure to be so qualified would be reasonably
expected to materially and adversely affect such Purchaser’s ability to perform its obligations under this Agreement or consummate
the transactions contemplated by this Agreement on a timely basis, and such Purchaser has the corporate or other power and authority
and governmental authorizations to own its properties and assets and to carry on its business as it is now being conducted.

 

(b)         Authorization.

 

(i)          Such
Purchaser has the corporate or other power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
The execution, delivery and performance of this Agreement by such Purchaser and the consummation of the transactions contemplated
by this Agreement have been duly authorized by such Purchaser’s board of directors, general partner or managing members,
as the case may be (if such authorization is required), and no further approval or authorization by any of its partners or other
equity owners, as the case may be, is required. This Agreement has been duly and validly executed and delivered by such Purchaser
and assuming due authorization, execution and delivery by the Company, is a valid and binding obligation of such Purchaser enforceable
against such Purchaser in accordance with its terms (except as enforcement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’
rights or by general equity principles).

 

(ii)         Neither
the execution, delivery and performance by such Purchaser of this Agreement, nor the consummation of the transactions contemplated
by this Agreement, nor compliance by such Purchaser with any of the provisions hereof, will (A) violate, conflict with, or result
in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would constitute
a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination
or acceleration of, or result in the creation of any Lien upon any of the properties or assets of such Purchaser under any of the
terms, conditions or provisions of (i) its certificate of limited partnership, certificate of formation, operating agreement or
partnership agreement or similar governing documents or (ii) any note, bond, mortgage, indenture, deed of trust, license, lease,
agreement or other instrument or obligation to which such Purchaser is a party or by which it may be bound, or to which such Purchaser
or any of the properties or assets of such Purchaser may be subject, or

 

    	 	- 10 -	 

     

    

  

(B) subject to compliance with the statutes
and regulations referred to in the next paragraph, violate any law, statute, ordinance, rule or regulation, permit, concession,
grant, franchise or any judgment, ruling, order, writ, injunction or decree applicable to such Purchaser or any of its properties
or assets except in the case of clauses (A) (ii) and (B) for such violations, conflicts and breaches as would not reasonably be
expected to materially and adversely affect such Purchaser’s ability to perform its respective obligations under this Agreement
or consummate the transactions contemplated by this Agreement on a timely basis.

 

(iii)        No
notice to, registration, declaration or filing with, exemption or review by, or authorization, order, consent or approval of, any
Governmental Entity, nor expiration or termination of any statutory waiting period, is necessary for the consummation by such Purchaser
of the transactions contemplated by this Agreement.

 

(c)          Purchase
for Investment. Such Purchaser acknowledges that the Note has not been registered under the Securities Act or under any state
securities laws. Such Purchaser (1) is acquiring the Note pursuant to an exemption from registration under the Securities Act solely
for investment with no present intention to distribute the Note to any person, (2) will not sell or otherwise dispose of the Note,
except in compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable
securities laws, (3) has such knowledge and experience in financial and business matters and in investments of this type that it
is capable of evaluating the merits and risks of its investment in the Note and of making an informed investment decision, (4)
is an “accredited investor” (as that term is defined by Rule 501 of the Securities Act) and (5) became aware of the
offering of the Notes, and the Notes were offered to Purchaser, solely by direct contact between such Purchaser and the Company
or the Placement Agent, and not by any other means, including any form of “general solicitation” or “general
advertising” (as such terms are used in Regulation D under the Securities Act).

 

(d)          Qualified
Institutional Buyer. Each Purchaser is and will be on the Closing Date a “qualified institutional buyer” as such
term is defined in Rule 144A promulgated under the Securities Act (“QIB”).

 

(e)          Financial
Capability. At the Closing, such Purchaser shall have available funds necessary to consummate the Closing on the terms and
conditions contemplated by this Agreement.

 

(f)          Knowledge
as to Conditions. As of the date of this Agreement, such Purchaser does not know of any reason why any Required Approvals and,
to the extent necessary, any other approvals, authorizations, filings, registrations, and notices required or otherwise a condition
to the consummation by it of the transactions contemplated by this Agreement will not be obtained.

 

(g)          Brokers
and Finders. Neither such Purchaser nor its Affiliates, any of their respective officers, directors, employees or agents has
employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions or finder’s
fees, and no broker or finder has acted directly or indirectly for such Purchaser, in connection with this Agreement or the transactions
contemplated by this Agreement, in each case, whose fees the Company would be required to pay.

 

(h)          Investment
Decision. Such Purchaser, or the duly appointed investment manager of such Purchaser (the “Investment Manager”),
if applicable, has (1) reached its decision to invest in the Company independently from any other Person, (2) except with respect
to other Purchasers, has not entered into any agreement or understanding with any other Person to act in concert for the purpose
of

 

    	 	- 11 -	 

     

    

  

exercising a controlling influence over the
Company or any Company Subsidiary, including any agreements or understandings regarding the voting or transfer of shares of the
Company, (3) except with respect to other Purchasers, has not shared with any other Person proprietary due diligence materials
prepared by such Purchaser or its Investment Manager or any of its other advisors or representatives (acting in their capacity
as such) and used by its investment committee as the basis for purposes of making its investment decision with respect to the Company
or any Company Subsidiary, (4) has not been induced by any other Person to enter into the transactions contemplated by this Agreement,
and (5) except with respect to other Purchasers, has not entered into any agreement with any other Person with respect to the transactions
contemplated by this Agreement. Such Purchaser understands that nothing in this Agreement or any other materials presented by or
on behalf of the Company to such Purchaser in connection with the purchase of the Notes constitutes legal, tax or investment advice.
Such Purchaser has consulted such accounting, legal, tax and investment advisors as it has deemed necessary or appropriate in connection
with its purchase of the Notes.

 

(i)          Ability
to Bear Economic Risk of Investment. Such Purchaser recognizes that an investment in the Note involves substantial risk, and
has the ability to bear the economic risk of the prospective investment in the Note, including the ability to hold the Note indefinitely,
and further including the ability to bear a complete loss of all of its investment in the Company.

 

(j)          Information.
Such Purchaser acknowledges that: (i) it is not being provided with the disclosures that would be required if the offer and
sale of the Note were registered under the Securities Act, nor is it being provided with any offering circular or prospectus prepared
in connection with the offer and sale of the Note; (ii) it has conducted its own examination of the Company and the terms
of the Note to the extent it deems necessary to make its decision to invest in the Note; and (iii) it has availed itself of
public access to financial and other information concerning the Company to the extent it deems necessary to make its decision to
purchase the Note. It has reviewed the information set forth in the exhibits hereto. It acknowledges that it and its advisors have
been furnished with all materials relating to the business, finances and operations of the Company that have been requested of
it or its advisors and have been given the opportunity to ask questions of, and to receive answers from, persons acting on behalf
of the Company concerning terms and conditions of the transactions contemplated by this Agreement in order to make an informed
and voluntary decision to enter into this Agreement.

 

(k)          Placement
Agent. Such Purchaser will purchase the Note directly from the Company and not from the Placement Agent, is not relying on
the Placement Agent in any manner with respect to its decision to purchase the Note, and understands that neither the Placement
Agent nor any other broker or dealer has any obligation to make a market in the Notes.

 

(l)          Restricted
Securities. Such Purchaser understands that the Notes are characterized as “restricted securities” under the Securities
Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under the Securities
Act and the rules and regulations thereunder, such securities may be resold without registration under the Securities Act only
in limited circumstances. Such Purchaser represents that it understands the resale limitations imposed by Rule 144 promulgated
under the Securities Act and by the Securities Act on the Notes.

 

(m)          Accuracy
of Representations. Such Purchaser understands that each of the Placement Agent and the Company will rely upon the truth and
accuracy of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated by
this Agreement, and agrees that if any of the representations or acknowledgements made by it are no longer accurate as of the Closing
Date, or if any of the agreements made by it are breached on or prior to the Closing Date, it shall promptly notify the Placement
Agent and the Company.

 

    	 	- 12 -	 

     

    

  

Article
III

COVENANTS

 

Section 3.1          Filings;
Other Actions.

 

(a)          Each
Purchaser, on the one hand, and the Company, on the other hand, will cooperate and consult with the other and use reasonable best
efforts to prepare and file all necessary documentation, to effect all necessary applications, notices, petitions, filings and
other documents, and to obtain all necessary permits, consents, orders, approvals and authorizations of, or any exemption by, all
third parties and Governmental Entities, and the expiration or termination of any applicable waiting period, necessary or advisable
to consummate the transactions contemplated by this Agreement, to perform the covenants contemplated by this Agreement, to satisfy
all of the conditions precedent to the obligations of such party thereto and defend any claim, action, suit, investigation or proceeding,
whether judicial or administrative, challenging this Agreement or the performance of the obligations hereunder; provided, that
nothing in this Agreement shall obligate such Purchaser to disclose the identities of limited partners, shareholders or members
of such Purchaser or its Affiliates or investment advisors or other confidential proprietary information of such Purchaser or any
of its Affiliates (collectively, “Proprietary Information”). All parties shall execute and deliver both
before and after the Closing such further certificates, agreements and other documents and take such other actions as the other
parties may reasonably request to consummate or implement such transactions or to evidence such events or matters. Each Purchaser
and the Company will have the right to review in advance, and to the extent practicable each will consult with the other, in each
case subject to applicable Laws relating to the exchange of information, all the information (other than Proprietary Information)
relating to such other parties, and any of their respective Affiliates, which appears in any filing made with, or written materials
submitted to, any third party or any Governmental Entity in connection with the transactions to which it will be party contemplated
by this Agreement. In exercising the foregoing right, each of the parties hereto agrees to act reasonably and as promptly as practicable.
All parties hereto agrees to keep the other parties apprised of the status of matters referred to in this Section 3.1(a). Each
Purchaser shall promptly furnish the Company, and the Company shall promptly furnish each Purchaser, to the extent permitted by
applicable Law, with copies of written communications received by it or its Subsidiaries from, or delivered by any of the foregoing
to, any Governmental Entity in respect of the transactions contemplated by this Agreement. Notwithstanding the foregoing, in no
event shall any Purchaser be required to become a bank holding company, accept any Burdensome Condition in connection with the
transactions contemplated by this Agreement, or be required to agree to provide capital to the Company or any Company Subsidiary
thereof other than the Purchase Price to be paid for the Notes to be purchased by it pursuant to the terms of, subject to the conditions
set forth in, this Agreement.

 

(b)          Each
Purchaser, on the one hand, agrees to furnish the Company, and the Company, on the other hand, agrees, upon request, to furnish
to such Purchaser, in each case to the extent legally permissible and not in contravention of any contractual obligation, all information
concerning itself, its Affiliates, directors, officers, partners and shareholders and such other matters as may be reasonably necessary
in connection with any statement, filing, notice or application made by or on behalf of such other parties or any of its Subsidiaries
to any Governmental Entity in connection with the Closing and the other transactions contemplated by this Agreement; provided,
that such Purchaser shall only be required to provide information only to the extent typically provided by such Purchaser to such
Governmental Entities under such Purchaser’s policies consistently applied and subject to such confidentiality requests as
such Purchaser shall reasonably seek.

 

    	 	- 13 -	 

     

    

  

Section 3.2          Access,
Information and Confidentiality.

 

(a)          From
the date hereof until the Closing Date, the Company will furnish to Purchasers and their Affiliates (and their financial and professional
advisors and representatives), and permit Purchasers, their Affiliates and their representatives access during the Company’s
normal business hours, to such information and materials relating to the financial, business and legal condition of the Company
as may be reasonably necessary or advisable to allow Purchasers to become and remain familiar with the Company and to confirm the
accuracy of the representations and warranties of the Company in this Agreement and the compliance with the covenants and agreements
by the Company in this Agreement.

 

(b)          All
parties hereto will hold, and will cause its respective Affiliates and its and their respective directors, officers, employees,
agents, consultants and advisors to hold, in strict confidence, unless disclosure to a Governmental Entity is necessary in connection
with any necessary regulatory approval, examination or inspection or unless disclosure is required by judicial or administrative
process or, by other requirement of Law or the applicable requirements of any Governmental Entity or relevant stock exchange (in
which case, the party disclosing such information shall provide the other parties with prior written notice of such permitted disclosure),
all non-public records, books, contracts, instruments, computer data and other data and information (collectively, “Information”)
concerning the other parties hereto furnished to it by or on behalf of such other parties or its representatives pursuant to this
Agreement (except to the extent that such information can be shown to have been (1) previously known by such party on a non-confidential
basis, (2) publicly available through no fault of such party or (3) later lawfully acquired from other sources by such party),
and no party hereto shall release or disclose such Information to any other person, except its auditors, attorneys, financial advisors,
other consultants and advisors, provided, that Purchasers shall be permitted to disclose Information to any of their limited partners
who are subject to obligations to keep such Information confidential in accordance with this Section 3.2.

 

Section 3.3          Conduct
of the Business. Prior to the earlier of the Closing Date and the termination of this Agreement pursuant to Section 5.1 (the
“Pre-Closing Period”), the Company shall, and shall cause each Company Subsidiary to, use commercially
reasonable efforts to carry on its business in the ordinary course of business and use reasonable best efforts to maintain and
preserve its and such Company Subsidiary’s business (including its organization, assets, properties, goodwill and insurance
coverage) and preserve its business relationships with customers, strategic partners, suppliers, distributors and others having
business dealings with it; provided, that nothing in this sentence shall limit or require any actions that the Board of Directors
may, in good faith, determine to be inconsistent with their duties or the Company’s obligations under applicable Law.

 

Article
IV

ADDITIONAL
AGREEMENTS

 

Section 4.1          No
Control. No Purchaser shall, without the prior consent of the Company, contribute capital to the Company or acquire an amount
of voting securities of the Company that in either case would cause such Purchaser to be deemed to control the Company for purposes
of the Bank Holding Company Act of 1956, as amended, or the Change in Bank Control Act of 1978, as amended.

 

Section 4.2          Legend.

 

(a)          Purchasers
agree that all certificates or other instruments, if any, representing the Notes subject to this Agreement will bear a legend substantially
to the following effect:

 

    	 	- 14 -	 

     

    

  

THIS OBLIGATION
IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT
INSURANCE CORPORATION. THIS OBLIGATION IS SUBORDINATED TO THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE COMPANY, IS INELIGIBLE
AS COLLATERAL FOR A LOAN BY THE COMPANY OR ANY OF ITS SUBSIDIARIES AND IS UNSECURED.THIS SUBORDINATED NOTE WILL BE ISSUED AND MAY
BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $50,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF SUCH
NOTES IN A DENOMINATION OF LESS THAN $50,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL
EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH SECURITIES FOR ANY PURPOSE, INCLUDING,
BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON SUCH SECURITIES, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST
WHATSOEVER IN SUCH SECURITIES.

 

THIS SUBORDINATED NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SUBORDINATED NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED,
SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION
IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SUBORDINATED NOTE BY
ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SUBORDINATED NOTE ONLY (A) TO THE COMPANY, (B) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO A “NON U.S. PERSON”
IN AN “OFFSHORE TRANSACTION” PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)
(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SUBORDINATED NOTE FOR ITS OWN ACCOUNT, OR FOR
THE ACCOUNT OF SUCH AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE
IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT
TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO
IT IN ACCORDANCE WITH THE SECURITIES PURCHASE AGREEMENT, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. THE HOLDER OF THIS SUBORDINATED
NOTE BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

 

    	 	- 15 -	 

     

    

  

THE HOLDER OF THIS SUBORDINATED
NOTE BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY
UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT OR AN APPLICABLE EXEMPTION THEREFROM.

 

IN CONNECTION WITH
ANY TRANSFER, THE HOLDER OF THIS SUBORDINATED NOTE WILL DELIVER TO THE COMPANY THE TRANSFER CERTIFICATE ATTACHED HERETO AND PROVIDE
SUCH OTHER INFORMATION AS MAY BE REASONABLY REQUIRED BY THE COMPANY TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

(b)          Subject
to Section 4.2(a), the restrictive legend set forth in Section 4.2(a), above shall be removed and the Company shall issue a certificate
without such restrictive legend to the holder of the applicable Notes upon which it is stamped or issue to such holder by electronic
delivery at the applicable balance account at the Depository Trust Company (“DTC”), as applicable, if
(1) such Notes are registered for resale under the Securities Act, (2) such Notes are sold or transferred pursuant to Rule 144
(if the transferor is not an Affiliate of the Company), or (3) such Notes are eligible for sale under Rule 144, without the requirement
for the Company to be in compliance with the current public information required under Rule 144 as to such securities and without
volume restrictions. Following the earlier of (A) the sale of the Notes pursuant to an effective registration statement or pursuant
to Rule 144 or (B) Rule 144 becoming available for the resale of Notes, without the requirement for the Company to be in compliance
with the current public information required under Rule 144 as to the Notes and without volume restrictions, upon receipt by the
Company of an opinion of counsel to any Purchaser regarding the removal of such legend set forth in Section 4.2(a), the Company
shall instruct its transfer agent to remove such legend above from the Notes. Any fees associated with the removal of such legend
(other than with respect to a Purchaser’s counsel) shall be borne by the Company. If a legend is no longer required pursuant
to the foregoing, the Company will no later than three business days following the delivery by Purchasers to the Company or the
transfer agent (with notice to the Company) of a legended certificate or instrument representing such Notes (endorsed or with stock
powers attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer, an opinion of
counsel to such Purchasers) and a representation letter to the extent required, deliver or cause to be delivered to Purchasers
a certificate or instrument (as the case may be) representing such Notes that is free from the restrictive legend set forth in
Section 4.2(a). Notes free from all restrictive legends may be transmitted by the transfer agent to Purchasers by crediting the
account of Purchasers’ prime broker with DTC as directed by such Purchasers, provided that the Notes are DTC eligible
at such time. Purchasers acknowledge that the Notes have not been registered under the Securities Act or under any state securities
laws and agrees that they will not sell or otherwise dispose of any of the Notes, except in compliance with the registration requirements
or exemption provisions of the Securities Act and any other applicable securities laws and this Agreement.

 

Section 4.3           Transfer
Taxes. On the Closing Date, all transfer or other similar taxes which are required to be paid in connection with the sale and
transfer of the Notes to be sold to the Purchasers hereunder will be, or will have been, fully paid or provided for by the Company,
and all Laws imposing such taxes will be or will have been complied with.

 

Section 4.4           Bloomberg.
Within 30 days after Closing, the Company will utilize its commercially reasonable efforts to have the Notes quoted on Bloomberg.

 

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Section 4.5          DTC
Registration. The Company shall use commercially reasonable efforts to cause the Notes to be registered in the name of DTC
as contemplated by Section 4(a) of the Note as soon as commercially practicable after the Closing Date.

 

Section 4.6          Secondary
Market Transactions. Each Purchaser shall have the right at any time and from time to time to securitize the Notes owned by
such Purchaser or any portion thereof in a single asset securitization or a pooled loan securitization of rated single or multi-class
securities secured by or evidencing ownership interests in the Notes (each such securitization is referred to herein as a “Secondary
Market Transaction”). In connection with any such Secondary Market Transaction, the Company shall, at such Purchaser's
expense, use commercially reasonable efforts and cooperate fully and in good faith with Purchasers and otherwise assist Purchasers
in satisfying the market standards to which Purchasers customarily adhere or which may be reasonably required in the marketplace
or by applicable rating agencies in connection with any such Secondary Market Transactions. All information regarding the Company
may be furnished, without liability to any Purchaser, to any Person deemed necessary by Purchaser in connection with such Secondary
Market Transaction. All documents, financial statements, appraisals and other data relevant to the Company or the Notes may be
exhibited to and retained by any such Person.

 

Section 4.7          Tier
2 Capital. If all or any portion of the Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed
on the capital treatment of subordinated debt during the five years immediately preceding the maturity date of the Notes, the Company
will immediately notify the Purchasers, and thereafter the Company and the Purchasers will work together in good faith to execute
and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced
by the Notes to qualify as Tier 2 Capital.

 

Section 4.8          Failure
to Register. The Company will use commercially reasonable efforts to cause the Notes to be registered in the name of DTC as
contemplated by Section 4(a) of the Note. If within 180 days after Closing, the Company has not secured a quotation on Bloomberg
for the Notes or the Notes are not registered in the name of DTC as contemplated by Section 4.5 hereof, the Company will pay Purchaser
an amount equal to $5,000 per month (prorated for any partial month) for each month such obligation to secure quotation or registration
has not been satisfied (a “Delinquent Month”), with such payment due on the tenth day of the month following
each Delinquent Month.

 

Section 4.9          Indemnification.

 

(a)            Indemnification
of Each Purchaser. Company shall indemnify and hold each Purchaser and its respective advisors, directors, officers, shareholders,
members, partners, employees, agents and Affiliates (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding a lack of such title or any other title), each Person who controls a Purchaser (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members,
partners, employees or Affiliates (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding
a lack of such title or any other title) of such controlling person (each, a “Company Indemnified Person”)
harmless from and against any and all losses, liabilities, obligations, claims, damages, costs and expenses actually and reasonably
incurred by such Company Indemnified Person, including all judgments, amounts paid in settlements, court costs and reasonable
attorneys’ fees and costs of investigation (collectively, “Losses”) that any such Company Indemnified
Person may suffer or incur as a result of: (i) any breach of any of the representations, warranties, covenants or agreements
made by Company in this Agreement, or (ii) any action instituted against a Company Indemnified Person in any capacity, or
any of them or their respective Affiliates, by any shareholder of Company or other third party who is not a Purchaser, an

 

    	 	- 17 -	 

     

    

  

Affiliate of a Purchaser,
or an  Affiliate of such Company Indemnified Person,
with respect to any of the transactions contemplated by this Agreement. Company will not be liable to any Company Indemnified Person
under this Agreement to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Company
Indemnified Person’s material breach of any of the representations, warranties, covenants or agreements made by such Company
Indemnified Person in this Agreement or attributable to the material actions or material inactions of such Company Indemnified
Person.

 

(b)          Indemnification
of Company. Each Purchaser, severally, and not jointly with the other Purchasers, shall indemnify Company for Losses incurred
by Company and each Purchaser Indemnified Person (as defined below) that arise directly from such Purchaser's actions or failure
to act (and not from the actions or failure to act of the other Purchasers) and hold Company and its respective advisors, directors,
officers, shareholders, members, partners, employees, agents and Affiliates (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls Company
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners, employees or Affiliates (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding a lack of such title or any other title) of such controlling person (each, a “Purchaser
Indemnified Person”) harmless from and against any and all Losses that any such Purchaser Indemnified Person may
suffer or incur as a result of: (i) any breach of any of the representations, warranties, covenants or agreements made by
such Purchaser in this Agreement, or (ii) any action instituted against a Purchaser Indemnified Person in any capacity, or
any of them or their respective Affiliates, by any shareholder of such Purchaser or other third party who is not the Company, an
Affiliate of the Company, or an Affiliate of such Purchaser Indemnified Person, with respect to any of the transactions contemplated
by this Agreement.

 

(c)          Conduct
of Indemnification Proceedings for Company Indemnified Persons. Promptly after receipt by any Company Indemnified Person of
notice of any demand, claim or circumstances which would or might give rise to a claim or the commencement of any action, proceeding
or investigation in respect of which indemnity may be sought pursuant to Section 4.9(a), such Company Indemnified Person shall
promptly notify Company in writing and Company shall assume the defense thereof, including the employment of counsel reasonably
satisfactory to such Company Indemnified Person, and Company shall assume the payment of all fees and expenses; provided, however,
that the failure of any Company Indemnified Person to so notify Company shall not relieve Company of its obligations hereunder
except to the extent that Company is actually and materially and adversely prejudiced by such failure to notify (as determined
by a court of competent jurisdiction, which determination is not subject to appeal or further review). In any such proceeding,
any Company Indemnified Person shall have the right to retain its own counsel, and the fees and expenses of such counsel shall
be at the expense of such Company Indemnified Person. Company shall not be liable for any settlement of any proceeding effected
without its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. Without the prior written
consent of the Company Indemnified Person, which shall not be unreasonably withheld, delayed or conditioned, Company shall not
effect any settlement of any pending or threatened proceeding in respect of which any Company Indemnified Person is or could have
been a party and indemnity could have been sought hereunder by such Company Indemnified Person, unless such settlement includes
an unconditional release of such Company Indemnified Person from all liability arising out of such proceeding.

 

(d)          Conduct
of Indemnification Proceedings for Purchaser Indemnified Persons. Promptly after receipt by any Purchaser Indemnified Person
of notice of any demand, claim or circumstances which would or might give rise to a claim or the commencement of any action, proceeding
or investigation in respect of which indemnity may be sought pursuant to Section 4.9(b), such Purchaser Indemnified Person

 

    	 	- 18 -	 

     

    

  

shall promptly notify the particular Purchaser
in writing from whom the Purchaser Indemnified Person seeks indemnification and the particular Purchaser shall assume the defense
thereof, including the employment of counsel reasonably satisfactory to such Purchaser Indemnified Person, and such Purchaser shall
assume the payment of all fees and expenses; provided, however, that the failure of any Purchaser Indemnified Person
to so notify the Purchaser from whom the Purchaser Indemnified Person seeks indemnification shall not relieve Purchasers of their
obligations hereunder except to the extent that such Purchaser is actually and materially and adversely prejudiced by such failure
to notify (as determined by a court of competent jurisdiction, which determination is not subject to appeal or further review).
In any such proceeding, any Purchaser Indemnified Person shall have the right to retain its own counsel, and the fees and expenses
of such counsel shall be at the expense of such Purchaser Indemnified Person. The Purchaser providing indemnification shall not
be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld,
delayed or conditioned. Without the prior written consent of the Purchaser Indemnified Person, which shall not be unreasonably
withheld, delayed or conditioned, Purchaser shall not effect any settlement of any pending or threatened proceeding in respect
of which any Purchaser Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such
Purchaser Indemnified Person, unless such settlement includes an unconditional release of such Purchaser Indemnified Person from
all liability arising out of such proceeding.

 

Article
V

TERMINATION

 

Section 5.1          Termination.
This Agreement may be terminated prior to the Closing:

 

(a)          by
mutual written agreement of the Company and Purchasers;

 

(b)          by
the Company or Purchasers, upon written notice to the other parties, in the event that the Closing does not occur on or before
January 23, 2017; provided, that the right to terminate this Agreement pursuant to this Section 5.1(b) shall not be available to
any party whose failure to fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in,
the failure of the Closing to occur on or prior to such date;

 

(c)          by
the Company or Purchasers, upon written notice to the other parties, in the event that any Governmental Entity shall have issued
any order, decree or injunction or taken any other action restraining, enjoining or prohibiting any of the transactions contemplated
by this Agreement, and such order, decree, injunction or other action shall have become final and nonappealable;

 

(d)          by
Purchasers, upon written notice to the Company, if there has been a breach of any representation, warranty, covenant or agreement
made by the Company in this Agreement, or any such representation or warranty shall have become untrue after the date of this Agreement,
in each case such that a closing condition in Section 1.2(c)(ii)(A) or Section 1.2(c)(ii)(B) would not be satisfied and such breach
or condition is not curable or, if curable, is not cured by the date set forth in Section 5.1(b); or

 

(e)          by
the Company, upon written notice to Purchasers, if there has been a breach of any representation, warranty, covenant or agreement
made by any Purchaser in this Agreement, or any such representation or warranty shall have become untrue after the date of this
Agreement, in each case such that a closing condition in Section 1.2(c)(iii)(A) or Section 1.2(c)(iii)(B) would not be satisfied
and such breach or condition is not curable or, if curable, is not cured by the date set forth in Section 5.1(b).

 

Section 5.2          Effects
of Termination. In the event of any termination of this Agreement as provided in Section 5.1, this Agreement (other than Section
3.2(c), this Article V and Article VI, which

 

    	 	- 19 -	 

     

    

  

shall remain in full force and effect) shall
forthwith become wholly void and of no further force and effect; provided, however, that nothing herein shall relieve any party
from liability for an intentional breach of this Agreement.

 

Article
VI

MISCELLANEOUS

 

Section 6.1           Survival.
Each of the representations and warranties set forth in this Agreement shall survive the Closing under this Agreement. Except as
otherwise provided herein, all covenants and agreements contained herein shall survive until, by their respective terms, they are
no longer operative, other than those which by their terms are to be performed in whole or in part prior to or on the Closing Date,
which shall terminate as of the Closing Date.

 

Section 6.2           Expenses.
Each of the parties will bear and pay all other costs and expenses incurred by it or on its behalf in connection with the transactions
contemplated pursuant to this Agreement.

 

Section 6.3           Amendment;
Waiver. No amendment or waiver of any provision of this Agreement will be effective with respect to any party unless made in
writing and signed by an officer of a duly authorized representative of such party. No failure or delay by any party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any other right, power or privilege. The conditions to each party’s
obligation to consummate the Closing are for the sole benefit of such party and may be waived by such party in whole or in part
to the extent permitted by applicable Law. No waiver of any party to this Agreement will be effective unless it is in a writing
signed by a duly authorized officer of the waiving party that makes express reference to the provision or provisions subject to
such waiver. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by
law.

 

Section 6.4           Counterparts
and Facsimile. For the convenience of the parties hereto, this Agreement may be executed in any number of separate counterparts,
each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.
Executed signature pages to this Agreement may be delivered by facsimile transmission or by e-mail delivery of a “pdf”
format data file and such signature pages will be deemed as sufficient as if actual signature pages had been delivered.

 

Section 6.5           Governing
Law. This Agreement will be governed by and construed in accordance with the laws of the Commonwealth of Virginia applicable
to contracts made and to be performed entirely within the Commonwealth of Virginia. The parties hereby irrevocably and unconditionally
consent to submit to the exclusive jurisdiction of the state and federal courts located in the Commonwealth of Virginia for any
actions, suits or proceedings arising out of or relating to this Agreement, the transactions contemplated by this Agreement and
or the relationship of the parties. The parties hereby irrevocably and unconditionally consent to the jurisdiction of such courts
(and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and irrevocably waive, to the fullest
extent permitted by law, any objection that they may now or hereafter have to the laying of the venue of any such action, suit
or proceeding in any such court or that any such action, suit or proceeding which is brought in any such court has been brought
in an inconvenient forum. Process in any such action, suit or proceeding may be served on any party anywhere in the world, whether
within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process
on such party as provided in Section 6.7 shall be deemed effective service of process on such party.

 

    	 	- 20 -	 

     

    

  

Section 6.6         WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE RELATIONSHIP OF THE PARTIES.

 

Section 6.7         Notices.
Any notice, request, service of process, instruction or other document to be given hereunder by any party to the other will be
in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally or by facsimile, upon
confirmation of receipt, (b) on the first business day following the date of dispatch if delivered by a recognized next-day courier
service, or (c) on the third business day following the date of mailing if delivered by registered or certified mail, return receipt
requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions
as may be designated in writing by the party to receive such notice.

 

		(i)	If to Purchasers, as indicated on each such Purchaser’s
signature page hereto;

 

		(ii)	If to the Company:

William H. Lagos

Vice President & Chief Financial
Officer

Southern National Bancorp of Virginia,
Inc.

6830 Old Dominion Drive

McLean, Virginia 22101

Tele: (703) 893-7400

 

with a copy to
(which copy alone shall not constitute notice):

 

Mark C. Kanaly, Esq.

Alston & Bird LLP

One Atlantic Center

1201 West Peachtree Street

Atlanta, Georgia 30309

Tele: (404) 881-7000

Fax: (404) 881-7777

 

Section 6.8         Entire
Agreement, Etc. (a) This Agreement (including the Exhibits hereto) constitutes the entire agreement, and supersedes all other
prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the
subject matter hereof; and (b) this Agreement will not be assignable by the Company by operation of law or otherwise (any attempted
assignment in contravention hereof being null and void).

 

Section 6.10       Interpretation;
Other Definitions. Wherever required by the context of this Agreement, the singular shall include the plural and vice versa,
and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document
or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time
to time. All article, section, paragraph or clause references not attributed to a particular document shall be references to such
parts of this Agreement, and all exhibit,

 

    	 	- 21 -	 

     

    

  

annex, letter and schedule references
not attributed to a particular document shall be references to such exhibits, annexes, letters and schedules to this Agreement.
In addition, the following terms are ascribed the following meanings:

 

(a)          the
term “Affiliate” means, with respect to any person, any person directly or indirectly controlling, controlled
by or under common control with, such other person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlled by” and “under common control with”) when used with respect to any person,
means the possession, directly or indirectly, of the power to cause the direction of management or policies of such person, whether
through the ownership of voting securities by contract or otherwise;

 

(b)          “business
day” means any day that is not Saturday or Sunday and that, in the State of Virginia, is not a day on which banking
institutions generally are authorized or obligated by law or executive order to be closed;

 

(c)          the
terms “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision;

 

(d)          the
words “including,” “includes,” “included” and “include”
are deemed to be followed by the words “without limitation”;

 

(e)          to
the “Knowledge of the Company” or “Company’s Knowledge” means the actual
knowledge after due inquiry of the “officers” (as such term is defined in Rule 3b-2 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), but excluding any Vice President or Secretary)
of the Company;

 

(f)          the
term “Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections
13(d)(3) and 14(d)(2) of the Exchange Act;

 

(g)          the
term “Subsidiary” means any entity in which the Company, directly or indirectly, owns sufficient capital
stock or holds a sufficient equity or similar interest such that it is consolidated with the Company in the financial statements
of the Company; and

 

(h)          the
term “Tier 2 Capital” has the meaning given to the term “Tier 2 capital” in 12 C.F.R. Part
217.20, as amended, modified and supplemented and in effect from time to time or any replacement thereof.

 

Section 6.11        Captions.
The article, section, paragraph and clause captions herein are for convenience of reference only, do not constitute part of this
Agreement and will not be deemed to limit or otherwise affect any of the provisions hereof.

 

Section 6.12        Severability.
If any provision of this Agreement or the application thereof to any person (including the officers and directors of the parties
hereto) or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining
provisions hereof, or the application of such provision to persons or circumstances other than those as to which it has been held
invalid or unenforceable, will remain in full force and effect and shall in no way be affected, impaired or invalidated thereby,
so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially
adverse to any party. Upon such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable
and equitable substitute provision to effect the original intent of the parties.

 

    	 	- 22 -	 

     

    

  

Section 6.13         No
Third Party Beneficiaries. Nothing contained in this Agreement, expressed or implied, is intended to confer upon any person
other than the parties hereto, any benefit right or remedies except that the provisions of Section 4.9 will inure to the benefit
of the persons referred to in that Section; provided, however, that the Placement Agent shall be a third party beneficiary hereto
and may rely on the representations and warranties contained herein to the same extent as if it were a party to the Agreement.

 

Section 6.14         Time
of Essence. Time is of the essence in the performance of each and every term of this Agreement.

 

Section 6.15         Public
Announcements. Subject to each party’s disclosure obligations imposed by Law, each of the parties hereto will cooperate
with each other in the development and distribution of all news releases and other public information disclosures with respect
to this Agreement and any of the transactions contemplated by this Agreement, and except as otherwise permitted in the next sentence,
neither the Company nor Purchasers will make any such news release or public disclosure that identifies the other party without
first consulting with the other, and, in each case, also receiving the other’s consent and all parties shall coordinate with
the party whose consent is required with respect to any such news release or public disclosure. In the event a party hereto is
advised by its outside legal counsel that a particular disclosure is required by Law, such party shall be permitted to make such
disclosure but shall be obligated to use its reasonable best efforts to consult with the other parties hereto and take their comments
into account with respect to the content of such disclosure before issuing such disclosure.

 

Section 6.16         Specific
Performance. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms. It is accordingly agreed that the parties shall be entitled to seek
specific performance of the terms hereof, this being in addition to any other remedies to which they are entitled at law or equity.

 

    	 	- 23 -	 

     

    

 

IN WITNESS WHEREOF, this Agreement
has been duly executed and delivered by the duly authorized officers of the parties hereto on the date first written above.

 

	 	COMPANY:
	 	 
	 	Southern National Bancorp of Virginia, Inc.
	 	 	 	 
	 	By:	 	 
	 	 	Name:	William H. Lagos
	 	 	Title: 	Senior Vice President and Chief Financial Officer

 

[Signatures Continued on Following Page]

 

     

     

    

 

	 	PURCHASER:
	 	 
	 	___________________________________
	 	 
	 	By: ________________________________
	 	Name:   __________________________
	 	Title:  _____________________________
	 	 
	 	Address for Notices:
	 	 
	 	______________________________________
	 	____________________
	 	____________________
	 	____________________
	 	Attention: ______________
	 	Telephone: (___) ___-____
	 	Email: 
	 	 
	 	With a copy to (which copy alone shall not constitute notice):
	 	 
	 	____________________
	 	____________________
	 	____________________
	 	Attention: ______________
	 	Telephone: (___) ___-____
	 	Email: 
	 	 
	 	Taxpayer ID Number:  ___________________

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