Document:

Form of Medium-Term Notes, Series K, Notes Linked

 Exhibit 4.10 
 [Face of Note] 
 Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

			
		
	 CUSIP NO. 94986RHP9
	  	FACE AMOUNT: $
	 REGISTERED NO.
	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes
Linked to the iShares® MSCI Emerging 
 Markets Index Fund due April 5, 2013 
 WELLS FARGO & COMPANY,
a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Redemption Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date” shall be April 5, 2013. If no Market Disruption Event (as defined below) occurs or is continuing on the scheduled Calculation Day (as
defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing on the scheduled Calculation Day, the “Stated Maturity Date” shall be the
later of (i) three Business Days (as defined below) after the postponed Calculation Day and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 

Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 
 “Face Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its “Face Amount.” 

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 If the Ending Price is greater than or equal to the Starting Price: the Face Amount plus the Contingent Fixed Return;

  

	 	•	 	 If the Ending Price is less than the Starting Price, but greater than or equal to the Threshold Price: the Face Amount; or

  

	 	•	 	 If the Ending Price is less than the Threshold Price: Face Amount minus: 

 
             

 
 The “Fund” shall mean the iShares MSCI Emerging Markets Index Fund. 

The “Pricing Date” shall mean March 2, 2012. 

The “Starting Price” is $44.64, the Fund Closing Price of the Fund on the Pricing Date. 

The “Ending Price” will be the Fund Closing Price of the Fund on the Calculation Day. 

The “Fund Closing Price” with respect to the Fund on any Trading Day means the product of (i) the Closing Price of
one share of the Fund (or one unit of any other security for which a Fund Closing Price must be determined) on such Trading Day and (ii) the Adjustment Factor on such Trading Day. 

The “Closing Price” with respect to a share of the Fund (or one unit of any other security for which a Closing Price
must be determined) on any Trading Day means the price, at the scheduled weekday closing time, without regard to after hours or any other trading outside the regular trading session hours, of the share on the principal United States securities
exchange registered under the Securities Exchange Act of 1934, as amended, on which the share (or any such other security) is listed or admitted to trading. 
 The “Adjustment Factor” means, with respect to a share of the Fund (or one unit of any other security for which a Fund Closing Price must be determined), 1.0, subject to adjustment in the
event of certain events affecting the shares of the Fund. See —Anti-dilution Adjustments Relating To The Fund; Alternate Calculation —Anti-dilution Adjustments” below. 

The “Contingent Fixed Return” is 15% of the Face Amount of this Security. 

The “Threshold Price” is $35.71, which is equal to 80% of the Starting Price. 

  
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 “Business Day” shall mean a day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York or Minneapolis, Minnesota. 
 A “Trading Day” with respect to the Fund means a day, as determined by the Calculation Agent, on which (i) the Relevant Exchange (as defined below) with respect to the Fund is open
for trading for its regular trading session and (ii) the Relevant Exchange on which futures or options contracts related to the Fund or any successor thereto, if applicable, are traded, are open for trading for their respective regular trading
sessions. 
 The “Calculation Day” shall be April 2, 2013 or, if such day is not a Trading Day, the next
succeeding Trading Day. The Calculation Day is subject to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to the Fund on the Calculation Day, such Calculation Day
will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as of the eighth scheduled Trading Day after the scheduled
Calculation Day, that eighth scheduled Trading Day shall be deemed the Calculation Day. If the Calculation Day has been postponed eight scheduled Trading Days after the scheduled Calculation Day and such eighth scheduled Trading Day is not a Trading
Day, or if a Market Disruption Event occurs or is continuing with respect to the Fund on such eighth scheduled Trading Day, the Calculation Agent will determine its good faith estimate of the Closing Price of the Fund on such eighth scheduled
Trading Day. See “—Market Disruption Events.” 
 “Calculation Agent Agreement” shall mean the
Calculation Agent Agreement dated as of March 7, 2012 between the Company and the Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Ending Price
and the Redemption Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent
Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

Market Disruption Events 
 A “Market Disruption Event“ means, with respect to the Fund, any of the following events as determined by the Calculation Agent in its sole discretion: 

 

	 	(A)	A material suspension or material limitation of trading or the unavailability of the Closing Price of the shares of the Fund or any Successor Fund (as defined below
under “Anti-dilution Adjustments Relating to the Fund; Alternate Calculation —Liquidation Events”) has been imposed by the Relevant Exchange on which such shares are traded, at any time during the one-hour period preceding the Close
of Trading on such day, whether by reason of movements in price exceeding limits permitted by such Relevant Exchange or otherwise. 

  
 3 

	 	(B)	A material suspension or material limitation of trading has occurred on that day, in each case during the one-hour period preceding the Close of Trading in options or
futures contracts related to the Fund or any Successor Fund on the Relevant Exchange on which those options or futures contracts are traded, whether by reason of movements in price exceeding levels permitted by the Relevant Exchange, or otherwise.

  

	 	(C)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the shares of the Fund or any Successor Fund at any time during the one-hour period that precedes the Close of Trading on that day. 

  

	 	(D)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the futures or options contracts relating to the Fund or any Successor Fund on the Relevant Exchange on which those futures or options contracts are traded, at any time during the one-hour period that precedes the Close of Trading on
that day. 

  

	 	(E)	The closure of the Relevant Exchange on which the shares of the Fund or any Successor Fund or the Relevant Exchange on which futures or options contracts relating to
the Fund or any Successor Fund are traded prior to its scheduled Close of Trading unless the earlier closing time is announced by such Relevant Exchange at least one hour prior to the earlier of (1) the actual closing time for the regular
trading session on such Relevant Exchange and (2) the submission deadline for orders to be entered into such Relevant Exchange for execution at the Close of Trading on that day. 

For purposes of determining whether a Market Disruption Event has occurred: 

 

	 	(1)	“Close of Trading“ means in respect of any Relevant Exchange, the scheduled weekday closing time on a day on which such Relevant Exchange is scheduled
to be open for trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours; and 

 

	 	(2)	“Relevant Exchange“ for any share, option or option contract means the primary exchange or quotation system on which such share, option or option
contract is traded, as determined by the Calculation Agent. 

  
 4 

 Anti-dilution Adjustments Relating to the Fund; Alternate Calculation 

Anti-dilution Adjustments 
 The Calculation Agent, in its sole discretion, may adjust the Adjustment Factor as a result of certain events related to the Fund or any Successor Fund, as applicable, which occur during the term of this
Security. Such events include, but are not limited to, the following: 
  

	 	(A)	Stock Splits and Reverse Stock Splits 

 If a stock split or reverse stock split has occurred, then once such split has become effective, the Adjustment Factor will be adjusted to equal the product of the prior Adjustment Factor and the number
of securities which a holder of one share (or other applicable security) of the Fund before the effective date of such stock split or reverse stock split would have owned or been entitled to receive immediately following the applicable effective
date. 
  

	 	(B)	Stock Dividends 

 If a
(i) stock dividend (i.e., issuance of additional shares (or other applicable security) by the Fund) that is given ratably to all holders of record of shares (or other applicable security) of the Fund or (ii) distribution of shares (or
other applicable security) of the Fund has occurred, then once the dividend has become effective and the shares (or other applicable security) of the Fund are trading ex-dividend, the Adjustment Factor will be adjusted on the ex-dividend date to
equal the prior Adjustment Factor plus the product of the prior Adjustment Factor and the number of shares (or other applicable security) of the Fund which a holder of one share (or other applicable security) of the Fund before the date the dividend
became effective and the shares (or other applicable security) of the Fund traded ex-dividend would have owned or been entitled to receive immediately following that date; provided, however, that no adjustment will be made for a distribution for
which the number of securities of the Fund paid or distributed is based on a fixed cash equivalent value, unless such distribution is an Extraordinary Dividend as defined and discussed below. 

 

	 	(C)	Extraordinary Dividends 

If an Extraordinary Dividend (as defined below) has occurred, then on the ex-dividend date, the Adjustment Factor will be adjusted to
equal the product of the prior Adjustment Factor and a fraction, the numerator of which is the Closing Price per share (or other applicable security) of the Fund on the Trading Day preceding the ex-dividend date, and the denominator of which is the
amount by which the Closing Price per share (or other applicable security) of the Fund on the Trading Day preceding the ex-dividend date exceeds the Extraordinary Dividend Amount (as defined below). 

  
 5 

 For purposes of determining whether an Extraordinary Dividend has occurred: 

 

	 	(1)	“Extraordinary Dividend“ means, with respect to a cash dividend or other distribution with respect to the shares (or other applicable security) of the
Fund, a dividend or other distribution which exceeds the immediately preceding non-Extraordinary Dividend on the securities of the Fund (as adjusted for any subsequent corporate event requiring an adjustment hereunder, such as a stock split or
reverse stock split) by an amount equal to at least 10% of the Closing Price of the Fund on the Trading Day preceding the ex-dividend date with respect to the Extraordinary Dividend (the “ex-dividend date“); and

  

	 	(2)	“Extraordinary Dividend Amount“ with respect to an Extraordinary Dividend for the securities of the Fund will equal: 

 

	 	•	 	 in the case of cash dividends or other distributions that constitute regular dividends, the amount per share (or other applicable security) of the Fund
of that Extraordinary Dividend minus the amount per share (or other applicable security) of the immediately preceding non-Extraordinary Dividend for that share (or other applicable security) of the Fund; or 

 

	 	•	 	 in the case of cash dividends or other distributions that do not constitute regular dividends, the amount per share (or other applicable security) of
the Fund of that Extraordinary Dividend. 

 To the extent an Extraordinary Dividend is not paid in cash, the
value of the non-cash component will be determined by the Calculation Agent. A distribution on the securities of the Fund described below under the sections entitled “—Other Distributions” and “—Reorganization Events”
below that also constitute an Extraordinary Dividend will only cause an adjustment pursuant to those sections. 
  

	 	(D)	Other Distributions 

 If
the Fund declares or makes a distribution to all holders of the shares (or other applicable security) of the Fund of any class of its capital stock, evidences of its indebtedness or other non-cash assets, including, but not limited to, transferable
rights and warrants, then, in each of these cases, the Adjustment Factor will equal the product of the prior Adjustment Factor and a fraction, the numerator of which will be the Closing Price per share (or other applicable security) of the Fund, and
the denominator of which will be the Closing Price per share (or other applicable security) of the Fund, less the fair market value, as determined by the Calculation Agent, as of the time the adjustment is effected of the portion of the capital
shares, assets, evidences of indebtedness, rights or warrants so distributed or issued applicable to one share (or other applicable security) of the Fund. 

  
 6 

	 	(E)	Reorganization Events 

 If
the Fund, or any Successor Fund, is subject to a merger, combination, consolidation or statutory exchange of securities with another exchange traded fund, and the Fund is not the surviving entity, then, on or after the date of such event, the
Calculation Agent shall, in its sole discretion, make an adjustment to the Adjustment Factor or the method of determining the Redemption Amount or any other terms of this Security as the Calculation Agent determines appropriate to account for the
economic effect on this Security of such event (including adjustments to account for changes in volatility, expected dividends, stock loan rate or liquidity relevant to this Security), and determine the effective date of that adjustment. If the
Calculation Agent determines that no adjustment that it could make will produce a commercially reasonable result, then the Calculation Agent may deem such event a Liquidation Event (as defined below). 

Liquidation Events 
 If the Fund is de-listed, liquidated or otherwise terminated (a “Liquidation Event“), and a successor or substitute exchange traded fund exists that the Calculation Agent determines, in
its sole discretion, to be comparable to the Fund, then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company, any subsequent Fund Closing Price for the Fund will be determined by reference to the Fund
Closing Price of such successor or substitute exchange traded fund (such exchange traded fund being referred to herein as a “Successor Fund“). 
 Upon any selection by the Calculation Agent of a Successor Fund, the Company will cause notice to be given to Holder of this Security. 

If the Fund undergoes a Liquidation Event prior to, and such Liquidation Event is continuing on, the date that the Fund Closing Price of
the Fund is to be determined and the Calculation Agent determines that no Successor Fund is available at such time, then the Calculation Agent will, in its discretion, calculate the Fund Closing Price for the Fund on such date by a computation
methodology that the Calculation Agent determines will as closely as reasonably possible replicate the Fund. 
 If a Successor
Fund is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for the Fund, such Successor Fund or Fund Closing Price will be used as a substitute for the Fund for all purposes, including for purposes of determining
whether a Market Disruption Event exists. 
 If at any time the method of calculating the Fund or a Successor Fund, or the MSCI
Emerging Markets Index (the index underlying the Fund), is changed in a material respect, or if the Fund or a Successor Fund is in any other way modified so that the Fund does not, in the opinion of the Calculation Agent, fairly represent the price
of the securities of the Fund or such Successor Fund had such changes or modifications not been made, then the Calculation Agent will, at the close of business in New York City on the date that the Fund Closing Price is to be

  
 7 

 
determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Closing Price of an exchange traded fund
comparable to the Fund or such Successor Fund, as the case may be, as if such changes or modifications had not been made, and calculate the Fund Closing Price and the Redemption Amount with reference to such adjusted Closing Price of the Fund or
such Successor Fund, as applicable. 
 Calculation Agent 
 The Calculation Agent will determine the Redemption Amount and the Ending Price. In addition, the Calculation Agent will (i) determine if adjustments are required to the Fund Closing Price and/or the
Adjustment Factor under the circumstances described in this Security, (ii) if the Fund undergoes a Liquidation Event, select a Successor Fund or, if no Successor Fund is available, determine the Fund Closing Price of the Fund, and
(iii) determine whether a Market Disruption Event has occurred. 
 The Company covenants that, so long as this Security is
Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to this Security. 
 All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all
purposes and binding on the Company and the Holder of this Security. All percentages and other amounts resulting from any calculation with respect to this Security will be rounded at the Calculation Agent’s discretion. 

Tax Considerations 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed to
have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a pre-paid derivative contract in respect of the
Fund. 
 Redemption and Repayment 
 This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to April 5, 2013. This Security is not entitled to any sinking fund.

 Acceleration 
 If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Redemption Amount (calculated as set forth in the next sentence) of this Security may
be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Redemption Amount hereof calculated as provided
herein as though the date of acceleration was the Calculation Day; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is continuing on that day, the Calculation Day will be postponed as provided
herein. 
  
  

 

  
 8 

 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 [The remainder of this page
has been left intentionally blank] 

  
 9 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 DATED:              

 

					
	WELLS FARGO & COMPANY
			
	By:	 	 	 	 
		 	 	 	 
		 	Its:	 	 

 [SEAL] 
  

					
			
	Attest:	 	 	 	 
		 	 	 	 
		 	Its:	 	 

 TRUSTEE’S CERTIFICATE OF 
 AUTHENTICATION 
 This is one of the Securities of the 

series designated therein described 
 in the
within-mentioned Indenture. 
  

			
	 CITIBANK, N.A.,

        as Trustee

		
	By:	 	 
		 	Authorized Signature

 OR 
  

			
	 WELLS FARGO BANK, N.A.,
         as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 10 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K

 Due Nine Months or More From Date of Issue 

Notes Linked to the iShares® MSCI Emerging 
 Markets Index Fund due
April 5, 2013 
 This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one
or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees. 

The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security. 
 Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the 

  
 11 

 
time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all
series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain
past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in
the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 Defeasance 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire
indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of
Section 401 of the Indenture shall apply to this Security. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000. 
 Registration of Transfer 
 Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series, with the same
terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations
described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
 This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in
its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and
is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized
denominations aggregating a like amount. 

  
 12 

 This Security may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of
beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 
 No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Redemption
Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 No
Personal Recourse 
 No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly
waived and released. 
 Defined Terms 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security. 

Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of
conflicts of laws. 

  
 13 

 ABBREVIATIONS 

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

					
			
	TEN COM	 	—	  	as tenants in common
			
	TEN ENT	 	—	  	as tenants by the entireties
			
	JT TEN	 	—	  	as joint tenants with right
		 		  	 of survivorship and not
 as
tenants in common

  

							
	UNIF GIFT MIN ACT    —  	 	 	 	Custodian	 	 
		 	(Cust)	 		 	(Minor)

  

			
	Under Uniform Gifts to Minors Act
		
	 	 	 
	 (State)
	 	

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 
 Please Insert Social Security or 
 Other Identifying Number of Assignee 

 

			
		
	 	  	
		
	 	  	 
		
	 	  	 
		
	 	  	 

 (PLEASE PRINT OR TYPE NAME
AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE) 

  
 14 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint
                         attorney to transfer the said Security on the books of the Company, with full power of substitution in
the premises. 
  

									
	Dated:	 		 		 		 	
		 		 		 		 	 
		 		 		 		 	
		 		 		 		 	 

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument
in every particular, without alteration or enlargement or any change whatever. 

  
 15Employment  Agreement

 Exhibit 10.14 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT, dated as of this
1st day of March, 2012, by and between Virginia Commerce Bank (the “Bank”) and Virginia Commerce Bancorp, Inc. (the “Holding Company”) (the term “Company” shall refer to the Bank and the Holding Company, both
individually and collectively) and Peter A. Converse (the “Executive”). 
 WHEREAS, the Executive has been and
is a key executive of the Company and it is the desire of the Company to have the benefit of his continued loyalty and service; and 
 WHEREAS, the Executive wishes to continue in the employ of the Company on the terms and subject to the conditions set forth herein. 

In consideration of the mutual covenants and agreements set forth herein, the parties agree as follows: 

1. Employment and Duties. The Executive shall continue to be employed by the Company as the President and Chief Executive Officer
of the Bank and the Holding Company (the “Position”) on the terms and subject to the conditions of this Agreement. The Executive accepts such employment and agrees to perform the managerial duties and responsibilities consistent with the
Position, including, but not limited to, the duties set forth in the position description approved by the Personnel and Compensation Committee of the Board of Directors of the Holding Company or its successor (the “Personnel and Compensation
Committee”) and as maintained by the Company’s human resources department as of March 1, 2012, and such other duties as may be assigned to the Executive by the Boards of Directors of the Company, or their designees. The Executive
agrees to devote the necessary time and attention on a full-time basis to the discharge of such duties and responsibilities relating to the Position. 
 2. Term. The term of this Agreement is effective as of March 1, 2012, and will continue through February 28, 2014, unless terminated or extended as hereinafter provided. This Agreement
shall be extended for successive one-year periods following the original term unless either party notifies the other in writing at least ninety (90) days prior to the end of the original term, or the end of any additional one-year renewal term,
that the Agreement shall not be extended beyond its current term. The term of this Agreement, including any renewal term, is referred to herein as the “Term.” 
 3. Compensation. 
 (a) Base Salary. The Company shall pay the
Executive an initial annual base salary of $471,292, subject to all applicable withholdings, and subject to periodic review by the Board of Directors of the Holding Company, or its designees, for consideration of decreases and increases. In no event
shall the Executive’s base salary be reduced in the first six (6) months following the execution of this Agreement. In reviewing adjustments to base salary, the Board of Directors of the Holding Company, or its designees, shall consider
relevant market data, as determined in its sole discretion, the performance of the Company, and the Executive’s performance. The base salary shall be paid to the Executive in accordance with established payroll practices of the Company (but no
less frequently than monthly). 

 (b) Annual Incentive. During the Term, the Executive will be eligible to participate
in any annual incentive plan applicable to Company executives and approved by the Board of Directors of the Holding Company, or its designees, and to be paid in accordance with the terms of such plan. Any incentive payments due hereunder shall be
payable to the Executive on a date determined by the Company within the two and one-half (2 1/2) month period following the end of the calendar year unless the Company specifically determines a different payment date. 

(c) Stock Compensation. The Executive shall be eligible to participate to the extent and in the manner provided and to receive
stock options, restricted stock, stock appreciation rights or other awards under the Holding Company’s 2010 Equity Plan, or any successor or replacement plan, in accordance with the terms of such plan, as the Personnel and Compensation
Committee may determine, and which terms may be modified in the discretion of the Personnel and Compensation Committee. 
 (d)
Clawback. The Executive agrees that any incentive compensation (including both equity and cash incentive compensation) that Executive receives from the Company is subject to repayment to (i.e., clawback) the Company or a related entity as
determined by the Personnel and Compensation Committee in the event (i) a restatement of the Holding Company’s and/or the Bank’s financial results (other than a restatement caused by a change in applicable accounting rules or
interpretations) the result of which is that any incentive compensation paid would have been a lower amount had it been calculated based on such restated results or (ii) the repayment is otherwise required by applicable federal and state law.
The Executive’s repayment obligation for an event under clause (i) above shall be limited to the amount that would not have been paid had the original payment been calculated based upon such restated results, provided clause
(ii) above does not otherwise require repayment of a larger amount. Except where offset of, or recoupment from, incentive compensation covered by Code Section 409A (as defined in Section 19) is prohibited by Code Section 409A, to
the extent allowed by law and as determined by the Personnel and Compensation Committee, the Executive agrees that such repayment may, in the discretion of the Personnel and Compensation Committee, be accomplished by withholding of future
compensation to be paid to the Executive by the Company. Any recovery of incentive compensation covered by Code Section 409A shall be implemented in a manner which complies with Code Section 409A. 

4. Benefits. 
 (a) Benefit Programs. The Executive shall be eligible to participate in any plans, programs or forms of compensation or benefits that the Company provides to the class of employees that includes
the Executive, on a basis not less favorable than that provided to such class of employees, including, without limitation, group medical, disability and life insurance, vacation and sick leave, and a retirement plan. 

(b) Vacation. The Executive shall be entitled to four (4) weeks of vacation each calendar year without loss of pay, to be
used in accordance with the normal Company policy. 

  
 2 

 (c) Country Club. The Company will pay (or reimburse the Executive for) the
Executive’s country club assessment fees and monthly dues at Belle Haven Country Club incurred during the Term on such basis as may be determined by the Board of Directors of the Holding Company, or their designees, from time to time. To the
extent the Company reimburses the Executive for any such fees or dues, such reimbursement will be made as soon as administratively practicable after the expenses are incurred, but in no event later than the last day of the calendar month following
the calendar month in which the Executive submits his request for payment of the reimbursable expense, which shall be submitted no later than sixty (60) days after the expense is incurred. 

(d) Automobile. The Company shall provide the Executive with the use of an automobile during the Term that is appropriate for
Executive’s Position and will pay all operational expenses, including taxes, insurance, gasoline, oil, maintenance and other similar expenses. Executive shall be required to document the business use of such automobile as the Company may
regularly require. 
 5. Reimbursement of Expenses. The Company shall reimburse the Executive promptly, upon
Executive’s incurring such expenses, subject to presentation of adequate substantiation, including receipts, for the reasonable business travel, entertainment, lodging and other business expenses incurred by the Executive, including, without
limitation, those expenses incurred by the Executive and the Executive’s companion in attending business functions. The Company reserves the right to review these expenses periodically and determine, in its sole discretion, whether future
reimbursement of such expenses to the Executive will continue without prior approval by the Board of Directors of the Holding Company, or its designees, of the expenses. In no event will such reimbursements be made later than the last day of the
calendar month following the calendar month in which the Executive submits his request for payment of the reimbursable expense, which shall be submitted no later than sixty (60) days after the expense is incurred. 

6. Termination of Employment. 
 (a) Death or Incapacity. The Executive’s employment under this Agreement shall terminate automatically upon the Executive’s death. In the event of termination due to the death of the
Executive, the Executive’s spouse, if she survives the Executive, or, if not, the Executive’s estate, as applicable, shall receive an amount equal to three (3) months of the Executive’s base salary in effect at his death. Such
amount will be payable over the three (3) month period beginning the month following the month in which the Executive’s death occurred in accordance with the established payroll practices of the Company (not less frequently than monthly)
for the period during which such payments are to be made. The Executive’s spouse, if she survives him, or, if not, his estate shall also receive (i) any unpaid base salary for the time worked through the date of termination payable in a
lump sum as soon as administratively feasible following termination; (ii) any incentive or bonus compensation due and owing pursuant to the terms of any incentive or bonus plan, payable when otherwise due; (iii) any benefits due and owing
pursuant to the terms of any other plans, policies or programs, payable when otherwise due (hereinafter subsections (i) – (iii) are collectively referred to as the “Accrued Obligations”); and (iv) the Pro-Rata Bonus (as
defined, and payable at the time provided, in Section 7(a)(ii)). If the Company reasonably determines that Incapacity, as hereinafter defined, 

  
 3 

 
of the Executive has occurred, it may terminate the Executive’s employment and this Agreement upon thirty (30) days’ written notice, provided that, within thirty (30) days
after receipt of such notice, the Executive shall not have returned to full-time performance of the Executive’s assigned duties. In the event of a termination due to Incapacity, the Company shall pay the Accrued Obligations to the Executive and
the Pro-Rata Bonus (as defined, and payable at the time provided, in Section 7(a)(ii)). For purposes of this Agreement, “Incapacity” shall occur if the Company determines that the Executive is suffering a physical or mental impairment
that renders him unable to perform the essential functions of his Position, and such impairment exists for six months out of a twelve-month period. Notwithstanding any other provision in this Agreement, the Company shall comply with all requirements
of the Americans with Disabilities Act. Notwithstanding any other provision of this Agreement, if the Executive’s employment is terminated due to death or “Incapacity,” then no payments shall be owed or paid under Section 7(a) or
Section 9(a). 
 (b) Termination by Company With or Without Cause. The Company may terminate the Executive’s
employment during the term of this Agreement, with or without Cause. For purposes of this Agreement, “Cause” shall mean: 
 (i) the Executive’s misconduct in connection with the performance of the Executive’s duties which the Company believes does or may result in substantial harm to the Company; or 

(ii) the Executive’s misappropriation or embezzlement of funds or property of the Company; or 

(iii) the Executive’s fraud with respect to the Company or any dishonest act in connection with the performance of
his duties that results in harm to the Company or, in the good faith judgment of the Company, could result in harm to the Company, including, but not limited to, undermining or diminishing the relationship of trust between the Boards of Directors of
the Company and the Executive; or 
 (iv) the Executive’s failure to perform any of the material duties and
responsibilities required by the Position (other than by reason of Incapacity), including but not limited to meeting the material performance expectations of the Company, or the Executive’s willful failure to follow reasonable instructions of
the Boards of Directors of the Company or policies of the Company, in either case after being advised in writing of such failure and being given a reasonable opportunity and period (as determined by the Company in its discretion) to remedy such
failure; or 
 (v) the Executive’s conviction of, indictment for (or its procedural equivalent), or entering
of a guilty plea or plea of no contest with respect to any felony or any other crime involving moral turpitude; or 
 (vi) the Executive’s conviction of or entering a guilty plea of no contest with respect to any crime for which imprisonment is a possible punishment; or 

(vii) the Executive’s breach of a material term of this Agreement, or violation in any material respect of any code
or standard of behavior generally applicable to 

  
 4 

 
officers of the Company, after being advised in writing of such breach or violation and being given a reasonable opportunity and period (as determined by the Company) to remedy such breach or
violation; or 
 (viii) the Executive’s breach of fiduciary duties owed to the Company; or 

(ix) the Executive’s engaging in conduct that, if it became known by any regulatory or governmental agency or the
public, is reasonably likely to result, in the good faith judgment of the Company, in material injury to the Company, monetarily or otherwise. 
 (c) Termination by Executive for Good Reason. The Executive may terminate employment for Good Reason. For purposes of this Agreement, “Good Reason” shall mean: 

(i) the non-temporary assignment to the Executive of continued duties materially inconsistent with the Executive’s
Position, authority, duties or responsibilities as contemplated by Section 1 hereof; or 
 (ii) the
relocation of the Executive to any other primary place of employment that is located more than fifty (50) miles from the Executive’s assigned place of employment as of the date of the Agreement, without the Executive’s express written
consent to such relocation; provided, however, this subsection (ii) shall not apply in connection with the relocation of the Executive if the Company decides to relocate its headquarters; or 

(iii) without the Executive’s consent, (A) the material reduction of the Executive’s then current base
salary (which is defined as a reduction of ten percent (10%) or more) or (B) the material reduction in the Executive’s health, welfare and retirement benefits; provided, however, this subsection (iii) shall not apply when
substantially the same action is being taken with respect to the base salaries or health, welfare and retirement benefits of all of the executive officers of the Company; or 

(iv) a material breach of this Agreement by the Company. 
 The Executive is required to provide notice to the Company of the existence of a condition described in Section 6(c) above within a ninety (90) day period of the initial existence of the
condition, upon the notice of which the Company shall have thirty (30) days to remedy the condition without having to pay the amounts described in Section 7(a). 
 Notwithstanding the above, “Good Reason” shall not include any resignation by the Executive where Cause for the Executive’s termination by the Company exists, or an isolated, insubstantial
or inadvertent action not taken in bad faith by the Company. 
 7. Obligations Upon Termination. 

(a) Without Cause; Good Reason. If, during the Term, either the Company shall terminate the Executive’s employment without
Cause (which, for purposes of this Section 7, includes the non-renewal or expiration of the Agreement, unless the Executive agrees to 

  
 5 

 
remain in the employ of the Company beyond the non-renewal or expiration of the Agreement) or the Executive shall terminate employment for Good Reason, the Executive, upon the effective date of
the termination of employment, shall be entitled to the Accrued Obligations and, upon Executive’s signing the Release attached as Exhibit A, which Release must be signed and not be revoked (“become effective”) within thirty
(30) days after termination of employment, to the following: 
 (i) The continued
payment of Executive’s base salary in effect at the time of termination of employment through the end of the Term or for a period of twelve months, whichever is greater, payable in accordance with the established payroll practices of the
Company (but not less frequently than monthly and in equal installments). If any payments are due to be paid in accordance with established payroll practices during the thirty (30) day period during which the Release may become effective, then
such payments shall be accumulated and paid on the first regularly scheduled payroll date on or after the thirtieth
(30th) day following termination provided the Release
has become effective on or before such date. 
 (ii) If the termination of Executive’s employment occurs on
or after October 1 of a calendar year but before the end of such year, payment of an amount equal to a portion of any annual incentive bonus for the calendar year during which Executive was last employed that includes the date of termination,
such portion to equal the product (such product shall be referred to herein as the “Pro-Rata Bonus”) of (A) the annual incentive bonus that would have been payable to Executive for such calendar year had Executive remained employed
for the entire calendar year, determined based on the extent to which the performance goals are actually achieved for such year (as determined by the Holding Company under the terms of the incentive program), multiplied by (B) a fraction, the
numerator of which is equal to the number of days in such calendar year that precede the date of termination and the denominator of which is 365, such amount to be payable to Executive at the time such bonus would otherwise have been paid under the
terms of the annual incentive bonus program if the Executive were still employed. 
 (iii) Continuation for
eighteen (18) months after the date of termination of employment of coverage under any health care (medical, dental and vision) plan or plans (“Health Care Plans”), other than that under a flexible spending account, provided to the
Executive and the Executive’s spouse and dependents at the date of termination, with the Company paying the normal Company paid contribution therefor, on a monthly or more frequent basis, as for similarly situated active employees and with such
coverage being available on the same basis as available to similarly active employees during such continuation period (“Health Care Continuance Benefit”), provided that the Executive’s continued participation is possible under the
general terms and provisions of the Health Care Plans. The following rules shall also apply: 
 (A) If the
Company cannot maintain such coverage for the Executive or the Executive’s spouse or dependents under the terms and provisions of the Health Care Plans (or where such continuation would adversely affect the tax status of the Health Care Plans
pursuant to which the coverage is provided), the Company shall provide the Health Care Continuance Benefit by either providing 

  
 6 

 
substantially identical benefits directly or through an insurance arrangement or by paying the Executive the estimated cost of the expected Company contribution therefor for eighteen
(18) months after the date of termination with such payments to be made in accordance with the established payroll practices of the Company (not less frequently than monthly) for employees generally for the period during which such cash
payments are to be provided. 
 (B) The Health Care Continuance Benefit as to any Health Care Plan will cease if
and when the Executive has obtained health care coverage under one or more welfare benefit plans of a subsequent employer that provides for equal or greater benefits to the Executive and the Executive’s spouse and dependents with respect to the
specific type of benefit. 
 (C) The Executive and the Executive’s spouse and dependents will become
eligible for COBRA continuation coverage as of the date the Health Care Continuance Benefit ceases. 
 (iv) In
addition to any vested, but unexpired, stock options to which Executive may be entitled under any prior plans, the stock options, restricted stock, stock appreciation rights and similar agreements with the Executive evidencing the grant of stock
options, restricted stock, stock appreciation rights or other awards under the Holding Company’s 2010 Equity Plan, or any successor plan, will provide that the vesting of such awards will accelerate and become immediately exercisable and fully
vested as of the date of termination of employment without Cause or for Good Reason. In the case of stock options, the Executive will have at least ninety (90) days after termination of employment, or such longer period as may be provided in
the separate stock option agreement, but in no event longer than the end of the regular term thereof (determined without regard to the Executive’s cessation of employment) to exercise the stock options. 

(b) Non-Competition. Notwithstanding the foregoing, all such payments and benefits under Section 7(a) otherwise continuing
for periods after the Executive’s termination of employment shall cease to be paid, and the Company shall have no further obligation due with respect thereto, in the event the Executive engages in “Competition” or makes any
“Unauthorized Disclosure of Confidential Information,” as defined below, or otherwise engages in any other activity prohibited in this Section 7. In exchange for the payments on termination as provided herein, other provisions of this
Agreement and other valuable consideration, the Executive agrees that the Executive will not engage in Competition for a period equal to the greater of (i) the remainder of the Term of this Agreement or (ii) twelve (12) months after
the Executive’s employment with the Company ceases for any reason, including the expiration or non-renewal of this Agreement at the end of the original or any renewal term. For purposes hereof, “Competition” means the Executive’s
performing duties that are the same as or substantially similar to those duties performed by Executive for the Company within the twenty-four (24) months prior to the cessation of his employment, as an officer, a director, an employee, a
partner or in any other capacity, within twenty-five (25) miles of the headquarters or any branch office of the Company as they exist as of the date Executive’s employment ceases, if those duties are performed for a business that is the
same as or substantially similar to the business in which the Company was engaged at the time Executive’s employment ceases. 

  
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 (c) Non-Piracy. In exchange for the benefits promised in this Agreement and other
valuable consideration, the Executive agrees that for a period equal to the greater of (i) the remainder of the Term of this Agreement or (ii) twelve (12) months after his employment ceases for any reason, he will not, directly or
indirectly, solicit, divert from the Company or do business with any depositors or other customers of the Bank with whom he had material contact during the last twenty-four (24) months of his employment or about whom he obtained any information
while acting within the scope of his employment during the last twenty-four (24) months of his employment, if the purpose of such solicitation, diversion or transaction is to provide products or services that are the same as or substantially
similar to those offered by the Bank at the time Executive’s employment ceases. “Material contact” means that Executive personally communicated with the Customer, either orally or in writing, for the purpose of providing, offering to
provide or assisting in providing products or services of the Bank. “Customer” means any person or entity with whom the Bank had a depository or other contractual relationship, pursuant to which the Bank provided products or services
within twenty-four months of the cessation of Executive’s employment. 
 (d) In exchange for the benefits promised in this
Agreement and other valuable consideration, the Executive agrees that for a period of twelve (12) months after his employment ceases, for any reason, he will not, directly or indirectly, hire or solicit for hire or induce any person to cease
their employment with the Company, if the purpose is to compete with the Company. 
 (e) Nothing in Section 7(b) or
(c) shall prohibit Executive from working in any role or engaging in any job or activity that can reasonably be construed to be non-competitive with the Company. 
 (f) For purposes of this Section 7, “Unauthorized Disclosure of Confidential Information” means the use or disclosure of information in violation of Section 8 of this Agreement.

 (g) For Cause; Other Than for Good Reason. If the Executive’s employment is terminated for Cause or if the
Executive voluntarily terminates his employment other than for Good Reason, this Agreement shall terminate without any further obligation of the Company to the Executive other than the payment to the Executive of any unpaid base salary for the time
worked through the date of termination payable in a lump sum as soon as administratively feasible following termination and the payment of any benefits due and owing pursuant to the terms of any plans, policies or programs, payable when otherwise
due. 
 (h) Remedies. The Executive acknowledges that the covenants set forth in Section 7 of this Agreement are
just, reasonable, and necessary to protect the legitimate business interests of the Company. The Executive further acknowledges that if the Executive breaches or threatens to breach any provision of Section 7, the Company’s remedies at law
will be inadequate, and the Company will be irreparably harmed. Accordingly, the Company shall be entitled to an injunction, both preliminary and permanent, restraining the Executive from such

  
 8 

 
breach or threatened breach, such injunctive relief not to preclude the Company from pursuing all available legal and equitable remedies. In addition to all other available remedies, if the
Executive violates any of the provisions of Section 7, the Executive shall pay all reasonable costs and reasonable attorney’s fees incurred by the Company in enforcing the provisions of that Section. 

(i) Breach does not excuse performance. Executive agrees that a breach by the Company of any provision of this Agreement shall not
excuse his obligation to adhere to the covenants in Section 7 and shall not constitute a defense to the enforcement thereof by the Company. 
 8. Confidentiality. As an employee of the Company, the Executive will have access to and may participate in the origination of non-public, proprietary and confidential information relating to the
Company and/or its subsidiaries, and the Executive acknowledges a fiduciary duty owed to the Company and its subsidiaries not to disclose impermissibly any such information. Confidential information may include, but is not limited to, trade secrets,
customer lists and information, internal corporate planning, methods of marketing and operation, and other data or information of or concerning the Company or its customers that is not generally known to the public or generally in the banking
industry. The Executive agrees that for a period of five (5) years following the cessation of his employment, he will not use or disclose to any third party any such confidential information, either directly or indirectly, except as may be
authorized in writing specifically by the Company; provided, however that to the extent the information covered by this Section 8 is otherwise protected by the law, such as “trade secrets,” as defined by the Virginia Uniform Trade
Secrets Act, or customer information protected by banking privacy laws, that information shall not be disclosed or used for however long the legal protections applicable to such information remain in effect. 

Notwithstanding the foregoing, nothing in this Agreement is intended to prohibit the Executive from performing any duty or obligation
that shall arise as a matter of law. Specifically, the Executive shall continue to be under a duty to truthfully respond to any legal and valid subpoena or other legal process. This Agreement is not intended in any way to proscribe the
Executive’s right and ability to provide information to any federal, state or local agency in response or adherence to the lawful exercise of such agency’s authority. In the event the Executive is requested to disclose confidential
information by subpoena or other legal process or lawful exercise of authority, the Executive shall promptly provide the Company with notice of the same and either receive approval from the Company to make the disclosure or cooperate with the
Company in the Company’s effort, at its sole expense, to avoid disclosure. 
 9. Termination After Change of
Control. 
 (a) Without Cause or for Good Reason. If Executive’s employment is involuntarily terminated without
Cause within one (1) year after a Change of Control shall have occurred or if he resigns for Good Reason within one (1) year after a Change of Control shall have occurred, then the Company shall pay to Executive as compensation for
services rendered (subject to any applicable payroll or other taxes required to be withheld), the Accrued Obligations and, upon Executive’s signing the Release attached as Exhibit A, which Release must be signed and not revoked within
thirty (30) days after termination, the following: 
 (i) An amount equal to 2.99 times
the Executive’s base salary in effect at the time of termination, payable in forty-eight (48) equal semi-monthly installments beginning on the thirtieth (30th) day following termination of employment. 

  
 9 

 (ii) The Pro-Rata Bonus (as defined, and payable at the time provided, in
Section 7(a)(ii)). 
 (iii) For thirty-six (36) months after the date of termination, the Company shall
provide the Health Care Continuance Benefit, as defined in Section 7(a)(iii), provided that the Executive’s continued participation is possible under the general terms and provisions of the Health Care Plans. The following rules shall also
apply: 
 (A) If the Company cannot maintain such coverage for the Executive or the Executive’s spouse or
dependents under the terms and provisions of the Health Care Plans (or where such continuation would adversely affect the tax status of the Health Care Plans pursuant to which the coverage is provided), the Company shall provide the Health Care
Continuance Benefit either by providing substantially identical benefits directly or through an insurance arrangement or by paying the Executive the estimated cost of the expected Company contribution therefor for thirty-six (36) months after
the date of termination with such payments to be made in accordance with the established payroll practices of the Company (not less frequently than monthly) for employees generally for the period during which such cash payments are to be provided.

 (B) The Health Care Continuance Benefit as to any Health Care Plan will cease if and when the Executive has
obtained health care coverage under one or more welfare benefit plans of a subsequent employer that provides for equal or greater benefits to the Executive and the Executive’s spouse and dependents with respect to the specific type of benefit.

 (C) The Executive and the Executive’s spouse and dependents will become eligible for COBRA continuation
coverage as of the date the Health Care Continuance Benefit ceases. 
 (b) It is the intention of the parties that no payment be
made or benefit provided to Executive pursuant to this Agreement that would constitute an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code and any regulations thereunder (“Code
Section 280G”), thereby resulting in a loss of an income tax deduction by the Company or the imposition of an excise tax on Executive under Section 4999 of the Internal Revenue Code. If the independent accountants serving as
auditors for the Company on the date of a Change of Control (or any other accounting firm designated by the Company) determine that some or all of the payments or benefits scheduled under this Agreement, as well as any other payments or benefits on
a Change of Control, would be nondeductible by the Company under Code Section 280G, then the payments scheduled under this Agreement and all other agreements between the Executive and the Company will be reduced to one dollar less than the
maximum amount which may be paid without causing any such payment or benefit to be nondeductible. The determination made as to the reduction of benefits or payments required hereunder by the independent accountants shall be binding on the
parties. Any 

  
 10 

 
reduction of benefits or payments required to be made under this Section 9(b) shall be taken in the following order: first from cash compensation, on a pro rata basis, and then from stock
compensation, on a pro rata basis. 
 (c) Superseding Provisions. The benefits and payments set forth in
Section 9(a) that may be due in connection with a Change of Control shall supersede all payments, entitlements and benefits of Executive otherwise payable under Section 7(a)(i), (ii) and (iii). The benefits and payments due under
Section 9(a) replace those in Section 7(a)(i), (ii) and (iii), and are not cumulative thereof. If the benefits and payments set forth in Section 9(a) are payable to the Executive, the non-competition period under
Section 7(b) and the non-piracy period under Section 7(c) shall be twenty-four (24) months from the date the Executive ceases employment. All other provisions of Section 7 shall continue to apply as written. 

(d) For Cause; Other Than for Good Reason. If the Executive’s employment is terminated for Cause or if the Executive
voluntarily terminates his employment other than for Good Reason, within one (1) year after a Change of Control, this Agreement shall terminate without any further obligation of the Company to the Executive other than the payment to the
Executive of any unpaid base salary for the time worked through the date of termination payable in a lump sum as soon as administratively feasible following termination and the payment of any benefits due and owing pursuant to the terms of any
plans, policies or programs, payable when otherwise due. 
 (e) Survival of Provisions. The obligations and covenants of
Section 9 shall remain in effect for a period of twelve months following a Change of Control, so long as the Agreement is in effect on the date of the Change of Control, and notwithstanding that the Agreement expires and is not renewed during
such twelve-month period. 
 10. Change of Control Defined. For purposes of this Agreement, a “Change of
Control” occurs if, after the date of this Agreement, (a) any person, including persons acting as a group, becomes the owner of Holding Company securities having 50% or more of the total voting power of the Holding Company; (b) a
majority of the members of the Holding Company’s Board of Directors are replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the Holding Company’s Board of Directors before the
date of such appointment or election; or (c) any person, including persons acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the
Holding Company or the Bank that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Holding Company or the Bank, as applicable, immediately before such acquisition or
acquisitions. For purposes of this Agreement, a Change of Control occurs on the date on which an event described in (a) – (c) occurs. If a Change of Control occurs on account of a series of transactions or events, the Change of
Control occurs on the date of the last of such transactions or events. The above definition of Change of Control is intended to, and shall be interpreted in a manner as to, comply with the requirements of Code Section 409A. 

11. Documents. All documents, records, tapes and other media of any kind or description relating to the business of the Company or
any of its subsidiaries (the “Documents”), whether or not prepared by the Executive, shall be the sole and exclusive property of the 

  
 11 

 
Company. The Documents (and any copies) shall be returned to the Company upon the Executive’s termination of employment for any reason or at such earlier time or times as the Boards of
Directors of the Company, or their designees, may specify. 
 12. Severability. If any provision of this Agreement, or
part thereof, is determined to be unenforceable for any reason whatsoever, it shall be severable from the remainder of this Agreement and shall not invalidate or affect the other provisions of this Agreement, which shall remain in full force and
effect and shall be enforceable according to their terms. No covenant shall be dependent upon any other covenant or provision herein, each of which stands independently. 
 13. Modification. The parties expressly agree that should a court find any provision of this Agreement, or part thereof, to be unenforceable or unreasonable, the court may modify the provision, or
part thereof, in a manner which renders that provision reasonable, enforceable, and in conformity with the public policy of Virginia. 
 14. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia. 

15. Notices. All written notices required by this Agreement shall be deemed given when delivered personally or sent by registered
or certified mail, return receipt requested, to the parties at their addresses set forth on the signature page of this Agreement. Each party may, from time to time, designate a different address to which notices should be sent. 

16. Amendment. This Agreement may not be varied, altered, modified or in any way amended except by an instrument in writing
executed by the parties hereto or their legal representatives. 
 17. Binding Effect. This Agreement shall be binding
upon the Executive and on the Company, its successors and assigns effective on the date first above written subject to the approval by the Boards of Directors of the Company. The Company will require any successor to all or substantially all of the
business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

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

  
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 19. Code Section 409A Compliance. 

(a) The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue
Code of 1986, as amended, and applicable guidance thereunder (“Code Section 409A”) or comply with an exemption from the application of Code Section 409A and, accordingly, all provisions of this Agreement shall be construed in a
manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. 
 (b) Neither the
Executive nor the Company shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any matter which would not be in compliance with Code Section 409A. 

(c) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
form or timing of payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” (within the meaning of Code Section 409A) and, for purposes of any such
provision of this Agreement under which (and to the extent) deferred compensation subject to Code Section 409A is paid, references to a “termination” or “termination of employment” or like references shall mean separation
from service. A “separation from service” shall not occur under Code Section 409A unless such Executive has completely severed his relationship with the Company or the Executive has permanently decreased his services to twenty percent
(20%) or less of the average level of bona fide services over the immediately preceding thirty-six (36) month period (or the full period if the Executive has been providing services for less than thirty-six (36) months). A leave of
absence shall only trigger a termination of employment that constitutes a separation from service at the time required under Code Section 409A. If the Executive is deemed on the date of separation from service with the Company to be a
“specified employee”, within the meaning of that term under Code Section 409A(a)(2)(B) and using the identification methodology selected by the Company from time to time, or if none, the default methodology, then with regard to any
payment or benefit that is required to be delayed in compliance with Code Section 409A(a)(2)(B), such payment or benefit shall not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the
date of the Executive’s separation from service or (ii) the date of the Executive’s death. In the case of benefits required to be delayed under Code Section 409A, however, the Executive may pay the cost of benefit coverage, and
thereby obtain benefits, during such six-month delay period and then be reimbursed by the Company thereafter when delayed payments are made pursuant to the next sentence. On the first day of the seventh month following the date of the
Executive’s separation from service or, if earlier, on the date of the Executive’s death, all payments delayed pursuant to this Section 19(c) (whether they would have otherwise been payable in a single sum or in installments in the
absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. If
any cash payment is delayed under this Section 19(c), then interest shall be paid on the amount delayed calculated at the prime rate reported in The Wall Street Journal for the date of the Executive’s termination to the date of payment.

  
 13 

 (d) With regard to any provision herein that provides for reimbursement of expenses or
in-kind benefits subject to Code Section 409A, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, and (ii) the amount of
expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause
(ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect. All reimbursements
shall be reimbursed in accordance with the Company’s reimbursement policies but in no event later than the calendar year following the calendar year in which the related expense is incurred. 

(e) If under this Agreement, an amount is to be paid in two or more installments, for purposes of Code Section 409A, each
installment shall be treated as a separate payment. In the event any payment payable upon termination of employment would be exempt from Code Section 409A under Treas. Reg. § 1.409A-1(b)(9)(iii) but for the amount of such payment, the
determination of the payments to the Executive that are exempt under such provision shall be made by applying the exemption to payments based on chronological order beginning with the payments paid closest in time on or after such termination of
employment. 
 (f) When, if ever, a payment under this Agreement specifies a payment period with reference to a number of days
(e.g., “payment shall be made within ten (10) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. 

(g) Notwithstanding any of the provisions of this Agreement, the Company shall not be liable to the Executive if any payment or benefit
which is to be provided pursuant to this Agreement and which is considered deferred compensation subject to Code Section 409A otherwise fails to comply with, or be exempt from, the requirements of Code Section 409A. 

20. TARP Omnibus Provision. As a result of the Holding Company’s participation in the Troubled Asset Relief Program Capital
Purchase Program (the “CPP”), the Company is subject to, among other things, the executive compensation requirements of Section 111(b) of the Emergency Economic Stabilization Act of 2008, as amended from time to time, as such
requirements are implemented through the guidance and regulations issued by the U.S. Department of the Treasury with respect to the CPP, as such guidance and regulations may be amended from time to time (collectively, the “CPP
Requirements”). Notwithstanding any other provision of this Agreement, the Company and the Executive agree that this Agreement shall be administered, interpreted and construed and, if and where applicable, benefits provided hereunder shall be
limited, deferred, forfeited, subject to repayment to the Company and/or prohibited in accordance with the CPP Requirements, to the extent legally applicable to the Executive, including without limitation the clawback, the bonus prohibition and the
golden parachute prohibitions thereof. Further, the Company and the Executive agree that the Company shall have the right unilaterally to amend this Agreement to effect or document any changes or additions which in its view are necessary or
appropriate to comply with the CPP Requirements. In the event no severance benefits are payable under Section 7(a)(i) because of the application of the limitations described in this Section 20, the non-competition period in
Section 7(b) and the 

  
 14 

 
non-piracy period in Section 7(c) shall be reduced to six (6) months from the date the Executive ceases employment due to the Company involuntarily terminating him without Cause not
within one (1) year after a Change of Control or due to the Executive resigning for Good Reason not within one (1) year after a Change of Control. In the event no severance benefits are payable under Section 9(a)(i) because of the
application of the limitations described in this Section 20, the non-competition period in Section 7(b) and the non-piracy period in Section 7(c) shall be eliminated if the Executive ceases employment due to the Company involuntarily
terminating him without Cause within one (1) year after a Change of Control or due to the Executive resigning his employment for Good Reason within one (1) year after a Change of Control. 

21. Regulatory Limitation. Notwithstanding any other provision of this Agreement, neither the Company nor any subsidiary shall be
obligated to make, and the Executive shall have no right to receive, any payment, benefit or amount under this Agreement that would violate any law, regulation or regulatory order applicable to the Company or the subsidiary at the time such payment
is due, including without limitation, any regulation or order of the Federal Deposit Insurance Corporation or the Board of Governors of the Federal Reserve System. In the event any payment, benefit or amount under this Agreement may be payable with
regulatory approval, the Company agrees to take all reasonable steps to obtain such regulatory approval. In the event no severance benefits are payable under Section 7(a)(i) because of the application of the limitations described in this
Section 21, the non-competition period in Section 7(b) and the non-piracy period in Section 7(c) shall be reduced to six (6) months from the date the Executive ceases employment due to the Company involuntarily terminating him
without Cause not within one (1) year after a Change of Control or due to the Executive resigning for Good Reason not within one (1) year after a Change of Control. In the event no severance benefits are payable under Section 9(a)(i)
because of the application of the limitations described in this Section 21, the non-competition period in Section 7(b) and the non-piracy period in Section 7(c) shall be eliminated if the Executive ceases employment due to the Company
involuntarily terminating him without Cause within one (1) year after a Change of Control or due to the Executive resigning his employment for Good Reason within one (1) year after a Change of Control. 

22. Entire Agreement. Except as otherwise provided herein, this Agreement constitutes the entire agreement of the parties with
respect to the matters addressed herein and it supersedes all other prior agreements and understandings, both written and oral, express or implied, with respect to the subject matter of this Agreement. It is further specifically agreed and
acknowledged that, except as provided herein, the Executive shall not be entitled to severance payments or benefits under any severance or similar plan, program, arrangement or agreement of or the Company for any cessation of employment occurring
while this Agreement is in effect. 
 23. Survivability. The provisions of Section 7 and 8 shall survive the
termination, expiration or non-renewal of this Agreement. 
 24. Title. The titles and sub-headings of each Section and
Sub-Section in the Agreement are for convenience only and should not be considered part of the Agreement to aid in interpretation or construction. 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written herein. 
  

			
	VIRGINIA COMMERCE BANK
		
	By	 	 /s/ W. Douglas Fisher

	W. Douglas Fisher
	Its Chairman of the Board of Directors
	
	Virginia Commerce Bank
	5350 Lee Highway
	Arlington, Virginia 22207
	
	VIRGINIA COMMERCE BANCORP, INC.
		
	By	 	 /s/ W. Douglas Fisher

	W. Douglas Fisher
	Its Chairman of the Board of Directors
	
	Virginia Commerce Bancorp, Inc.
	5350 Lee Highway
	Arlington, Virginia 22207
		
	By	 	 /s/ Peter A. Converse

	Peter A. Converse
	“Executive”
	
	1201 North Nash Street, #502
	Arlington, Virginia 22209

  
 16 

 EXHIBIT A 
 GENERAL RELEASE AGREEMENT 
 For good and valuable consideration, the
receipt of which is hereby acknowledged, Peter A. Converse (“Executive”), hereby irrevocably and unconditionally releases, acquits, and forever discharges Virginia Commerce Bank (“the Bank”) and Virginia Commerce Bancorp, Inc.
(“the Holding Company”) and each of their current and former agents, directors, members, affiliated entities, officers, executives, employees, attorneys, and all persons acting by, through, under or in concert with any of them
(collectively “Releasees”) from any and all charges, complaints, claims, liabilities, grievances, obligations, promises, agreements, controversies, damages, policies, actions, causes of action, suits, rights, demands, costs, losses, debts
and expenses of any nature whatsoever, known or unknown, suspected or unsuspected, including, but not limited to, any rights arising out of alleged violations or breaches of any contracts, express or implied, or any tort, or any legal restrictions
on their right to terminate Executive’s employment, or any federal, state or other governmental statute, regulation, law or ordinance, including without limitation (1) Title VII of the Civil Rights Act of 1964, as amended by the Civil
Rights Act of 1991; (2) the Americans with Disabilities Act; (3) 42 U.S.C. § 1981; (4) the federal Age Discrimination in Employment Act (age discrimination); (5) the Older Workers Benefit Protection Act; (6) the
Equal Pay Act; (7) the Family and Medical Leave Act; and (8) the Executive Retirement Income Security Act (“ERISA”) (“Claim” or “Claims”), which Executive now has, owns or holds, or claims to have, own or
hold, or which Executive at any time heretofore had owned or held, or claimed to have owned or held, against each or any of the Releasees at any time up to and including the date of the execution of this General Release Agreement
(“Release”). 
 Executive hereby acknowledges and agrees that the execution of this Release and the cessation of
Executive’s employment and all actions taken in connection therewith are in compliance with the federal Age Discrimination in Employment Act and the Older Workers Benefit Protection Act and that the releases set forth above shall be applicable,
without limitation, to any claims brought under these Acts. Executive further acknowledges and agrees that: 
 a.
This Release given by Executive is given solely in exchange for the consideration set forth in the Employment Agreement between the Bank, the Holding Company and Executive to which this Release was initially attached and such consideration is in
addition to anything of value which Executive was entitled to receive prior to entering into this Release; 
 b.
By entering into this Release, Executive does not waive rights or claims that may arise after the date this Release is executed; 
 c. Executive has been advised to consult an attorney prior to entering into this Release, and this provision of this Release satisfies the requirements of the Older Workers Benefit Protection Act that
Executive be so advised in writing; 

  
 A-1

 d. Executive has been offered twenty-one (21) days from receipt of this
Release within which to consider whether to sign this Release; and 
 e. For a period of seven (7) days
following Executive’s execution of this Release, Executive may revoke this Release by delivering or mailing the revocation to the Chairman of the Board of Directors of the Holding Company and this Release shall not become effective or
enforceable until such seven (7) day period has expired. 
 This Release shall be binding upon the heirs and personal
representatives of Executive and shall inure to the benefit of the successors and assigns of the Bank and the Holding Company. 
  

					
	  
	 		 	  

	Date	 		 	PETER A. CONVERSE

  
 A-2

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