Document:

Exhibit 4.1

ZQ|CERT#|COY|CLS|RGSTRY|ACCT#|TRANSTYPE|RUN#|TRANS#   . COMMON STOCK PAR VALUE $0.01 COMMON STOCK Shares * * 000000 * * * * * * * *   * * * * * * * * * * * * * 000000 * * * * * * * * * * * * * * * * * * * * *   000000 * * * * * * * * * * * * * * * * * * * * * 000000 * * * * * * * * * * *   * * * * * * * * * * 000000 * * * * * * * * * * * * * * Certificate Number   ZQ00000000 FVCBANKCORP, INC. INCORPORATED UNDER THE LAWS OF THE STATE OF   VIRGINIA ** Mr. Alexander David Sample **** Mr. Alexander David Sample ****   Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David SEE REVERSE FOR CERTAIN DEFINITIONS THIS CERTIFIES THAT   Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****   Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   Alexander David SamMple ***R* Mr. A.lexaSnderADavidMSampPle ***L* MrE.   Alexan&der DavMid SamRple **S** Mr.. AleSxandeAr DaMvid SamPple *L***   MEr. Alex&ander David Sample **** David Sample **** Mr. Alexander David   Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****   Mr. Alexander David Sample **** Mr. Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander DavidMSampRle   ****.Mr. SAlexaAnderMDavidPSamLple *E*** Mr. &AlexandMer DavRid   SaSmple.**** SMr. AAlexanMder DaPvid SLampEle **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Sample ****   Mr. Sample is the owner of   **000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares***   *000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****   000000**Shar*es****0*000Z00**SEhareRs****00O0000**ShHares**U**0000N00**SDhares*R***000E000**DShares**T**000H000**SOhares*U***000S000**AShareNs****00D0000**Shares****0   THIS CERTIFICATE IS TRANSFERABLE IN CITIES DESIGNATED BY THE TRANSFER AGENT,   AVAILABLE ONLINE AT www.computershare.com   00000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00   0000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000   000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0000   00**Shares****0Z0000E0**ShRares***O*000000*H*ShareUs****0N00000D**SharRes****0E0000D0**ShareAs****0N00000D**SharesZ****00E0000R**SharOes****0*000*00**Shares****00000   0**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000   **Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000*   *Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**   Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**S   FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, PAR VALUE $0.01 PER   SHARE OF FVCBANKCORP, INC. transferable only on the books of the Corporation   by the holder hereof in person or by Attorney upon surrender of this   Certificate properly endorsed. This Certificate is not valid until   countersigned by the Transfer Agent and registered by the Registrar. IN   WITNESS WHEREOF, the said Corporation has caused this Certificate to be   signed by the facsimile signatures of its duly authorized officers and its   Corporate seal to be hereunto affixed. DATED DD-MMM-YYYY COUNTERSIGNED AND   REGISTERED: COMPUTERSHARE INC. TRANSFER AGENT AND REGISTRAR, Chairman,   President and CEO Corporate Secretary and CFO By AUTHORIZED SIGNATURE CUSIP   Holder ID Insurance Value Number of Shares DTC Certificate Numbers   1234567890/1234567890 1234567890/1234567890 1234567890/1234567890   1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 Total   Transaction XXXXXX XX X XXXXXXXXXX 1,000,000.00 123456 12345678   123456789012345 PO BOX 43004, Providence, RI 02940-3004 Num/No. Denom. Total   1 2 3 4 5 6 7 1 2 3 4 5 6 1 2 3 4 5 6 MR A SAMPLE DESIGNATION (IF ANY) ADD 1   ADD 2 ADD 3 ADD 4 CUSIP 36120Q 10 1 

    

 

 

. (Cust)   (Minor) (State) (Cust) and not as tenants in common (Minor) (State) PLEASE   INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE For value   received, hereby sell, assign and transfer unto (PLEASE PRINT OR TYPEWRITE   NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) Shares of the   Common Stock represented by the within Certificate, and do hereby irrevocably   constitute and appoint Attorney to transfer the said Shares on the books of   the within named Corporation with full power of substitution in the premises.   Dated: 20 Signature: Signature: Notice: The signature to this assignment must   correspond with the name as written upon the face of the certificate, in   every particular, without alteration or enlargement, or any change whatever.   The IRS requires that we report the cost basis of certain shares acquired   after January 1, 2011. If your shares were covered by the legislation and you   have sold or transferred the shares and requested a specific cost basis   calculation method, we have processed as requested. If you did not specify a   cost basis calculation method, we have defaulted to the first in, first out   (FIFO) method. Please visit our website or consult your tax advisor if you   need additional information about cost basis. If you do not keep in contact   with us or do not have any activity in your account for the time periods   specified by state law, your property could become subject to state unclaimed   property laws and transferred to the appropriate state. Signature(s)   Guaranteed: Medallion Guarantee Stamp 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 S.E.C. RULE 17Ad-15. The following   abbreviations, when used in the inscription on the face of this certificate,   shall be construed as though they were written out in full according to   applicable laws or regulations: TEN COM - as tenants in common UNIF GIFT MIN   ACT - ............................................Custodian   ................................................ TEN ENT - as tenants by the   entireties under Uniform Gifts to Minors   Act......................................................... JT TEN - as   joint tenants with right of survivorship UNIF TRF MIN ACT -   ............................................Custodian (until age   ................................) .............................under Uniform   Transfers to Minors Act ................... Additional abbreviations may also   be used though not in the above list.Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of the 1st day of October, 2014 (the “Effective Date”), by and between First Virginia Community Bank, a Virginia chartered commercial bank (the “Bank”), and David W. Pijor (“Executive”).

 

WHEREAS, the Bank desires to retain Executive as President and Chief Executive Officer of the Bank and Executive desires to accept such employment, all upon the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.                                      Employment.  The Bank agrees to employ Executive, and Executive agrees to be employed as President and Chief Executive Officer of the Bank, subject to the terms and provisions of this Agreement.  Subject to (i) the nomination of Executive by the Board for election as a member of the Board, (ii) election of Executive as a director by the shareholders of the Bank, and (iii) designation of Executive as Chairman of the Board by the Board, Executive agrees to serve as Chairman of the Board. Executive represents and warrants to the Bank that Executive is not subject to any legal obligations or restrictions that would prevent or limit his entering into this Agreement and performing his responsibilities hereunder.

 

2.                                      Certain Definitions.  As used in this Agreement, the following terms have the meanings set forth below:

 

2.1                               “Affiliate” means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with such Person, (ii) any Person owning or controlling fifty percent (50%) or more of the outstanding voting interests of such Person, (iii) any officer, director, general partner, managing member, or trustee of, or Person serving in a similar capacity with respect to, such Person, or (iv) any Person who is an officer, director, general partner, member, trustee, or holder of fifty percent (50%) or more of the voting interests of any Person described in clauses (i), (ii), or (iii) of this sentence. For purposes of this definition, the terms “controlling,” “controlled by,” or “under common control with” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

2.3                               “Bank” means First Virginia Community Bank.  If the Bank is merged into any other Entity, or transfers substantially all of its business operations or assets to another Entity, the term “Bank” shall be deemed to include such successor Entity.

 

2.4                               “Bank Entities” means and includes any of the Bank, and, whether currently existing or hereafter organized, any direct or indirect subsidiary of the Bank, any direct or indirect parent holding company of the Bank, and any direct or indirect subsidiary of any holding company of the Bank.

 

2.5                               “Bank Regulatory Agency” means any governmental authority, regulatory agency, ministry, department, statutory corporation, central bank or other body of the United States or of any other country or of any state or other political subdivision of any of them having jurisdiction over the Bank or any transaction contemplated, undertaken or proposed to be undertaken by the Bank, including, but not necessarily be limited to:

 

(a)                                 the FDIC;

 

(b)                                 the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of Richmond, the Virginia Bureau of Financial Institutions, or any other federal or state bank regulatory or commissioner’s office;

 

(c)                                  any Person established, organized, owned (in whole or in part) or controlled by any of the foregoing; and

 

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(d)                                 any predecessor, successor or assignee of any of the foregoing.

 

2.6                               “Board” means the Board of Directors of the Bank.

 

2.7                               “Code” means the Internal Revenue Code of 1986, as amended.

 

2.8                               “Competitive Business” means the banking and financial services business, which includes, without limitation, consumer savings, commercial banking, the savings and loan business and mortgage lending, or any other business in which any of the Bank Entities is engaged or has invested significant resources within the prior six (6) month period in preparation for becoming actively engaged.

 

2.9                               “Competitive Products or Services” means, as of any time, those products or services of the type that any of the Bank Entities is providing, or is actively preparing to provide, to its customers.

 

2.10                        “Disability” means a mental or physical condition which, in the good faith opinion of the Board, renders Executive, with reasonable accommodation, unable or incompetent to carry out the material job responsibilities which Executive held or the material duties to which Executive was assigned at the time the disability was incurred, which has existed for at least three (3) months and which in the opinion of a physician mutually agreed upon by the Bank and Executive (provided that neither party shall unreasonably withhold such agreement) is expected to be permanent or to last for an indefinite duration or a duration in excess of nine (9) months.

 

2.11                        “FDIA” means the Federal Deposit Insurance Act, as amended.

 

2.12                        “FDIC” means the Federal Deposit Insurance Corporation.

 

2.13                        “Person” means any individual or Entity.

 

2.14                        “Section 280G” means Section 280G of the Code and the regulations and administrative guidance promulgated thereunder.

 

2.15                        “Section 409A” means Section 409A of the Code and the regulations and administrative guidance promulgated thereunder.

 

2.16                        “Term” means the Initial Term and any applicable Renewal Term, each as defined in Section 3.1

 

2.17                        “Termination Date” means the date on which the Term expires pursuant to Section 3.1 or on which the Term is earlier terminated pursuant to Section 7.2, 7.3, 7.4, 7.5 or 9.2, as applicable.

 

Other terms are defined throughout this Agreement and have the meanings so given them.

 

3.                                      Term

 

3.1(a)                Initial Term.                             Executive’s employment hereunder shall commence on the Effective Date of this Agreement and shall continue for a period of three (3) years thereafter, unless sooner terminated in accordance with the provisions of this Agreement (the “Initial Term”).

 

3.2(b)                Renewal Term.              The Term of this Agreement shall automatically be extended for a period of one year at the conclusion of the Initial Term, and again extended at the conclusion of each successive one year period thereafter (each such one year period a “Renewal Term”), unless:

 

(1)                                 either party terminates this Agreement as of the end of the end of the Initial Term or any Renewal Term by giving the other party of written notice of intent not to renew, delivered at least one hundred and twenty (120) days prior to the end of the Initial Term or applicable Renewal Term; or

 

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(2)                                 the Agreement is terminated prior to the end of the Initial Term or any Renewal Term, as applicable, in accordance with Section 7 or Section 9 of this Agreement.

 

4.                                      Duties of Executive.

 

4.1                               Nature and Substance.  Executive shall report directly to the Board.  The specific powers and duties of the President and Chief Executive Officer shall include, subject to modification by and within the discretion of the Board, but shall not necessarily be limited to:

 

(a)                                 the coordination and leadership of the efforts of the Bank to achieve and maintain any and all necessary and/or appropriate Bank Regulatory Agency approvals and permissions prerequisite to its successful continued operation, including coordination of the professional services of counsel, accountants and bank consultants;

 

(b)                                 the coordination and leadership of the efforts to prepare and present to the Board of budgets for approval, and material adherence of the Bank to the budget approved by the Board;

 

(c)                                  the coordination and leadership of the efforts to provide such reports, updates and other data and information as may be reasonably required by the Board and Bank Regulatory Agencies;

 

(d)                                 the coordination and leadership of the Bank’s efforts in regard to the investigation, consideration and implementation of strategic planning activities, merger and acquisition activity and capital raising;

 

(e)                                  subject to guidelines and/or criteria established by the Board, the hiring, promotion, supervision, retention and discharge of all employees, below the level of Senior Vice President;

 

(f)                                   the formulation and implementation of the Bank’s employee personnel policies and benefits, subject to approval by the Board;

 

(g)                                  the promotion of the reputation and business of the Bank within the community;

 

(h)                                 the advancement of the business purposes of the Bank, including, but not limited to, business development and customer, depositor and public relations;

 

(i)                                     supervision of the maintenance of the books and accounts and the supervision and maintenance of accounts payable and expenses of the Bank and the reporting of the status thereof at each scheduled or called meeting of the Board or any committee thereof; provided, however, that all expenditures on behalf of the Bank shall be approved in accordance with the terms and conditions of procedures established by the Board;

 

(j)                                    such other duties of the President and Chief Executive Officer of the Bank as may be enumerated in the Bylaws of the Bank; and

 

(k)                                 such other duties and responsibilities as are normally incident to the subject position of President and Chief Executive Officer, including assisting, directing and/or supervising the operations and other employees of the Bank upon such terms, conditions, rules, policies and regulations as may be established by the Board from time to time.

 

4.2                               Performance of Services.  Executive agrees to devote his full business time and attention to the performance of his duties and responsibilities under this Agreement, and shall use his best efforts and discharge his duties to the best of his ability for and on behalf of the Bank and toward its successful operation.  Executive agrees that, without the prior written consent of the Board, he will not during the Term, directly or indirectly, perform services for or obtain a financial or ownership interest in any other Entity (an “Outside Arrangement”) if such Outside Arrangement would interfere with the satisfactory performance of his duties to the Bank, present a conflict of interest with the Bank, breach his duty of loyalty or fiduciary duties to the Bank, or otherwise conflict with the 

 

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provisions of this Agreement.  Executive shall promptly notify the Board of any Outside Arrangement, provide the Bank with any written agreement in connection therewith and respond fully and promptly to any questions that the Board may ask with respect to any Outside Arrangement.  If the Board determines that Executive’s participation in an Outside Arrangement would interfere with his satisfactory performance of his duties to the Bank, present a conflict of interest with the Bank, breach his duty of loyalty or fiduciary duties to the Bank, or otherwise conflict with the provisions of this Agreement, Executive shall not undertake, or shall cease, such Outside Arrangement as soon as feasible after the Board notifies him of such determination.  Notwithstanding any provision hereof to the contrary, this Section 4.2 does not restrict Executive’s right to own or manage executive’s personal passive investments; or service as a director, trustee or similar official of non-profit, civic, cultural, professional or philanthropic organizations, so long as such service does not adversely affect the performance of Executive’s services and duties hereunder.

 

4.3                               Compliance with Law.  Executive shall comply with all laws, statutes, ordinances, rules and regulations relating to his employment and duties.

 

5.                                      Compensation; Benefits. As full compensation for all services rendered pursuant to this Agreement and the covenants contained herein, the Bank shall pay to Executive the following:

 

5.1                               Salary.  Commencing on the Effective Date through the end of the Initial Term, Executive shall be paid a salary (“Salary”) of Three Hundred Seventy Five Thousand Dollars ($375,000) on an annualized basis (March 1 — February 28/29). The Bank shall pay Executive’s Salary in equal installments in accordance with the Bank’s regular payroll periods as may be set by the Bank from time to time. Executive’s salary and each additional element of compensation shall be reviewed at least one (1) month prior to March 1, of each year.  Executive’s Salary may be increased from time to time, at the discretion of the Board, but may not be decreased without Executive’s consent. Executive shall not be entitled to receive any additional fees, retainer or other compensation for service as a member of the Board or any committee thereof.

 

5.2.                            Bonus.  Executive shall be entitled to incentive bonus payments as determined pursuant to Board approved incentive plans, or for the achievement of specified goals or objectives determined by the Board or the appropriate committee thereof, or such other bonus payments as the Board, or the appropriate committee thereof, may in its sole discretion determine.

 

5.3                               Withholding.  Payments of Salary shall be subject to the customary withholding of income and other employment taxes as is required with respect to compensation paid by an employer to an employee.

 

5.4                               Vacation and Leave.  Executive shall be entitled to such vacation and leave as may be provided for under the current and future leave and vacation policies of the Bank for Executive Officers.

 

5.5                               Office Space.  The Bank will provide customary office space and office support to Executive.

 

5.6                               Car Allowance.  The Bank will pay Executive a monthly car allowance of One Thousand Dollars ($1,000).

 

5.7                               Non-Life Insurance.  The Bank will provide Executive with group health, disability and other insurance as the Bank may determine appropriate for all Executive Officers of the Bank.

 

5.8                               Life Insurance.

 

5.8.1                     Executive may obtain a term life insurance policy (the “Policy”) on Executive in the amount of One Million Dollars ($1,000,000), the particular product and carrier to be chosen by Executive in his discretion.  Executive shall have the right to designate the beneficiary of the Policy.  If the Policy is obtained, Executive shall provide the Bank with a copy of the Policy, and the Bank will pay, during the Term of this Agreement, the premiums for the Policy upon submission by Executive to the Bank of the invoices therefor.  If a Policy is obtained and it is cancelled or terminated, Executive shall immediately notify the Bank of such cancellation or termination.

 

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5.8.2                     The Bank may, at its cost and for its benefit, obtain and maintain “key-man” life insurance and/or Bank-owned life insurance on Executive in such amount as determined by the Board from time to time. Executive agrees to cooperate fully and to take all actions reasonably required by the Bank in connection with such insurance.

 

5.9                               Expenses.  The Bank shall, promptly upon presentation of proper expense reports therefor, pay or reimburse Executive, in accordance with the policies and procedures established from time to time by the Bank for its officers, for all reasonable and customary travel (other than local use of an automobile for which Executive is being  provided the car allowance) and other out-of-pocket expenses incurred by Executive in the performance of his duties and responsibilities under this Agreement and promoting the business of the Bank, including the cost of attending business related seminars, meetings and conventions.

 

5.10                        Retirement Plans.  Executive shall be entitled to participate in any and all qualified pension or other retirement plans of the Bank which may be applicable to personnel of the Bank.

 

5.11                        Other Benefits.  While this Agreement is in effect, Executive shall be entitled to all other benefits that the Bank provides from time to time to its senior executives and such other benefits as the Board may from time to time approve for Executive.

 

5.12                        Eligibility.  Participation in any health, life, accident, disability, medical expense or similar insurance plan or any qualified pension or other retirement plan shall be subject to the terms and conditions contained in such plan. All matters of eligibility for benefits under any insurance plans shall be determined in accordance with the provisions of the applicable insurance policy issued by the applicable insurance company.

 

5.13                        Equity Compensation.  Executive shall be eligible to receive awards of options, restricted stock or restricted stock units under the Bank’s Amended and Restated 2008 Stock Plan, from time to time, at the discretion of the committee administering said plan, subject to the approval of the Compensation Committee or comparable committee of the Board.

 

6.                                      Conditions Subsequent to Continued Operation and Effect of Agreement.

 

6.1                               Continued Approval by Bank Regulatory Agencies.  This Agreement and all of its terms and conditions, and the continued operation and effect of this Agreement and the Bank’s continuing obligations hereunder, shall at all times be subject to the continuing approval of any and all Bank Regulatory Agencies whose approval is a necessary prerequisite to the continued operation of the Bank. Should any term or condition of this Agreement, upon review by any Bank Regulatory Agency, be found to violate or not be in compliance with any then-applicable statute or any rule, regulation, order or understanding promulgated by any Bank Regulatory Agency, or should any term or condition required to be included herein by any such Bank Regulatory Agency be absent, this Agreement may be rescinded and terminated by the Bank if the parties hereto cannot in good faith agree upon such additions, deletions or modifications as may be deemed necessary or appropriate to bring this Agreement into compliance.

 

7.                                      Termination of Agreement.  Prior to the Expiration Date, the Term of this Agreement may be terminated as provided below in this Article 7.

 

7.1                               Definition of Cause.  For purposes of this Agreement, “Cause” means:

 

(a)                                 any act of theft, fraud, intentional misrepresentation, personal dishonesty or breach of fiduciary duty involving personal gain or similar conduct by Executive with respect to the Bank Entities or the services to be rendered by him under this Agreement;

 

(b)                                 any Bank Regulatory Agency action or proceeding described in Section 7.9.1(a) against Executive based upon a finding by the Bank Regulatory Agency of his negligence, fraud, malfeasance or misconduct;

 

(c)                                  Executive’s non-appealable conviction or plea of nolo contendere at the trial court level, of a felony, or any crime of moral turpitude, or involving dishonesty, deception or breach of trust;

 

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(d)                                 any of the following conduct on the part of Executive that Executive has not been corrected or cured within thirty (30) days after having received written notice from the Bank detailing and describing such conduct, or where a correction or cure by its nature cannot be achieved within such period, corrective or curative action has been commenced within such thirty (30) day period (provided, however, that the Bank shall not be required to provide Executive with notice and opportunity to cure more than two (2) times in any twelve (12) month period):

 

(i)                                     habitual absenteeism, or the failure by or the inability of Executive to devote full time attention and energy to the performance of Executive’s duties pursuant to this Agreement (other than by reason of his death or Disability);

 

(ii)                                  intentional material failure by Executive to carry out the explicit lawful and reasonable directions, instructions, policies, rules, regulations or decisions of the Board which are consistent with his position;

 

(iii)                               willful or intentional misconduct on the part of Executive that is materially injurious to the financial condition or business reputation of the Bank or any of its Affiliates; or

 

(iv)                              any action (including any failure to act) or conduct by Executive in violation of a material provision of this Agreement (including but not limited to the provisions of Article 8 hereof, which shall be deemed to be material); or

 

(f)                                   the use of drugs, alcohol or other substances by Executive to an extent which materially interferes with or prevents Executive from performing his duties under this Agreement;

 

(g)                                  termination under the circumstances described in the last sentence of Section 7.5.

 

7.2                               Termination by the Bank for Cause.  After the occurrence of any of the conditions specified in Section 7.1, the Bank shall have the right to terminate the Term for Cause, effective immediately on delivery of written notice to Executive.

 

7.3                               Termination by the Bank without Cause.  The Bank shall have the right to terminate the Term at any time on written notice without Cause, for any or no reason, such termination to be effective on the date on which the Bank gives such notice to Executive or such later date as may be specified in such notice.

 

7.4                               Termination for Death or Disability.  The Term shall automatically terminate upon the death of Executive or upon the Board’s determination that Executive is suffering from a Disability.  In the event of termination pursuant to this Section 7.4, the Bank shall continue to pay to Executive or his estate all compensation and benefits which Executive would be entitled to receive absent such termination, for a period of six (6) months following such termination. Such compensation and benefits shall be payable in the same manner and at such time as they would be paid absent such termination.  Such amounts shall be in addition to any other amounts which Executive may be entitled to receive hereunder.

 

7.5                               Termination by Executive.  Executive shall have the right to terminate the Term at any time, such termination to be effective on the date ninety (90) days after the date on which Executive gives such notice to the Bank.  After receiving notice of termination, the Bank may require Executive to devote his good faith energies to transitioning his duties to his successor and to otherwise helping to minimize the adverse impact of his resignation upon the operations of the Bank.  If Executive unreasonably fails or refuses to fully cooperate in all material respects with such transition, the Bank may immediately terminate Executive, which shall be deemed to be a termination for Cause.

 

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7.6                               Pre-Termination Salary and Expenses.  Without regard to the reason for, or the timing of, the termination of the Agreement or upon expiration of the Term:  (a) the Bank shall pay Executive any unpaid Salary due for the period prior to the Termination Date; and (b) following submission of proper expense reports by Executive, the Bank shall reimburse Executive for all expenses incurred prior to the Termination Date and subject to reimbursement pursuant to Section 5.9 hereof.

 

7.7                               Severance if Termination by the Bank without Cause.  Provided that Executive signs and delivers to the Bank no later than twenty-one (21) days after the Termination Date a General Release and Waiver in the form attached to this Agreement as Exhibit A (the Release”), and except as set forth in the immediately following sentence, if the Term is terminated by the Bank without Cause, the Bank shall, for a period of two (2) years following the date on which the Release is executed and delivered to the Bank, (i) continue to pay Executive Salary at the rate being paid as of the Termination Date, and (ii) if Executive timely elects to continue his health insurance benefits under COBRA, pay to the insurer Executive’s premiums for health insurance benefits continuation for Executive for the maximum period, not in excess of 24 months, for which Executive remains qualified for continuation under COBRA). Notwithstanding the foregoing: (a) if the twenty-one (21) day period in which Executive may deliver the Release begins in one calendar year and ends in the following calendar year, the date on which payments will commence under this Section 7.7 shall be the first day of such following calendar year or, if later, the date on which the Release is delivered to the Bank; and (b) Officer shall not be entitled to any payments pursuant to this Section 7.7 if he is otherwise entitled to payments pursuant to Section 9.3 in relation to a Change in Control.  Any payments due Executive pursuant to this Section 7.7 shall be paid to Executive in installments on the same schedule as Executive was paid immediately prior to the Termination Date, each installment to be the same amount Executive would have been paid under this Agreement if he had not been terminated.  In the event Executive breaches any provision of Article 8 of this Agreement, Executive’s entitlement to any payments payable pursuant to this Section 7.7, if and to the extent not yet paid, shall thereupon immediately cease and terminate as of the date of such breach. Notwithstanding anything to the contrary in this Section 7.7, any payment pursuant to this Section shall be subject to any delay in payment required by Section 10.2 hereof.

 

7.8                               Termination in Connection With a Change in Control.  Sections 9.2 and 9.3 set out provisions applicable to terminations in connection with or following a Change in Control.

 

7.9                               Certain Regulatory Events.

 

7.9.1.                  Notwithstanding anything to the contrary contained herein:

 

(a)                                 If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Sections 8(e)(4) or 8(g)(1) of the FDIA, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order.

 

(b)                                 If the Bank is in default (as defined in Section 3(x)(1) of FDIA), all obligations of the Bank under this Agreement shall terminate as of the date of default.

 

(c)                                  If a notice served under Sections 8(e)(3) or 8(g)(1) of the FDIA suspends and/or temporarily prohibits Executive from participating in the conduct of the Bank’s affairs, the Bank’s obligations under this Agreement shall be suspended as of the date of such service, unless stayed by appropriate proceedings.  If the charges in the notice are dismissed, the Bank shall promptly, (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations that were suspended.

 

(d)                                 If the Bank is prohibited from making a payment hereunder, or agreeing to make a payment hereunder, under Part 359 of the regulations of the FDIC, then the Bank shall not be obligated to make such payment, and Executive shall have no right to receive such payment.  If the Bank is prohibited from making a payment hereunder without the prior consent or approval of the FDIC or other Bank Regulatory Agency, then the Bank shall not be obligated to make such payment, and Executive shall have no right to receive such payment, unless such consent or approval is received.

 

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(e)                                  The occurrence of any of the events described in paragraphs (a), (b), and (c) of this Section 7.9.1(e) may be considered by the Bank in connection with a termination for Cause.

 

7.10.                     Resignation as Director.                Except as may be otherwise agreed upon by the Bank and Executive in writing, upon any termination of this Agreement or Executive’s services hereunder, Executive shall immediately submit his written resignation as a member of the Board and all committees thereof.

 

7.11                        Separation of Positions.  Executive acknowledges and agrees that the Board of the Bank shall have the right, exercisable in its sole discretion, to separate the positions of Chief Executive Officer and President by appointment of another person to serve as President of the Bank.  Exercise of this right shall not constitute a breach of this Agreement, or give rise to any additional right of termination or entitlement to any additional compensation for Executive.

 

8.                                      Confidentiality; Non-Competition; Non-Interference.

 

8.1                               Confidential Information.  Executive, during employment, will have, and has had, access to and become familiar with various confidential and proprietary information of the Bank Entities and/or relating to the business of the Bank Entities (“Confidential Information”), including, but not limited to: business plans; operating results; financial statements and financial information; contracts; mailing lists; purchasing information; customer data (including lists, names and requirements); feasibility studies; personnel related information (including compensation, compensation plans, and staffing plans); internal working documents and communications; and other materials related to the businesses or activities of the Bank Entities which is made available only to employees with a need to know or which is not generally made available to the public.  Failure to mark any Confidential Information as confidential, proprietary or protected information shall not affect its status as part of the Confidential Information subject to the terms of this Agreement. Notwithstanding the foregoing, “Confidential Information” shall not include (1) information that is or becomes public without a breach of the Agreement, (2) information that became available to the Executive on a non-confidential basis from a source not bound, to the Executive’s knowledge, by a non-disclosure agreement that covers the relevant information, (3) information that the Executive knows (and can demonstrate that he knows) before commencing employment with the Bank, and (4) information required to be disclosed by law after notice so that the Bank can contest the required disclosure or seek some other protection.

 

8.2                               Nondisclosure.  Executive hereby covenants and agrees that he shall not, directly or indirectly, disclose or use, or authorize any Person to disclose or use, any Confidential Information (whether or not any of the Confidential Information is novel or known by any other Person); provided however, that this restriction shall not apply to the use or disclosure of Confidential Information (i) to any governmental entity to the extent required by law, (ii) which is or becomes publicly known and available through no wrongful act of Executive or any Affiliate of Executive or (iii) in connection with the performance of Executive’s duties under this Agreement.

 

8.3                               Documents.  All files, papers, records, documents, compilations, summaries, lists, reports, notes, databases, tapes, sketches, drawings, memoranda, and similar items (collectively, “Documents”), whether prepared by Executive, or otherwise provided to or coming into the possession of Executive, that contain any Confidential Information about or pertaining or relating to the Bank Entities (the “Bank Information”) shall at all times remain the exclusive property of the Bank Entities. Promptly after a request by the Bank or the Termination Date, Executive shall take reasonable efforts to (i) return to the Bank all Documents in any tangible form (whether originals, copies or reproductions) and all computer disks or other media containing or embodying any Document or Bank Information and (ii) purge and destroy all Documents and Bank Information in any intangible form (including computerized, digital or other electronic format) as may be requested in writing by the Board of the Bank, and Executive shall not retain in any form any such Document or any summary, compilation, synopsis or abstract of any Document or Bank Information.

 

8.4                               Non-Competition.  Executive hereby acknowledges and agrees that, during the course of employment, Executive has become, and will become, familiar with and involved in all aspects of the business and operations of the Bank Entities. Executive hereby covenants and agrees that during the Term and until the date two (2) years after the Termination Date (the “Restricted Period”), Executive shall not, without the prior approval of a majority of the Board of Directors (Executive not participating), at any time (except for the Bank Entities), directly or indirectly, in any capacity (whether as a proprietor, owner, agent, officer, director, shareholder, organizer, partner,

 

8

 

principal, manager, member, employee, contractor, consultant or otherwise) provide any advice, assistance or services to any Competitive Business or to any Person that is attempting to form or acquire a Competitive Business if such Competitive Business operates, or is planning to operate, any office, branch or other facility (in any case, a “Branch”) that is (or is proposed to be) located within a twenty-five (25) mile radius of the Bank’s headquarters or any Branch or office of the Bank Entities. Notwithstanding any provision hereof to the contrary, this Section 8.4 does not restrict Executive’s right to (i) own securities of any Entity that files periodic reports with the Securities and Exchange Commission under Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended; provided that his total ownership constitutes less than two percent (2%) of the outstanding securities of such company; (ii) to own, or during the Restricted Period to maintain ownership of (but not to acquire ownership of), passive investments in securities of any Entity that does not file periodic reports with the Securities and Exchange Commission under Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended; provided that his total ownership constitutes less than five percent (5%) of the outstanding securities of such company; or (iii) provide legal or investor services to a Competitive Business.

 

8.5                               Non-Interference. Executive hereby covenants and agrees that during the Restricted Period, he will not, directly or indirectly, for himself or any other Person (whether as a proprietor, owner, agent, officer, director, shareholder, organizer, partner, principal, member, manager, employee, contractor, consultant or any other capacity):

 

(a)                                 induce or attempt to induce any customer, supplier, officer, director, employee, contractor, consultant, agent or representative of, or any other Person that has a business relationship with any Bank Entity, to discontinue, terminate or reduce the extent of its, his or her relationship with any Bank Entity or to take any action that would disrupt or otherwise be disadvantageous to any such relationship;

 

(b)                                 solicit any customer of any of the Bank Entities for the purpose of providing any Competitive Products or Services to such customer (other than any solicitation to the general public that is not disproportionately directed at customers of any Bank Entity); or

 

(c)                                  solicit any employee of any of the Bank Entities to commence employment with, become a consultant or independent contractor to or otherwise provide services for the benefit of any other Competitive Business

 

8.6                               Injunction. In the event of any breach or threatened or attempted breach of any provision of this Article 8 by Executive, the Bank shall, in addition to and not to the exclusion of any other rights and remedies at law or in equity, be entitled to seek and receive from any court of competent jurisdiction (i) full temporary and permanent injunctive relief enjoining and restraining Executive and each and every other Person concerned therein from the continuation of such violative acts and (ii) a decree for specific performance of the applicable provisions of this Agreement, without being required to furnish any bond or other security.

 

8.7                               Reasonableness.

 

8.7.1                     Executive has carefully read and considered the provisions of this Article 8 and, having done so, agrees that the restrictions and agreements set forth in this Article 8 are fair and reasonable and are reasonably required for the protection of the interests of the Bank Entities. Executive further agrees that the restrictions set forth in this Agreement will not impair or unreasonably restrain his ability to earn a livelihood.

 

8.7.2                     If any court of competent jurisdiction should determine that the duration, geographical area or scope of any provision or restriction set forth in this Article 8 exceeds the maximum duration, geographical area or scope that is reasonable and enforceable under applicable law, the parties agree that said provision shall automatically be modified and shall be deemed to extend only over the maximum duration, geographical area and/or scope as to which such provision or restriction said court determines to be valid and enforceable under applicable law, which determination the parties direct the court to make, and the parties agree to be bound by such modified provision or restriction.

 

9

 

9.                                      Change in Control.

 

9.1                               Definition.  “Change in Control” means and shall be deemed to have occurred if:

 

(a)                                 there shall be consummated (i) any consolidation, merger, share exchange, or similar transaction relating to the Bank, or pursuant to which shares of the Bank’s capital stock are converted into cash, securities of another Entity and/or other property, other than a transaction in which the holders of Bank’s voting stock immediately before such transaction shall, upon consummation of such transaction, own at least fifty percent (50%) of the voting power of the surviving Entity, or (ii) any sale of all or substantially all of the assets of the Bank, other than a transfer of assets to a related Person which is not treated as a change in control event under §1.409A-3(i)(5)(vii)(B) of the U.S. Treasury Regulations;

 

(b)                                 any person, entity or group (each within the meaning of Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) shall become the beneficial owner (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of securities of the Bank representing more than fifty percent (50%) of the voting power of all outstanding securities of the Bank entitled to vote generally in the election of directors of  the Bank (including, without limitation, any securities of the Bank that any such Person has the right to acquire pursuant to any agreement, or upon exercise of conversion rights, warrants or options, or otherwise, which shall be deemed beneficially owned by such Person); or

 

(c)                                  over a twelve (12) month period, a majority of the members of the Board are replaced by directors whose appointment or election was not endorsed by a majority of the members of the Board in office prior to such appointment or election.

 

Notwithstanding the foregoing:

 

(i)                                     if the event purportedly constituting a Change in Control under Section 9.1(a), Section 9.1(b), or Section 9.1(c) does not also constitute a “change in ownership” of the Bank, a “change in effective control” of the Bank or a “change in the ownership of a substantial portion of the assets” of the Bank within the meaning of Section 409A, then such event shall not constitute a “Change in Control” hereunder; and

 

(ii)                                  any merger, share exchange or other transaction pursuant to which the Bank reorganizes or converts into a holding company structure, immediately following the consummation of which the holders of Common Stock immediately preceding the consummation of such transaction hold the same percentage ownership interest in such holding company as they held in the Bank, subject only to adjustments necessary to reflect the elimination of Common Stock interests held by holders of Common Stock exercising their rights as objecting or dissenting shareholders, and/or the elimination of fractional share interests resulting from the use of an exchange ratio other than one share of holding company common stock for each share of Bank common stock, shall not constitute a Change in Control.

 

9.2                               Change in Control Termination.  For purposes of this Agreement, a “Change in Control Termination” means that while this Agreement is in effect:

 

(a)                                 Executive’s employment with the Bank is terminated without Cause (i) within one hundred twenty (120) days immediately prior to and in conjunction with a Change in Control; or (ii) within twelve (12) months following consummation of a Change in Control; or

 

(b)                                 (i) Within twelve (12) months following consummation of a Change in Control, Executive’s compensation, benefits, title, duties, responsibilities or position have been materially reduced such that Executive is not in a comparable position (with materially comparable compensation, benefits, title, duties, responsibilities or position, or is not located within fifty (50) miles of Executive’s

 

10

 

primary worksite) to the position he held immediately prior to the Change in Control, and within thirty (30) days after notification of such reduction he notifies the Bank that he is terminating his employment due to such change in his employment unless such change is cured within thirty (30) days of such notice by providing him with a comparable position (including materially comparable compensation, benefits, title, duties, responsibilities or position and is located within fifty (50) miles of Executive’s primary worksite).  If Executive’s employment is terminated under this Section, his last day of employment shall be mutually agreed to by Executive and the Bank, but shall be not more than sixty (60) days after such notice is given by Executive.

 

(ii) For purposes of Section 9.2(b), a change in Executive’s title, duties, responsibilities or position following a Change in Control, whereby (1) Executive has the title, duties, responsibilities and position of either President or Chief Executive Officer of the Bank and/or the surviving entity following a Change in Control, or the holding company thereof, and (2) Executive’s compensation and benefits are materially comparable to those to which he was entitled prior to the Change in Control, shall be deemed not to constitute a situation where Executive is not in a comparable position, and shall not be deemed to constitute a Change in Control Termination.

 

9.3                               Change in Control Payment.  If there is a Change in Control Termination pursuant to Section 9.2, Executive shall be paid a lump-sum cash payment (the “Change Payment”) equal to 2.99 times the sum of (a) Executive’s Salary at the highest rate in effect during the twelve (12) month period immediately preceding his Termination Date and (b) cash bonuses received during the twelve (12) month period immediately preceding his Termination Date, such Change Payment to be made to Executive within forty-five (45) days after the later of (i) his Termination Date or (ii) the date of the Change in Control, the exact date of payment to be determined in the sole discretion of the Bank; provided, however, that the Bank shall be relieved of its obligation to pay the Change Payment if Executive fails to sign and deliver to the Bank no later than twenty-one (21) days after the Termination Date a General Release and Waiver in the form attached to this Agreement as Exhibit A.  Notwithstanding anything to the contrary in this Section 9.4, any payment pursuant to this Section shall be subject to (i) any delay in payment required by Section 10.2  hereof and (ii) any reduction required pursuant to Section 10.1.2 hereof, as applicable.

 

10.                               Compliance with Certain Restrictions.

 

10.1                        Section 280G.

 

10.1.1              For purposes of this Agreement, the following terms are defined as follows:

 

(a)                                 “Additional 280G Payments” means any distributions in the nature of compensation by any Bank Entity to or for the benefit of Executive (including, but not limited to, the value of acceleration in vesting in restricted stock, options or any other stock-based compensation), whether or not paid or payable or distributed or distributable pursuant to this Agreement, which is required to be taken into consideration in applying Section 280G(b)(2)(A) of the Code;

 

(b)                                 “Parachute Payment” is defined as set forth in Section 280G(b)(2) of the Code; and

 

(c)                                  “Total Change in Control Payments” means the total amount of the Change Payment together with all Additional 280G Payments that are required to be paid because of a Change in Control.

 

10.1.2              Notwithstanding anything in this Agreement to the contrary, if the Determining Firm (as hereinafter defined) determines that any portion of the Total Change in Control Payments would otherwise constitute a Parachute Payment, the amount payable to Executive shall automatically be reduced by the smallest amount necessary so that no portion of the Total Change in Control Payments will be a Parachute Payment.  If Total Change in Control Payments are to be paid in other than a lump sum, such reduction shall be applied in inverse order to the time at which the payments are scheduled to be made (e.g., the last scheduled payment will be the first such payment to be reduced).  If, despite the foregoing sentence, a payment shall be made to Executive that would constitute a Parachute Payment, Executive shall have no right to retain such payment and, immediately upon being informed of the impropriety of such payment, Executive shall return such payment to the Bank or other Bank Entity 

 

11

 

that was the payer thereof, together with interest at the applicable federal rate determined pursuant to Section 1274(d) of the Code.

 

All calculations and determinations required to be made under this Section 10.1, will be made by a reputable law or accounting firm experienced in making such calculations and determinations (the “Determining Firm”) selected by the Bank and reasonably acceptable to the Executive.  All fees and expenses of the Determining Firm will be obligations solely of the Bank. The determination of the Determining Firm will be binding upon the Bank and Executive.

 

10.2                        Section 409A.

 

10.2.1              It is the intention of the parties hereto that this Agreement and the payments provided for hereunder shall not be subject to, or shall be in accordance with, Section 409A, and thus avoid the imposition of any tax and interest on Executive pursuant to Section 409A(a)(1)(B) of the Code, and this Agreement shall be interpreted and construed consistent with this intent.  Executive acknowledges and agrees that he shall be solely responsible for the payment of any tax, penalty or interest which may be imposed or to which he may become subject as a result of the payment of any amounts under this Agreement.

 

10.2.2              Notwithstanding any provision of this Agreement to the contrary, if Executive is a “specified employee” at the time of his “separation from service”, any payment of “nonqualified deferred compensation” (in each case as determined pursuant to Section 409A) that is otherwise to be paid to Executive within six (6) months following  his separation from service, then to the extent that such payment would otherwise be subject to interest and additional tax under Section 409A(a)(1)(B) of the Code, such payment shall be delayed and shall be paid on the first business day of the seventh calendar month following Executive’s separation from service, or, if earlier, upon Executive’s death.  Any deferral of payments pursuant to the foregoing sentence shall have no effect on any payments that are scheduled to be paid more than six (6) months after the date of separation from service.

 

10.2.3              The parties hereto agree that they shall take such actions as may be necessary and permissible under applicable law, regulation and guidance to amend or revise this Agreement in order to ensure that Section 409A(a)(1)(B) does not impose additional tax, penalty or interest on payments made to Executive pursuant to this Agreement.

 

11.                               Assignability.  Executive shall have no right to assign this Agreement or any of his rights or obligations hereunder to another party or parties.  The Bank may assign this Agreement to any Person that acquires the Bank or a substantial portion of the operating assets of the Bank.  Upon any such assignment by the Bank, references in this Agreement to the Bank shall automatically be deemed to refer to such assignee instead of, or in addition to, the Bank, as appropriate in the context. For the avoidance of doubt, no such assignment by the Bank shall release the Bank from its obligations to Executive hereunder unless specifically agreed in writing by Executive.

 

12.                               Governing Law; Venue.  This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia applicable to contracts executed and to be performed therein, without giving effect to the choice of law rules thereof. Any action to enforce any provision of this Agreement may be brought only in the Circuit Court of Fairfax County, Virginia, or in the United States District Court for the Eastern District of Virginia, Alexandria Division.  Accordingly, each party (a) agrees to submit to the jurisdiction of such courts and to accept service of process at its address for notices and in the manner provided in Section 13 for the giving of notices in any such action or proceeding brought in any such court and (b) irrevocably waives any objection to the laying of venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient or inappropriate forum.

 

13.                               Notices.  All notices, requests, demands and other communications required to be given or permitted to be given under this Agreement shall be in writing and shall be conclusively deemed to have been given  as follows: (a) when hand delivered to the other party; (b) when received by facsimile at the facsimile number set forth below, or (c) when received by email at the email address set forth below, provided, however, that any notice given by facsimile or email shall not be effective unless either (i) a duplicate copy of such facsimile or email notice is promptly given by depositing the same in a United States post office first-class postage prepaid and addressed to the applicable party as set forth below or (ii) the receiving party delivers a written (nonautomatic) confirmation of 

 

12

 

receipt for such notice either by facsimile, email or by any other method permitted under this Section; or (d) when deposited in a United States post office with first-class certified mail, return receipt requested, postage prepaid and addressed to the applicable party as set forth below; or (e) when deposited with a national overnight delivery service, postage prepaid, addressed to the applicable party as set forth below with next-business-day delivery guaranteed; provided that the sending party receives a confirmation of delivery from the delivery service provider. Any notice given by facsimile or email shall be deemed received on the date on which notice is received except that if such notice is received after 5:00 p.m. (recipient’s time) or on a non-business day, notice shall be deemed given the next business day).  Any notice sent by United States mail shall be deemed given three (3) business days after the same has been deposited in the United States mail.  Any notice given by national overnight delivery service shall be deemed given on the first business day following deposit with such delivery service.  For purposes of this Agreement, the term “business day” shall mean any day other than a Saturday, Sunday or day that is a legal holiday in Fairfax County, Virginia.  The address of a party set forth below may be changed by that party by written notice to the other from time to time pursuant to this Article.

 

To:                             Executive

David W. Pijor

 

 

Fax No.:

Email:

 

To:                             First Virginia Community Bank

Attention:

11325 Random Hills Road

Fairfax, VA  22030

Fax No.:

Email:

 

14.                               Entire Agreement.  This Agreement contains all of the agreements and understandings between the parties hereto with respect to the employment of Executive by the Bank, and supersedes all prior agreements, arrangements and understandings related to the subject matter hereof. No oral agreements or written correspondence shall be held to affect the provisions hereof. No representation, promise, inducement or statement of intention has been made by either party that is not set forth in this Agreement, and neither party shall be bound by or liable for any alleged representation, promise, inducement or statement of intention not so set forth.

 

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

 

16.                               Severability.  Should any part of this Agreement for any reason be declared or held illegal, invalid or unenforceable, such determination shall not affect the legality, validity or enforceability of any remaining portion or provision of this Agreement, which remaining portions and provisions shall remain in force and effect as if this Agreement has been executed with the illegal, invalid or unenforceable portion thereof eliminated.

 

17.                               Amendment; Waiver.  Neither this Agreement nor any provision hereof may be amended, modified, changed, waived, discharged or terminated except by an instrument in writing signed by the party against which enforcement of the amendment, modification, change, waiver, discharge or termination is sought. The failure of either party at any time or times to require performance of any provision hereof shall not in any manner affect the right at a later time to enforce the same. No waiver by either party of the breach of any term, provision or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term, provision or covenant contained in this Agreement.

 

18.                               Gender and Number.  As used in this Agreement, the masculine, feminine and neuter gender, and the singular or plural number, shall each be deemed to include the other or others whenever the context so indicates.

 

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19.                               Binding Effect.  This Agreement is and shall be binding upon, and inures to the benefit of, the Bank, its successors and assigns, and Executive and his heirs, executors, administrators, and personal and legal representatives.

 

[Signatures on following page]

 

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

 

	
 
    	
FIRST VIRGINIA   COMMUNITY BANK
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
EXECUTIVE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
David W. Pijor
    

 

15

 

Attachment A

 

Form of

General Release and Waiver of All Claims

 

David W. Pijor (“you”) executes this General Release and Waiver of All Claims (the “Release”) as a condition of receiving certain payments and other benefits in accordance with the terms of Section 7.7 of your Employment Agreement dated            , 2014.  All capitalized terms used but not otherwise defined herein shall have the same meaning as in your Employment Agreement.

 

1.              RELEASE.

 

You hereby release and forever discharge First Virginia Community Bank [modify to specifically include any Affiliates] and each and every one of their former or current subsidiaries, parents, affiliates, directors, officers, employees, agents,  successors, predecessors, subsidiaries, assigns and attorneys (the “Released Parties”) from any and all charges, claims, damages, injury and actions, in law or equity, which you or your heirs, successors, executors, or other representatives ever had, now have, or may in the future have by reason of any act, omission, matter, cause or thing through the date of your execution of this Release. You understand that this Release is a general release of all claims you may have against the Released Parties based on any act, omission, matter, case or thing through the date of your execution of this Release. Notwithstanding the foregoing, excluded from the operation of this release are any right(s) of indemnification which you may have for any liabilities arising from your actions within the course and scope of your employment with any Bank Entities and any claims which cannot be waived by law.

 

2.              WAIVER.

 

You realize there are many laws and regulations governing the employment relationship. These include, but are not limited to, Title VII of the Civil Rights Acts of 1964 and 1991; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act of 1990, the Americans with Disabilities Act; the National Labor Relations Act; 42 U.S.C. § 1981; the Family and Medical Leave Act; the Civil Rights Act of 1991; the Employee Retirement Income Security Act of 1974 (other than any accrued benefit(s) to which you have a non-forfeitable right under any pension benefit plan); and any other state, local and federal employment, human rights and civil rights laws; and any amendments to any of the foregoing. You also understand there may be other statutes and laws of contract and tort that also relate to your employment. By signing this Release, you waive and release any rights you may have against the Released Parties under these and any other laws based on any act, omission, matter, cause or thing through the date of your execution of this Release. You also agree not to initiate, join, or voluntarily participate in any action or suit in any court or to accept any damages or other relief from any such proceeding brought by anyone else based on any act, omission, matter, cause or thing through the date of your execution of this Release.

 

3.              NOTICE PERIOD.

 

This document is important. We advise you to review it carefully and consult an attorney before signing it, as well as any other professional whose advice you value, such as an accountant or financial advisor. If you agree to the terms of this Release, sign in the space indicated below for your signature. You will have twenty-one (21) calendar days from the date you receive this document to consider whether to sign this Release. If you choose to sign the Release before the end of that twenty-one day period, you certify that you did so voluntarily for your own benefit and not because of any coercion.

 

4.              RETURN OF PROPERTY.

 

You certify that you have fully complied with Section 8.3 of your Employment Agreement.

 

16

 

5.              REVOCATION.

 

You should also understand that even after you have signed this Release, you still have seven (7) days to revoke it. To revoke your acceptance of this Release, the Chairman of the Bank’s Board of Directors (or in the event that you are the Chairman of the Board of Directors, the Chairman  of the Compensation Committee or comparable committee of the Board of Directors) must receive written notice before the end of the seven (7)-day period. In the event you revoke or do not accept this Release, you will not be entitled to any of the payments or benefits that you would have been entitled to under your Employment Agreement by virtue of executing this Release. If you do not revoke this Release within seven (7) days after you sign it, it will be final, binding, and irrevocable.

 

IN WITNESS WHEREOF, the Parties have knowingly and voluntarily executed this Release, as of the day and year set forth below opposite your signature.

 

	
 
    	
 
    	
 
    
	
David   W. Pijor
    	
 
    	
Date
    
	
 
    	
 
    	
 
    
	
FIRST   VIRGINIA COMMUNITY BANK
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
Date
    
	
Title:
    	
 
    	
 
    
				

 

17

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