Document:

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”), made and entered into as of the 1st day of December, 2010, by and between CORDIA BANCORP INC.,
a Virginia Corporation (“Cordia” or “the Company”), and Jack C. Zoeller (the “Employee”)
and provides as follows:

 

RECITALS

 

WHEREAS, the employment
of Employee by Cordia is in the best interests of Cordia and Employee; and

 

WHEREAS, the parties
have mutually agreed upon the terms and conditions of Employee’s employment by Cordia as hereinafter set forth;

 

TERMS OF AGREEMENT

 

NOW, THEREFORE, for
and in consideration of the premises and of the mutual promises and undertakings of the parties as hereinafter set forth, the parties
covenant and agree as follows:

 

Section 1.          Employment.
(a) Employee shall be employed as Chief Executive Officer of Cordia. He shall perform such services for Cordia as may be assigned
to Employee by the Board of Directors from time to time upon the terms and conditions hereinafter set forth.

 

(b)      The parties recognize
that the Board of Directors of Cordia shall oversee the business affairs of the Company and that the relationship between the Company
and Employee shall be that of an employer and an employee. The Board of Directors shall have the sole authority to set and establish
reasonable work schedules and standards applicable to Employee.

 

Section 2.          Term.
The term of this Agreement shall continue until December 31, 2013, unless sooner terminated under the terms of this Agreement (the
“Initial Term”). This Agreement shall be renewed automatically for successive additional terms of one (1) year each
unless either party gives the other notice of nonrenewal at least sixty (60) days prior to the expiration of the Initial Term or
any additional term, as the case may be.

 

Section 3.          Exclusive
Service. Employee shall devote his best efforts and full time to rendering services on behalf of Cordia in furtherance of its
best interests. Employee shall perform his duties under this Agreement to the best of his abilities and in accordance with standards
of conduct applicable to chief executive officers of U.S. bank holding companies. Employee may serve in an executive capacity with
any bank that Cordia invests in. Employee may participate in outside activities, (i.e. Boards, Committees, Civic Organizations,
etc.) provided such activity would be considered beneficial to Cordia by fostering goodwill for the employee or the organization.
Such activity must remain at a level which will not hinder the Employee’s service to Cordia.

 

    	 

    	 

    

 

Section 4.          Salary.
(a) As compensation while employed hereunder, Employee, during his faithful performance of this Agreement, in whatever capacity
rendered, shall receive an annual base salary of Three Hundred Thousand Dollars ($300,000.00) payable on such terms and in such
installments as the parties may from time to time mutually agree upon. The Board of Directors, in its discretion, may increase
Employee’s base salary during the term of this Agreement, but in no event shall the annual base salary be reduced, except
as provided in Paragraph 21.

 

(b)        Housing
Allowance: Cordia agrees to pay Employee an allowance of $2,000 per month to cover the additional costs of maintaining a separate
residence from his primary residence while such physical presence is necessary. This specifically recognizes that Cordia’s
base of operation is in Washington, D.C. and its proposed subsidiary, Bank of Virginia, is in Richmond, VA. If in the future the
Employee’s responsibilities do not require him to spend a significant amount of time in Richmond, this allowance will be
adjusted to reflect the actual out-of town Cordia-related housing costs of Employee, if any. In the event that Employee chooses
to relocate from Washington to Richmond, Cordia agrees to reimburse Employee’s moving costs in lieu of payment of a housing
allowance.

 

(c)          Automobile
Allowance: Cordia agrees to provide an automobile for the Employee’s use. The expense of such vehicle should be reasonable
and customary for Bank CEOs in institutions of a similar size and location to Bank of Virginia. Cordia will bear the cost of a
driver at the frequency and discretion of Employee.

 

(d)        Cordia
agrees to reimburse Employee for the cost of travel to and from Washington and Richmond at a frequency of no more than twice per
week, at a cost of no more than $100 per round trip. Employee may elect to receive above amount at the stated frequency as an allowance
in lieu of providing receipts. Employee will not be reimbursed for round trips when transportation is provided by Cordia.

 

(e)         The Company shall
withhold state and federal income taxes, social security taxes and such other payroll deductions as may from time to time be required
by law or agreed upon in writing by Employee and the Company. The Company shall also withhold and remit to the proper party any
amounts agreed to in writing by the Company and Employee for participation in any corporate sponsored benefit plans for which a
contribution is required.

 

(f)          Except
as otherwise expressly set forth hereunder, no compensation shall be paid pursuant to this Agreement in respect of any month or
portion thereof subsequent to any termination of Employee’s employment by Cordia.

 

Section 5.          Corporate
Benefit Plans. Employee shall be entitled to participate in or become a participant in any employee benefit plan maintained
by the Company or its subsidiaries for which he is or will become eligible on such terms as the Board of Directors may, in its
discretion, establish, modify or otherwise change.

 

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Section: 6   Key-man
insurance. Cordia has the right to purchase key- man insurance on employee and employee agrees to submit to whatever medical examination
or review is required to secure said policy. The amount of coverage will be determined by Cordia with the proceeds payable to Cordia.

 

Section:7.   Employee
Insurance. During Employee’s employment, Cordia will provide life Insurance of one million dollars payable to any beneficiaries
designated by Employee. Such Insurance is subject to availability at reasonable market rates of insurability. This coverage will
be provided by increasing the key-man policy by the appropriate amount or by a separate policy, at the discretion of Cordia. Such
cost of the policy or increase previously referenced will be included for tax purposes in the employee’s taxable income.

 

Section 8. Termination.
(a) Notwithstanding the termination of Employee’s employment pursuant to any provision of this Agreement, the parties shall
be required to carry out any provisions of this Agreement which contemplate performance by them subsequent to such termination.
In addition, no termination shall affect any liability or other obligation of either party which shall have accrued prior to such
termination, including, but not limited to, any liability, loss or damage on account of breach.

 

(b)        Employee’s
employment hereunder may be terminated by Employee upon thirty (30) days written notice to the Company or at any time by mutual
agreement in writing.

 

(c)       This Agreement
shall terminate upon the death of Employee; provided, however, that in such event Cordia shall pay to the estate of Employee the
compensation including salary and accrued bonus, if any, which otherwise would be payable to Employee through the end of the month
in which his death occurs.

 

(d)       The Company shall
have the right to terminate Employee’s employment under this Agreement at any time for Cause, which termination shall be
effective immediately. Termination for “Cause” shall include termination for Employee’s personal dishonesty,
incompetence, willful misconduct, breach of a fiduciary duty involving personal profit, intentional failure to perform stated duties,
willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist
order, conviction of or indictment for a felony, conviction of or indictment for a misdemeanor involving moral turpitude, misappropriation
of Company assets (determined on a reasonable basis), failure to cooperate in legal proceedings against the Company, or material
breach of any other provision of this Agreement. Termination for “Cause” due to a material deficiency in performance
of his duties shall only occur after a written notice from the Board of Directors. Termination will occur only if Employee fails
to cure such deficiency within 60 days or such other reasonable period of time specified by the Board of Directors if such deficiency
cannot be cured within 60 days. Any notice given under this subsection shall state that it is a notice pursuant to Section 6(d)
of this Agreement and shall set forth the Board's complaints in detail sufficient to allow Employee to understand and correct them.
In the event Employee’s employment under this Agreement is terminated for Cause, Employee shall thereafter have no right
to receive compensation or other benefits under this Agreement.

 

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(e)        Cordia may terminate
Employee’s employment under this Agreement, after having established the Employee’s disability by giving to Employee
written notice of its intention to terminate his employment for disability and his employment with the Company shall terminate
effective on the 90th day after receipt of such notice if within 90 days after such receipt, Employee shall fail to return to the
full-time performance of the essential functions of his position (and if Employee’s disability has been established pursuant
to the definition of “disability” set forth below). For purposes of this Agreement, “disability” means
either (1) disability which after the expiration of more than 13 consecutive weeks after its commencement is determined to be total
and permanent by a physician selected and paid for by the Company or its insurers, and acceptable to Employee or his legal representative,
which consent shall not be unreasonably withheld or (ii) disability as defined in the policy of disability insurance maintained
by the Bank for the benefit of Employee, whichever shall be more favorable to Employee. Notwithstanding any other provision of
this Agreement, the Company shall comply with all requirements of the Americans with Disabilities Act, 42 U.S.C. § l2101 et.
seq.

 

(f)         If Employee is suspended and/or
temporarily prohibited from participating in the conduct of the Company’s affairs by a notice served pursuant to the Federal
Deposit Insurance Act, the Company’s obligations under this Employment 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 Company may in its discretion
(i) pay Employee 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 which were suspended. If any payment of withheld compensation is made under this Section
6(f) in the Company’s sole discretion, it shall be made by March 15 following the calendar year in which the charges in the
applicable notice are dismissed.

 

(g)        If Employee is
removed and/or permanently prohibited from participating in the conduct of the Company’s affairs by an order issued under
the Federal Reserve Act, the Federal Deposit Insurance Act or the Code of Virginia, all obligations of the Company under this Employment
Agreement shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected.

 

(h)(1)   If
Employee’s employment is terminated without Cause or Employee resigns for Good Reason and, in either case, Section 6(i),
below, does not apply, then Cordia shall pay Employee as compensation for services rendered to the Company a cash amount (subject
to any applicable payroll or other taxes required to be withheld) equal to the Employee’s monthly base salary, as described
in Section 4(a), for each of the thirty six (36) months following the month during which the termination or resignation occurs.
Subject to Section 6(h)(2), below, such amount shall be payable in installments over the thirty six (36) month period immediately
following Employee’s termination or resignation, at the time or times payments of base salary would have been made absent
the termination or resignation.

 

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(2)         Notwithstanding
the foregoing, to the extent required by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
amounts payable under the Section 6(h)(1) to a Key Employee shall commence on the first day of the month following the six-month
anniversary of Employee’s last day of employment with Cordia. The initial payment made under the preceding sentence shall
include amounts that would have been paid under Section 6(h)(1) through the date of such initial payment had Employee not been
a Key Employee. For purposes of this Agreement, Employee shall be a “Key Employee” if, as of December 31 of any calendar
year, he satisfies the requirement of Section 416(i)(1)(A)(i), (ii), or (iii) of the Code (applied in accordance with Treasury
Regulations thereunder and disregarding Code Section 416(i)(5)). If Employee meets the criteria set forth in the preceding sentence,
he will be considered a Key Employee for purposes of this Agreement for the 12-month period commencing on the next following April
1. For example, if Employee meets the definition of Key Employee as of December 31, 2010, he will be considered a Key Employee
from April 1, 2011 through March 31, 2012, when applying the special rules for Key Employees found in this Agreement.

 

(3)       It is the intention
of the parties that no payment be made or benefit provided to Employee pursuant to this Agreement that would constitute an “excess
parachute payment” within the meaning of Section 280G of the Code and any regulations thereunder, thereby resulting in a
loss of an income tax deduction by the Company or the imposition of an excise tax on Employee under Section 4999 of the 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 Section 280G of the Code, then the
payments scheduled under this Agreement 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. Employee shall have the right to designate within a reasonable
period, which payments or benefits will be reduced; provided, however, that if no direction is received from Employee, the Company
shall implement the reductions in its discretion.

 

(i)(1)     If
Employee’s Series A shares are not fully vested according to the Amended and Restated Stock Purchase Agreement between Cordia
Bancorp Inc. and Jack C. Zoeller, amended as of December 9, 2010, and if Employee’s employment is terminated without Cause
or Employee resigns for Good Reason within one year after a Change of Control shall have occurred, then on Employee’s last
day of employment with the Company, the Company shall pay to Employee as compensation for services rendered to the Company a lump
sum cash amount (subject to any applicable payroll or other taxes required to be withheld) equal to 299% of (a) Employee’s
“annual base salary” plus (b) Employee’s “annual bonus”, each as defined in the following sentence.
For purposes of the preceding sentence, (a) Employee’s “annual base salary” means the greater of his annual base
salary in effect immediately prior to his termination or his annual base salary in effect immediately prior to the Change of Control,
and (b) Employee’s “annual bonus” means the greater of his annual bonus paid most recently or his annual bonus
paid most recently prior to the Change of Control. No payment shall be made if said shares are fully vested within one year of
the Change of Control.

 

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(2)         Notwithstanding
the foregoing, to the extent required by Code Section 409A, the amount payable to a Key Employee under Section 6(i)(1) above shall
be made on the first day of the month following the six-month anniversary of Employee’s last day of employment with Cordia.

 

(3)       For purposes
of this Agreement, a Change of Control occurs if, after the date of this Agreement, (i) any person, including a “group”
as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, becomes the owner or beneficial owner of Cordia securities
having 50% or more of the combined voting power of the then outstanding Cordia securities that may be cast for the election of
Cordia’s directors other than a result of an issuance of securities initiated by Cordia, or open market purchases approved
by the Board of Directors, as long as the majority of the Board of Directors approving the purchases is a majority at the time
the purchases are made; or (ii) as the direct or indirect result of, or in connection with, a tender or exchange offer, a merger
or other business combination, a sale of assets, a contested election of directors, or any combination of these events, the persons
who were directors of Cordia before such events cease to constitute a majority of the Cordia Board, or any successor’s board,
within two years of the last of such transactions. For purposes of this Agreement, a Change of Control occurs on the date on which
an event described in (i) or (ii) 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.

 

(j)          For
purposes of this Agreement, “Good Reason” means: (i) the assignment of duties to Employee by the Company that are materially
different from the Employee’s duties on the date hereof or that result in Employee having significantly less authority and/or
responsibility than he had on the date hereof, without his express written consent; (ii) the relocation of Employee to a facility
or location that is more than twenty-five (25) miles from his principal office on the date hereof, without his express written
consent; (iii) the reduction of Employee’s base salary as in effect immediately prior to the reduction; (iv) the failure
of the Company to comply with any material term of this Agreement; or (v) the failure of the Company to obtain assumption of and
agreement to perform this Agreement by any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business, stock or assets of Cordia. For purposes of this Agreement, “the Company”
or “Cordia” shall mean Cordia Bancorp Inc., a Virginia corporation, and any successor to its business, stock or assets
that assumes the obligations of this Agreement by contract or operation of law.

 

Section 9.          Confidentiality/Nondisclosure.
Employee covenants and agrees that any and all information concerning the customers, businesses and services of Cordia, its subsidiaries
and/or affiliates of which he has knowledge or access as a result of his association with Cordia in any capacity, shall be deemed
confidential in nature and shall not, without the proper written consent of Cordia, be directly or indirectly used, disseminated,
disclosed or published by Employee to third parties other than in connection with the usual conduct of the business of Cordia.
Such information shall expressly include, but shall not be limited to, information concerning the Company’s trade secrets,
business operations, business records, customer lists or other customer information. Upon termination of employment Employee shall
deliver to the Company all originals and copies of documents, forms, records or other information, in whatever form it may exist,
concerning the Company or its business, customers, products or services. In construing this provision it is agreed that it shall
be interpreted broadly so as to provide the Company with the maximum protection. This Section 7 shall not be applicable to any
information which, through no misconduct or negligence of Employee, has previously been disclosed to the public by anyone other
than Employee.

 

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Section 10.         Covenant
Not to Compete. Except as provided in the following sentence, during the term of this Agreement and throughout any further
period that he is an officer or employee of the Company, and for a period of twelve (12) months from and after the date that Employee
is (for any reason) no longer employed by the Company or for a period of twelve (12) months from the date of entry by a court of
competent jurisdiction of a final judgment enforcing this covenant in the event of a breach by Employee, whichever is later, Employee
covenants and agrees that he will not, directly or indirectly, either as a principal, agent, employee, employer, stockholder, co-partner
or in any other individual or representative capacity whatsoever engage in Competitive Activity anywhere within a five (5) mile
radius of any office operated by the Company, its subsidiaries and/or affiliates on any date on which the conduct at issue occurs.
Notwithstanding the foregoing, the restrictions imposed by this Section 8 shall cease to apply on and after a Change of Control.
For purposes of this Section 8, Competitive Activity means performing services as Chief Executive Officer, president or a senior
officer of a bank or financial institution offering banking and financial products and services substantially similar to those
offered by the Company on any date on which the conduct at issue occurs.

 

Section 11.         Nonsolicitation.
During the term of this Agreement and throughout any further period that he is an officer or employee of the Company, and for a
period of twelve (12) months from and after the date that Employee is (for any reason) no longer employed by the Company or for
a period of twelve (12) months from the date of entry by a court of competent jurisdiction of a final judgment enforcing this covenant
in the event of a breach by Employee, whichever is later, Employee covenants and agrees that he will not, directly or indirectly,
either as a principal, agent, employee, employer, stockholder, co-partner or in any other individual or representative capacity
whatsoever solicit, or assist any other person or business entity in soliciting, any depositors or other customers of the Company,
its subsidiaries and/or affiliates to make deposits in or to become customers of any other financial institution offering banking
and financial products and services substantially similar to those offered by the Company, its subsidiaries and/or affiliates on
any date on which the conduct at issue occurs.

 

Section 12.         Nonrecruitment.
During the term of this Agreement and throughout any further period that he is an officer or employee of the Company, and for a
period of twelve (12) months from and after the date that Employee is (for any reason) no longer employed by the Company or for
a period of twelve (12) months from the date of entry by a court of competent jurisdiction of a final judgment enforcing this covenant
in the event of a breach by Employee, whichever is later, Employee covenants and agrees that he will not, directly or indirectly,
either as a principal, agent, employee, employer, stockholder, co-partner or in any other individual or representative capacity
whatsoever induce any individuals to terminate their employment with the Company, its subsidiaries and/or affiliates if those individuals
provide, or have provided during all or part of the covenant period described in this Section 10, accounting, credit, lending,
information technology, account management or personal banking services for the Company, its subsidiaries and/or affiliates or
any other types of services that give those individuals significant contact with or knowledge of the customer base of the Company.

 

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Section 13.         Injunctive
Relief, Damages, Etc. Employee agrees that given the nature of the positions held by Employee with the Company, that each and
every one of the covenants and restrictions set forth in Sections 7 through 10 above are reasonable in scope, length of time and
geographic area and are necessary for the protection of the significant investment of the Company in developing, maintaining and
expanding its business. Accordingly, the parties hereto agree that in the event of any breach by Employee of any of the provisions
of Sections 7 through 10 that monetary damages alone will not adequately compensate the Company for its losses and, therefore,
that it may seek any and all legal or equitable relief available to it, specifically including, but not limited to, injunctive
relief and Employee shall be liable for all damages, including actual and consequential damages, costs and expenses, including
legal costs and actual attorneys’ fees, incurred by the Company as a result of taking action to enforce, or recover for any
breach of, Section 7, 8, 9 or 10. The covenants contained in Sections 7, 8, 9 or 10 shall be construed and interpreted in any judicial
proceeding to permit their enforcement to the maximum extent permitted by law. Should a court of competent jurisdiction determine
that any provision of the covenants and restrictions set forth in Section 8, 9 or 10 above is unenforceable as being overbroad
as to time, area or scope, the court may strike the offending provision or reform such provision to substitute such other terms
as are reasonable to protect the Company’s legitimate business interests.

 

Section 14.         Binding
Effect/Assignability. This Employment Agreement shall be binding upon and inure to the benefit of Cordia and Employee and their
respective heirs, legal representatives, executors, administrators, successors and assigns, but neither this Agreement, nor any
of the rights hereunder, shall be assignable by Employee or any beneficiary or beneficiaries designated by Employee.

 

Section 15.         Governing
Law. This Employment Agreement shall be subject to and construed in accordance with the laws of the Commonwealth of Virginia,
without giving effect to its principles of conflict of laws.

 

Section 16.         Arbitration.
The parties agree that all controversies or claims arising out of or relating to this Agreement or Employee’s employment
with the Company, with the exception of Sections 7 through 10 of this Agreement, will be submitted to final and binding arbitration.
The parties further agree that the arbitration will be conducted under the Federal Arbitration Act (“FAA”) and the
procedural rules of the American Arbitration Association (“AAA”), specifically AAA’s National Rules for the Resolution
of Employment Disputes. Any arbitration proceeding, and/or other procedural matter related to an arbitration proceeding, will be
conducted in Richmond, Virginia at a location to be mutually agreed by the parties. The parties agree that such arbitration will
be conducted before an experienced arbitrator chosen by the Company and Employee. If the parties are unable to choose an arbitrator,
the parties agree that an arbitrator will be designated by the AAA in accordance with their rules and procedures. Except as may
be required by law, neither a party nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder
without the prior written consent of both parties. The party against who the arbitrator shall render an award shall pay the other
party’s reasonable attorneys’ fees and other reasonable costs and expenses in connection with the enforcement of its
or their rights under this Agreement (including the enforcement of any arbitration award in court), unless and to the extent the
arbitrator shall determine that under the circumstances recovery by the prevailing party of parties of all or part of any such
fees and costs and expenses would be unjust.

 

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Section 17.         Invalid
Provisions. The invalidity or unenforceability of any particular provision of this Employment Agreement shall not affect the
validity or enforceability of any other provisions hereof, and this Employment Agreement shall be construed in all respects as
if such invalid or unenforceable provisions were omitted.

 

Section 18.        Notices.
Any and all notices, designations, consents, offers, acceptance or any other communications provided for herein shall be given
in writing and shall be deemed properly delivered if delivered in person or by registered or certified mail, return receipt requested,
addressed in the case of the Company to its registered office or in the case of Employee to his last known address.

 

Section 19.         Entire
Agreement. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and
supersedes any and all other agreements, either oral or in writing, among the parties hereto with respect to the subject matter
hereof. This Agreement may be executed in one or more counterparts, each of which shall be considered an original copy of this
Agreement, but all of which together shall evidence only one agreement.

 

Section 20.         Amendment
and Waiver. This Agreement may not be amended except by an instrument in writing signed by or on behalf of each of the parties
hereto. No waiver of any provision of this Agreement shall be valid unless in writing and signed by the person or party to be charged.

 

Section 21.         Captions.
The captions used in this Agreement are intended for descriptive and reference purposes only and are not intended to affect the
meaning of any Section hereunder.

 

Section 22.   Code
Section 409A. This Agreement is intended to satisfy the requirements of Code Section 409A and Treasury Regulations and other
guidance, including transition rules, issued thereunder. Each provision and term of this Employment Agreement should be interpreted
accordingly, but if any provision or term would be prohibited by or inconsistent with Code Section 409A or Treasury Regulations
or other guidance thereunder, the parties agree that such provision or term may be amended to the extent necessary to comply with
Code Section 409A and the Treasury Regulations and other guidance thereunder, in a manner determined by independent counsel selected
by the Company and reasonably acceptable to Employee.

 

Section 23.    Enforceability
of Obligations Against Cordia. The parties agree that the obligations of Cordia to Employee set forth hereunder shall be enforceable
against Cordia only upon Employee’s commencement of services to Bank of Virginia in an executive capacity. Employee’s
base compensation and any benefits payable by Cordia under this Employment Agreement, such as housing or automobile, will be offset
dollar for dollar by the value of any corresponding compensation or benefits paid to Employee by Bank of Virginia or other Cordia
subsidiary.

 

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IN WITNESS WHEREOF,
the Company has caused this Employment Agreement to be signed by its duly authorized officer and Employee has hereunto set his
hand and seal on the day and year first above written.

 

	CORDIA BANCORP INC.	 	EMPLOYEE
	 	 	 
	By:	/s/ Peter W. Grieve	 	s/ Jack Zoeller
	Title: Chairman and Director	 	Jack C. Zoeller
	 	 	 
	(SEAL)	 	 
	 	 	 
	By:	/s/ Raymond Smith	 	 
	Title:  Director	 	 

 

    	10CORDIA BANCORP, INC.

NONQUALIFIED STOCK OPTION

 

 I.           NOTICE
OF GRANT OF STOCK OPTION

 

	Participant:	Richard Dickenson
	 	 
	Date of Grant:	June 8, 2012
	 	 
	Number of Option Shares:	20,000 Shares
	 	 
	Exercise Price:	$5.05 per Share
	 	 
	Vesting Schedule:	Exercisable as to 5,000 Shares on February 28, 2013 and as to an additional 5,000 Shares on each anniversary of such date until fully exercisable
	 	 
	Option Expiration Date:	The tenth anniversary of the date of grant

 

II.           TERMS
AND CONDITIONS

 

1.           Definitions
and Construction.

 

1.1.        Definitions.
Unless otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in Appendix A.

 

1.2.        Construction.
Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision
of this Award. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include
the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

2.           Tax
Status of the Award.

 

This Stock Option (the “Option”) is intended to
be a nonqualified stock option and shall not be treated as an incentive stock option within the meaning of Section 422(b)
of the Code. The Exercise Price represents an amount the Corporation believes to be no less than the Fair Market Value of a Share
as of the Date of Grant, determined in good faith in compliance with the requirements of Section 409A of the Code.

 

    	 

    	 

    

 

3.           Administration.

 

(a)          This
Award shall be administered by the Board.

 

(b)          The
Board is authorized to (i) interpret and administer the Award, (ii) grant waivers and accelerations of the Award, and
(iii) take any other action necessary for the proper administration and operation of the Award.

 

3.2         Effect
of Determination. Determination of the Board shall be final, binding and conclusive on the Participant. No member of the Board
shall be personally liable for any action or determination made in good faith with respect to this Award.

 

4.           Exercise
of the Option.

 

4.1         Right
to Exercise. Except as otherwise provided herein, the Option shall be exercisable in accordance with the vesting schedule set
forth herein and prior to the termination of the Option (as provided in Section 6). In no event shall the Option be exercisable
for more Shares than the number of Option Shares, as adjusted pursuant to Section 8.

 

4.2         Method
of Exercise. Exercise of the Option shall be by means of written notice (the “Exercise Notice”) in
a form authorized by the Corporation. Each Exercise Notice must state the Participant’s election to exercise the Option,
the number of Shares for which the Option is being exercised and such other representations and agreements as to the Participant’s
investment intent with respect to such shares as may be required. Further, each Exercise Notice must be received by the Corporation
prior to the termination of the Option as set forth in Section 6 and must be accompanied by full payment of the aggregate
Exercise Price for the number of Shares being purchased and the applicable income tax withholding. The Option shall be deemed to
be exercised upon receipt by the Corporation of such written Exercise Notice, the aggregate Exercise Price, and the applicable
income tax withholding.

 

4.3         Payment
of Exercise Price. Except as otherwise provided below, payment of the aggregate Exercise Price for the number of Shares for
which the Option is being exercised shall be made (i) in cash or by check or cash equivalent or (ii) if permitted by
the Corporation, by tender to the Corporation, or attestation to the ownership, of Shares owned by the Participant having a Fair
Market Value not less than the aggregate Exercise Price.

 

4.4         Tax
Withholding.

 

(a)          In
General. At the time the Award is executed, or at any time thereafter as requested by the Corporation, the Participant hereby
authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision
for, any sums required to satisfy the federal, state, and local tax withholding obligations of the Corporation, if any, which arise
in connection with the grant, vesting or exercise of the Option or the issuance of Shares in settlement thereof. The Corporation
shall have no obligation to deliver Shares until the tax obligations of the Corporation have been satisfied by the Participant.

 

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(b)          Withholding
in Securities. The Corporation may, in its discretion, permit or require the Participant to satisfy all or any portion of the
tax obligations by deducting from the Shares otherwise deliverable to the Participant in settlement of the Option a number of Shares
having a Fair Market Value, as determined by the Corporation as of the date on which the tax obligations arise, not in excess of
the amount of such tax obligations determined by the applicable withholding rates.

 

4.5         Beneficial
Ownership of Shares. A certificate for the shares as to which the Option is exercised shall be registered in the name of the
Participant, or, if applicable, in the names of the heirs of the Participant.

 

4.6         Restrictions
on Grant of the Option and Issuance of Shares. The grant of the Option and the issuance of Shares upon exercise of the Option
shall be subject to compliance with all applicable requirements of federal or state law with respect to such securities. The Option
may not be exercised if the issuance of Shares upon exercise would constitute a violation of any applicable federal or state securities
laws or other law or regulations or the requirements of any stock exchange or market system upon which the Shares may then be listed

 

4.7         Fractional
Shares. The Corporation shall not be required to issue fractional shares upon the exercise of the Option.

 

5.           Nontransferability
of the Option.

 

During the lifetime of the Participant, the Option shall be
exercisable only by the Participant or the Participant’s guardian or legal representative. The Option shall not be subject
in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors
of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution.
Following the death of the Participant, the Option may be exercised by the Participant’s legal representative or by any person
empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution.

 

 6.          Termination
of the Option.

 

The Option shall terminate and may no longer be exercised after
the first to occur of (a) the close of business on the Option Expiration Date, or (b) the close of business on the last
date for exercising the Option following termination of the Participant’s Service as described in Section 7.

 

7.           Effect
of Termination of Service.

 

7.1         Option
Exercisability. The Option shall expire immediately upon the Participant’s termination of Service to the extent that
it is then unvested. The Option shall be exercisable after the Participant’s termination of Service to the extent it is then
vested only during the applicable time period as determined below and thereafter shall expire.

 

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(a)          Disability.
If the Participant’s Service terminates because of the Disability of the Participant, the Option, to the extent unexercised
and exercisable for vested Shares on the date on which the Participant’s Service terminated, may be exercised by the Participant
(or the Participant’s guardian or legal representative) at any time prior to the expiration of one year after the date on
which the Participant’s Service terminated, but in any event, no later than the Option Expiration Date.

 

(b)          Death.
If the Participant’s Service terminates because of the death of the Participant, the Option, to the extent unexercised and
exercisable for vested Shares on the date of the Participant’s death, may be exercised by the Participant (or the Participant’s
guardian or legal representative) at any time prior to the expiration of one year after the date of the Participant’s death,
but in any event, no later than the Option Expiration Date.

 

(c)          Termination
for Cause. If the Participant’s Service is terminated for Cause, the Option shall terminate and cease to be exercisable
as to all Shares, whether or not vested, immediately upon such termination of Service.

 

(d)          Voluntary
Resignation. If the Participant’s Service terminates because of the Participant’s voluntary resignation, the Option,
to the extent unexercised and exercisable for vested Shares on the date on which the Participant’s Service terminated, may
be exercised by the Participant (or the Participant’s guardian or legal representative) at any time prior to the expiration
of 90 days after the date on which the Participant’s Service terminated, but in any event, no later than the Option Expiration
Date.

 

(e)          Termination
Without Cause or Resignation for Good Reason.

 

(i)          Absent
a Change In Control. Upon Participant’s termination of Service without Cause absent a Change in Control, the Option,
to the extent unexercised and exercisable for vested Shares on the date on which the Participant’s Service terminated, may
be exercised by the Participant (or the Participant’s guardian or legal representative) at any time prior to the expiration
of one year after the date on which the Participant’s Service terminated, but in any event, no later than the Option Expiration
Date.

 

(ii)         Concurrent
With or After a Change in Control. Upon Participant’s termination of Service without Cause concurrent with or within
one year subsequent to a Change in Control, unvested Shares will vest immediately upon termination. In the instance of termination
of Service without Cause, Options may be exercised by the Participant at any time prior to the expiration of one year after the
date on which the Participant’s Service terminated, but in any event no later than the Option Expiration Date.

 

7.2         Extension
if Exercise Prevented by Law. Notwithstanding the foregoing, other than upon termination of Service for Cause, if the exercise
of the Option within the applicable time periods set forth in Section 7.1 is prevented by the provisions of Section 4.6,
the Option shall remain exercisable until the later of (a) thirty (30) days after the date such exercise first would
no longer be prevented by such provisions or (b) the end of the applicable time period under Section 7.1, but in any
event no later than the Option Expiration Date.

 

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8.           Adjustments
for Changes in Capital Structure.

 

Subject to any required action by the stockholders of the Corporation
and the requirements of Sections 409A of the Code to the extent applicable, in the event of any change in the Shares effected without
receipt of consideration by the Corporation, whether through merger, consolidation, reorganization, reincorporation, recapitalization,
reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange
of shares, or similar change in the capital structure of the Corporation, or in the event of payment of a dividend or distribution
to the stockholders of the Corporation in a form other than Shares (excepting normal cash dividends) that has a material effect
on the Fair Market Value of Shares, appropriate and proportionate adjustments shall be made in the number, Exercise Price and kind
of Shares subject to the Option, in order to prevent dilution or enlargement of the Participant’s rights under the Option.
For purposes of the foregoing, conversion of any convertible securities of the Corporation shall not be treated as “effected
without receipt of consideration by the Corporation.” Any fractional share resulting from an adjustment pursuant to this
Section 8 shall be rounded down to the nearest whole number, and the Exercise Price shall be rounded up to the nearest whole
cent. In no event may the Exercise Price be decreased to an amount less than the par value, if any, of the Shares subject to the
Option. Such adjustments shall be determined by the Board, and its determination shall be final, binding and conclusive.

 

9.           Rights
as a Stockholder.

 

The Participant shall have no rights as a stockholder with respect
to any Shares covered by the Option until the date of the issuance of the Shares for which the Option has been exercised (as evidenced
by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). No adjustment
shall be made for dividends, distributions or other rights for which the record date is prior to the date the shares are issued,
except as provided in Section 8.

 

10.         Miscellaneous
Provisions.

 

10.1       Amendment.
The Board may amend the Award at any time; provided, however, that no such amendment may adversely affect the Option or any unexercised
portion hereof without the consent of the Participant unless such termination or amendment is necessary to comply with any applicable
law or government regulation, including, but not limited to Section 409A of the Code. No amendment or addition to this Award
shall be effective unless in writing.

 

10.2       Compliance
with Section 409A. The Corporation intends that income realized by the Participant pursuant to the Award will not be subject
to taxation under Section 409A of the Code. The provisions of the Award shall be interpreted and construed in favor of satisfying
any applicable requirements of Section 409A of the Code. The Corporation, in its reasonable discretion, may amend (including
retroactively) the Award in order to conform to the applicable requirements of Section 409A of the Code, including amendments
to facilitate the Participant’s ability to avoid taxation under Section 409A of the Code. However, the preceding provisions
shall not be construed as a guarantee by the Corporation of any particular tax result for income realized by the Participant pursuant
to the Award.

 

    	5

    	 

    

 

10.3       Further
Instruments. The parties hereto agree to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Award.

 

10.4       Binding
Effect. Subject to the restrictions on transfer set forth herein, this Award shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, executors, administrators, successors and assigns.

 

10.5       Delivery
of Documents and Notices. Any document relating to participation in the Award, or any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given upon personal delivery electronic delivery at the e-mail address,
if any, provided for the Participant to the Corporation, or, upon deposit in the U.S. Post Office, by registered or certified mail,
or with a nationally recognized overnight courier service with postage and fees prepaid, addressed to the other party at the address
of such party set forth in writing from time to time to the other party.

 

10.6       Arbitration.
Any and all disputes whatsoever between a Participant and the Corporation concerning the administration of this Award, the interpretation
and effect of the Award or the rights of Participant under the Award shall be finally determined before one neutral arbitrator
in Richmond, Virginia, under the rules of commercial arbitration of the American Arbitration Association then in effect and judgment
upon any award by such arbitrator may be entered in any court having jurisdiction or application may be made to such court for
a judicial acceptance of the award and an order of enforcement, as the case may be. The arbitrator hereunder shall have no power
or authority to award consequential, punitive or statutory damages.

 

10.7       Governing
Law. This Award and the rights of the Corporation and the Participant shall be governed and interpreted in accordance with
the laws of Virginia. 

 

    	6

    	 

    

 

By signing below, the Participant: (a) acknowledges receipt
of, and represents that the Participant has read and is familiar with the terms and conditions of the Award, (b) accepts the
Award subject to all of the terms and conditions set forth herein, and (c) agrees to accept as binding, conclusive and final
all decisions or interpretations of the Board upon any questions arising under the Award.

 

	Cordia Bancorp, Inc.	 	Participant	 
	 	 	 	 	 
	By:	 	 	 	 
	 	 	 	 	 
	Date:	 	 	 	 

 

    	7

    	 

    

 

APPENDIX A

 

Definitions

 

“Award” means this Stock Option Award, which
is a nonqualified stock option.

 

“Board” means the Board of Directors of the
Corporation.

 

“Cause” means Participant’s (A) gross
negligence or severe or continued misconduct in the performance of Participant’s material duties; (B) commission of
or pleas of “guilty” or “no contest” to a felony offense or commission of any unlawful or criminal act
which would be detrimental to the reputation or character of the Corporation; (C) participation in fraud or an act of dishonesty
against the Corporation; (D) intentional material damage to or misappropriation of the Corporation’s property; or (E)
material breach of Corporation policies or regulations.

 

“Change in Control” means a change in ownership
or control of the Corporation effected through any of the following transactions: (A) a merger, consolidation or other reorganization,
unless securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of
the successor company are immediately thereafter beneficially owned, directly or indirectly, by the persons who beneficially owned
the Corporation’s outstanding voting securities immediately prior to such transaction; (B) a sale, transfer or other
disposition of all or substantially all of the Corporation’s assets in liquidation or dissolution of the Corporation; (C) the
acquisition, directly or indirectly by any person or related group of persons (other than the Corporation or a person that directly
or indirectly controls, is controlled by, or is under common control with, the Corporation), of beneficial ownership of securities
possessing more than fifty percent (50%) of the total combined voting power of the Corporation’s outstanding securities
pursuant to a transfer of the then issued and outstanding voting securities of the Corporation by one or more of the Corporation’s
shareholders; and (D) during any period of two (2) consecutive years, individuals who, at the beginning of such period,
constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided
that any person becoming a director of the Board subsequent to the date of the grant of this Award whose election, or a nomination
for election by the Corporation’s shareholders, was approved by the vote of at least a majority of the directors then comprising
the Incumbent Board

 

“Code” means the Internal Revenue Code of
1986, as amended and in effect from time to time, or any successor statute.

 

“Corporation” means Cordia Bancorp, Inc.,
a Virginia corporation, or any successor corporation.

 

“Disability” means Participant’s physical
or mental incapacity to perform a substantial portion of his duties and responsibilities for any period or periods which, in the
aggregate, total 90 or more calendar days within any 12-month period.

 

“Fair Market Value” means the value determined
in good faith by the Board. For federal, state, and local income tax reporting purposes, fair market value shall be determined
by the Board or Committee (or its delegate) in accordance with uniform and nondiscriminatory standards adopted by it from time
to time.

 

    	 

    	 

    

 

“Option” means the nonqualified stock option
granted to Participant.

 

“Service” means a Participant’s
employment or service with the Corporation. A Participant’s Service shall not be deemed to have terminated if the Participant
takes any military leave, sick leave, or other bona fide leave of absence approved by the Company. Notwithstanding the foregoing,
unless otherwise designated by the Company or required by law, an unpaid leave of absence shall not be treated as Service for purposes
of determining vesting under the Award. Except as otherwise provided by the Board, in its discretion, the Participant’s Service
shall be deemed to have terminated upon an actual termination of Service. Subject to the foregoing, the Company, in its discretion,
shall determine whether the Participant’s Service has terminated and the effective date of and reason for such termination.

 

“Share” means a share of the Class B common
stock of the Corporation, as adjusted from time to time in accordance with Section 8.

 

    	2

    	 

    

 

FORM OF 

OPTION EXERCISE NOTICE

 

	Cordia Bancorp, Inc.
	Attention:	 
	 
	 

 

Ladies and Gentlemen:

 

1.           Option.
I was granted an option (the “Option”) to purchase shares of the common stock (the “Shares”)
of Cordia Bancorp, Inc. (the “Corporation”) as follows:

 

	Date of Grant:	 	 	   	 
	Number of Option Shares:	 	 	   	 
	Exercise Price per Share:	 	$	   	 

 

2.           Exercise
of Option. I hereby elect to exercise the Option to purchase the following number of Shares, all of which are vested Shares,
in accordance with the Grant Notice and Agreement:

 

	Total Shares Purchased:	 	 	   	 
	 	 	 	 	 
	Total Exercise Price per Share:	 	 	 	 
	(Total Shares X Price per Share)	 	$	   	 

 

3.           Payments.
I enclose payment in full of the total exercise price for the Shares in the following form(s), as authorized by my Option Agreement:

 

	     	 Cash:	$	 	 
	    	 Check:	$	 	 
	     	 Tender of Corporation Stock:	Contact Plan Administrator

 

4.           Tax
Withholding. I authorize share withholding, payroll withholding and otherwise will make adequate provision for the federal,
state, and local tax withholding obligations of the Corporation, if any, in connection with the Option. I enclose payment in full
of my withholding taxes, if any, as follows:

 

    	3

    	 

    

 

(Contact Corporation for amount of tax
due.)

 

	   	 Cash:	 	$	   	 
	   	 Check:	 	$	

	 

 

5.           Participant
Information.

 

	My address is:	 
	 	 
	My Social Security Number is:	 

 

	Very truly yours,
	 
	 
	(Signature)	 
	 	 
	Date:	 
	 	 
	Receipt of the above is hereby acknowledged:
	 	 
	By:	 
	Title:	 
	Date:	 

 

    	4

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