Document:

Amended and Restated Change in Control Agreement

 Exhibit 10.3 
 CHANGE IN CONTROL AGREEMENT 
 (AMENDED AND RESTATED) 
 THIS AMENDED AND RESTATED AGREEMENT is entered into as of the 30th day of December, 2008, by and between C&F FINANCIAL CORPORATION, a Virginia
corporation (the “Company”), and Thomas Cherry (the “Executive”). 
 RECITALS 
 I. The Executive currently serves as Executive Vice President & CFO – C&F Financial Corporation, is a key member of management of the
Company and its affiliates, and his services and knowledge are valuable to the Company and its affiliates. 
 II. The Board (as defined
below) has determined that it is in the best interest of the Company and its shareholders to assure that the Company and its affiliates will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a
Change in Control (as defined below) of the Company. The Board believes it is imperative to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change in Control
and to encourage the Executive’s full attention and dedication to the Company and its affiliates currently and in the event of any threatened or pending Change in Control. Therefore, in order to accomplish these objectives, the Board has caused
the Company to enter into this Agreement. 
 III. This Agreement is now being amended and restated to comply with the requirements of
Section 409A of the Internal Revenue Code (“Code”) and applicable guidance issued thereunder (“Code Section 409A”). 
 NOW, THEREFORE, it is hereby agreed as follows: 
 1. CERTAIN DEFINITIONS. 
 (a) “Agreement Effective Date” means the date first set out above. 
 (b) The “Agreement Term” means the period commencing on the Agreement Effective Date and ending on the earlier of (i) the Agreement
Regular Termination Date or (ii) the date this Agreement terminates pursuant to Section 8. The “Agreement Regular Termination Date” means the third anniversary of the Agreement Effective Date, provided, however, that commencing
on the first anniversary of the Agreement Effective Date, and on each subsequent anniversary (such date and each subsequent anniversary shall be hereinafter referred to as the “Renewal Date”), unless this Agreement is previously
terminated, the Agreement Regular Termination Date shall be automatically extended for three years from the latest Renewal Date, unless at least one month prior to the latest Renewal Date, the Company shall give notice to the Executive in accordance
with Section 11(c) of this Agreement that the Agreement Regular Termination Date shall not be so extended. 
 (c) “Board”
means the Board of Directors of the Company. 
 (d) “Cause” means: 
 (i) the willful and continued failure of the Executive to substantially perform his duties with the Company or one of its affiliates
(other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Executive by the Board, pursuant to a vote of a majority of the Directors of the
Company, which specifically identifies the manner in which the Directors of the Board believe that the Executive has not substantially performed his duties, or 
 (ii) the willful engaging by the Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the
Company. 

 For purposes of this provision, no act or failure to act, on the part of the Executive, shall be
considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interest of the Company. Any act, or failure to act,
based upon authority given pursuant to a resolution duly adopted by the Board or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best
interests of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than
two-thirds of the members of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Executive in accordance with Section 11(c) of this Agreement and the Executive is given an
opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Executive has engaged in the conduct described in paragraph (i) or (ii) above, and specifying the particulars
thereof in detail. 
 (e) The “Change in Control Date” means the first date during the Agreement Term on which a Change in Control (as defined in
Section 2) occurs. Anything in this Agreement to the contrary notwithstanding, if a Change in Control occurs and if the Executive’s employment with the Company is terminated prior to the date on which the Change in Control occurs, and if
it is reasonably demonstrated by the Executive that such termination of employment either (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection
with or anticipation of a Change in Control, then for all purposes of this Agreement except for the time and form of payment of the Change in Control Benefits payable under Section 4(c) the “Change in Control Date” shall mean the date
immediately prior to the date of such termination of employment. 
 (f) “Company” means C&F Financial Corporation, a Virginia
corporation. 
 (g) “Coverage Period” means the period of time beginning with the Change in Control Date and ending on the earliest
to occur of (i) the Executive’s death and (ii) the sixty-first day after the first anniversary of the Change in Control Date. 
 (h) “Disability” means the absence of the Executive from his duties with the Company on a full-time basis for six months as a result of incapacity to serve as the Chief Financial Officer, including substantially all duties
normally considered a part thereof, due to mental or physical illness or injury which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal
representative. If the Company determines in good faith that the Disability of the Executive has occurred, it may give to the Executive written notice in accordance with Section 11(c) of this Agreement of its intention to terminate the
Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, within
the 30 days after such receipt, the Executive shall not have returned to full-time performance of his duties. 
 (i) “Good Reason”
means any good faith determination made by the Executive (which determination shall be conclusive) that any of the following has occurred: 
 (i) the occurrence, on or after the Agreement Effective Date and during the Coverage Period, of any of the following: 
 (A) the assignment to the Executive of any duties inconsistent in any material adverse respect with the Executive’s position (including status, offices, titles and reporting requirements), authority, duties or
responsibilities immediately prior to the Change in Control, or any other action by the Company or its affiliates which results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated,
insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive in accordance with Section 11(c) of this Agreement; 
 (B) a reduction by the Company or its affiliates in the Executive’s rate of annual base salary, benefits (including, without
limitation, incentive or bonus pay arrangements, stock plan 

  

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benefit arrangements, and retirement and welfare plan coverage) and perquisites as in effect immediately prior to the Change in Control or as the same may be
increased from time to time thereafter, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive in accordance with
Section 11(c) of this Agreement; 
 (C) the Company’s requiring the Executive to be based at any office or location
more than 35 miles from the facility where the Executive is located at the time of the Change in Control or the Company’ s requiring the Executive to travel on Company business to a substantially greater extent than required immediately prior
to the Change in Control Date (but determined without regard to travel necessitated by reason of any anticipated Change in Control); 
 (D) any purported termination by the Company or its affiliates of the Executive’s employment otherwise than as expressly permitted by this Agreement; 
 (E) any failure by the Company or its affiliates to comply with and satisfy Section 10(c) of this Agreement by obtaining satisfactory
agreement from any successor to assume and perform this Agreement; or 
 (F) so long as no Cause for Executive’s
termination by the Company exists (or would exist assuming the Board made a determination of Cause), a voluntary cessation by the Executive of his employment for any reason during any Window Period. 
 (ii) any event or condition described in paragraph (i) of this Section 1(i) which occurs on or after the Agreement Effective
Date, but prior to a Change in Control, but was at the request of a third party who effectuates the Change in Control, notwithstanding that it occurred prior to the Change in Control, but such event or condition shall not be considered to actually
have occurred until the Change in Control Date. 
 (j) “Covered Termination” means a termination of Executive’s employment
during the Coverage Period (i) by the Company for any reason other than Cause or the Executive’s Disability or death, or (ii) by the Executive for Good Reason. 
 (k) “Noncovered Termination” means a cessation of Executive’s employment which is not a Covered Termination. 
 (l) “Window Period” means any of (i) the 60-day period commencing on the Change in Control Date, (ii) the 60-day period commencing on
the first anniversary of the Change in Control Date, and (iii) the 60-day period commencing on the second anniversary of the Change in Control Date. 
 2. CHANGE IN CONTROL. 
 A “Change in Control” means a change in the ownership
of the Company, a change in the effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, consistent with and interpreted in accordance with Code Section 409A and regulations issued
thereunder, and specifically defined as follows: 
 (a) General Rules. In order to constitute a Change in Control as to the Executive,
the Change in Control shall relate to: 
 (i) The corporation for whom the Executive is performing services at the time of the
Change in Control; or 
 (ii) The corporation that is liable for the payment of the deferred compensation (or all corporations
liable for the payment if more than one corporation is liable) but only if either the deferred compensation is attributable to the performance of service by the Executive for such corporation (or corporations) or there is a bona fide business
purpose for such corporation or corporations to be liable for such payment and, in either case, no significant purpose of making such corporation or corporations liable for such payment is the avoidance of Federal income tax; or 
  

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 (iii) A corporation that is a majority shareholder of a corporation identified in either
paragraph (i) or (ii), or any corporation in a chain of corporations in which each corporation is a majority shareholder of another corporation in the chain, ending in a corporation identified in either paragraph (i) or (ii) above.

 (b) Change In Ownership. A change in the ownership of a corporation shall occur on the date that any one person, or more than one
person acting as a group, acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of such corporation.
However, if any person, or more than one person acting as a group, is considered to own more than 50% of the total fair market value or total voting power of the stock of a corporation, then the acquisition of additional stock by the same person or
persons shall not be considered to cause a change in the ownership of the corporation (or to cause a change in the effective control of the corporation). 
 (c) Change In Effective Control. Notwithstanding the fact that a corporation has not undergone a change in ownership as described above, a change in the effective control of a corporation shall occur only on
the date that either: 
 (i) Any one person or more than one person acting as a group acquires (or has acquired during the
twelve month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the corporation possessing 30% or more of the total voting power of the stock of such corporation; or 
 (ii) A majority of members of the corporation’s Board of Directors is replaced during any 12-month period by Directors whose
appointment or election is not endorsed by a majority of the members of the corporation’s Board of Directors prior to the date of the appointment or election, provided that for purposes of this paragraph (ii), the term “corporation”
refers solely to the relevant corporation identified above, for which no other corporation is a majority shareholder. 
 (d) Change In
Ownership of Assets. A change in the ownership of a substantial portion of the assets of a corporation shall occur on the date that any one person, or more than one person acting as a group, acquires (or has acquired during the twelve-month
period ending on the date of the most recent acquisition by such person or persons) assets from the corporation that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the
corporation immediately prior to such acquisition or acquisitions. For this purpose, “gross fair market value” shall mean the value of the assets of the corporation, or the value of the assets being disposed of, determined without regard
to any liabilities associated with such assets. 
 A transfer of assets by a corporation shall not be treated as a change in the ownership of
such assets if the assets are transferred to: 
 (i) A shareholder of the corporation (immediately before the asset transfer)
in exchange for or with respect to its stock; or 
 (ii) An entity, 50% or more of the total value or voting power of which is
owned, directly or indirectly, by the corporation; or 
 (iii) A person, or more than one person acting as a group, that owns,
directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the corporation; or 
 (iv) An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person who is a “related person” under applicable Treasury Regulations. 
  

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 There shall be no Change in Control when there is a transfer to an entity that is controlled by the
shareholders of the transferring corporation immediately after the transfer. 
 3. OBLIGATIONS OF THE EXECUTIVE TO REMAIN EMPLOYED.
 
 The Executive agrees that in the event any person or group attempts a Change in Control, he shall not voluntarily leave the employ of
the Company without Good Reason (i) until such attempted Change in Control terminates or (ii) if a Change in Control shall occur, until the Change in Control Date. For purposes of the foregoing clause (i), Good Reason shall be determined
as if a Change in Control had occurred when such attempted Change in Control became known to the Board. 
 4. OBLIGATIONS UPON THE
EXECUTIVE’S TERMINATION.  
 (a) Notice of Termination. Any termination of the Executive’s employment by the Company
or by the Executive, other than by reason of death, during the Coverage Period shall be communicated by Notice of Termination to the other party hereto given. Any termination of the Executive’s employment by the Company or by the Executive,
other than by reason of death, prior to or after the Coverage Period shall be communicated by such method or methods as the Company may designate from time to time for its “at will” employees. For purposes hereof: 
 (i) “Notice of Termination” means a written notice given in accordance with Section 11(c) of this Agreement which
(A) states whether such termination is for Cause, Good Reason or Disability, (B) indicates the specific termination provision in this Agreement relied upon, if any, (C) to the extent applicable, sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (D) if the Date of Termination is other than the date of receipt of such notice, specifies the
termination date. The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason, Cause or Disability shall not waive any right of the Executive or the
Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 
 (ii) “Date of Termination” means (A) if the Executive’s employment is terminated by reason of Disability, the
Disability Effective Date, (B) if the Executive’s employment is terminated by the Company for any reason other than Disability, the date of the Executive’s receipt of the Notice of Termination or any later date specified therein, as
the case may be, and (C) if the Executive’s employment is terminated by the Executive for any reason, the date of the Company’s receipt of the Notice of Termination or any later date specified therein, as the case may be. 

(b) Obligations of the Company in a Covered Termination. If the Executive’s employment shall cease by reason of a Covered Termination,
then the following shall be paid or provided (the payments and benefits described in (i), (ii) and (iii) below may hereinafter sometimes be referred to as the “Change in Control Benefit” or “Change in Control
Benefits”): 
 (i) the Company shall pay or cause to be paid in cash to the Executive a lump sum within 30 days after the
Date of Termination and with the lump sum payment totaling an amount equal to the sum of two (2) times the Executive’s (1) highest aggregate annual base salary from the Company and its affiliated companies in effect at any time during
the 24 month period ending on the Change in Control Date and (2) highest annual bonus (including any deferrals thereof) from the Company and its affiliated companies payable for the Company’s three fiscal years immediately preceding the
fiscal year which includes the Change in Control Date; 
 (ii) for two years after the Executive’s Date of Termination,
the Company shall continue or cause to be continued benefits to the Executive and/or the Executive’s family at least equal to those under the Welfare Benefit Plans. (Nothing in an Agreement shall limit the Executive’s right to additional
retiree or other welfare benefits provided under the applicable benefit plan subject to any 

  

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and all limitations in such plan.) If the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits
under another employer-provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not
the time of commencement of benefits) of the Executive for any retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until two years after the Date of Termination and
to have retired on the last day of such period. For purposes hereof, the term “Welfare Benefit Plan” means the welfare benefit plans, practices, policies and programs provided by the Company and its affiliates (including, without
limitation, any medical, prescription, dental, vision, disability, life, accidental death and travel accident insurance plans and split dollar insurance programs) to the extent applicable generally to other peer executives of the Company and its
affiliates, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the
Executive at any time during the one year period immediately preceding the Change in Control Date or, if more favorable to the Executive, those provided generally at any time after the Change in Control Date to other peer executives of the Company
and its affiliated companies; 
 (iii) to the extent not theretofore paid or provided, the Company shall timely pay or cause
to be paid or provide or cause to be provided to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any compensation arrangement, plan, program, policy or practice or
contract or agreement of the Company and its affiliated companies with such payments being made in accordance with the terms of any such arrangement, plan, program or policy (such other amounts and benefits shall be hereinafter referred to as the
“Other Benefits”). 
 (c) Notwithstanding any other provision of this Agreement, if the requirements of Section 1(e) are met
regarding the Executive’s termination prior to a Change in Control, the Change in Control Benefits shall be paid within thirty (30) days after the date of a Change in Control (not the Date of Termination). 
 (d) Obligations of the Company in a Noncovered Termination. If the Executive’s employment shall cease by reason of a Noncovered Termination,
this Agreement shall terminate without further obligations to the Executive other than the obligation timely to pay or cause to be paid or provide or cause to be provided to the Executive his Other Benefits. 
 5. FULL SETTLEMENT.  
 (a)
No Offset or Mitigation. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other
claim, right or action which the Company may have against the Executive. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the
provisions of this Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment. 
 (b)
Executive’s Expense in Dispute Resolution. The Company agrees to pay, to the full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur as a result of a contest (in which the Executive
substantially prevails) by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive
about the amount of any payment pursuant to this Agreement), plus in each case interest on any delayed payment at the lower of (i) the Wall Street Journal Prime Rate or (ii) the applicable Federal midterm rate provided for in
Section 1274(d), compounded semi-annually, of the Code. 
 (c) Payment prior to Dispute Resolution. If there shall be any dispute
between the Company and the Executive in the event of any termination of Executive’s employment, then, unless and until there is a final, nonappealable judgment by a court of competent jurisdiction declaring that such termination was a
Noncovered Termination, that the determination by the Executive of the existence of Good Reason was not 

  

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made in good faith, or that the Company is not otherwise obligated to pay any amount or provide any benefit to the Executive and his dependents or other
beneficiaries, as the case may be, under Section 4(b), the Company shall pay all amounts, and provide all benefits, to the Executive and his dependents or other beneficiaries, as the case may be, that the Company would be required to pay or
provide pursuant to Section 4(b) as though such termination were not a Noncovered Termination. Notwithstanding the foregoing, the Company shall not be required to pay any disputed amounts pursuant to this Section 5(c) except upon receipt
of an adequate bond, letter of credit or undertaking by or on behalf of the Executive to repay all such amounts to which the Executive is ultimately adjudged by such court not to be entitled. 
 6. PAYMENT LIMITATION AND EXCISE TAX GROSS-UP.  
 (a) Additional Payment. Anything in this Agreement to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any payment or benefit provided to, or for the benefit
of, the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 6) (a “Payment”)
would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the “Excise Tax”), then the Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by the Executive of all taxes (including any
interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto), employment taxes and Excise Tax imposed upon the Gross-Up Payment, the
Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this Section 6(a), if it shall be determined that the Executive is entitled to a Gross-Up
Payment, but that the Executive, after taking into account the Payments and the Gross-Up Payment, would not receive a net after-tax benefit of at least $25,000 (taking into account income taxes, employment taxes and any Excise Tax) as compared to
the net after-tax proceeds to the Executive resulting from an elimination of the Gross-Up Payment and a reduction of the Payments, in the aggregate, to an amount (the “Limited Payment Amount”) such that the receipt of Payments would not
give rise to any Excise Tax, then the following shall apply: 
 (i) No Gross-Up Payment shall be made to the Executive.

 (ii) The Payments, in the aggregate, shall be reduced to the Limited Payment Amount, and in that case, the Company shall
reduce or eliminate the Payments to the Executive by first reducing or eliminating those payments or benefits which are payable in cash and then by reducing or eliminating payments not payable in cash, in each case pro-rata and in reverse order
beginning with payments or benefits which are to be paid or provided the farthest in time from the Determination (as hereinafter defined). The reductions in the preceding sentence shall take precedence over the provisions of any other plan,
arrangement or agreement governing Executive’s rights and entitlements to any benefits or compensation. 
 (iii) If it is
established pursuant to a final determination of a court or an Internal Revenue Service (the “IRS”) proceeding which has been finally and conclusively resolved, that Payments which should have been limited to the Limited Payment Amount
have been made to, or provided for the benefit of, the Executive by the Company, which are in excess of the limitations provided in Section 6(a) (hereinafter referred to as an “Excess Payment”), such Excess Payment shall be deemed for
all purposes to be a loan to the Executive made on the date the Executive received the Excess Payment and the Executive shall repay the Excess Payment to the Company on demand, together with interest on the Excess Payment at the applicable federal
rate (as defined in Section 1274(d) of the Code) from the date of Executive’s receipt of such Excess Payment until the date of such repayment. 
 (b) Gross-Up Payment and Limited Payment Amount Determinations. Subject to the provisions of Section 6(c), all determinations required to be made under this Section 6, including whether and when a
Gross-Up Payment or payment of only the Limited Payment Amount is required and the amount of such Gross-Up Payment or Limited Payment Amount and the assumptions to be utilized in arriving at such 

  

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determination, shall be made by the Company’s public accounting firm (the “Accounting Firm”) which shall provide detailed supporting
calculations both to the Company and the Executive within fifteen business days of the receipt of notice from the Executive in accordance with Section 11(c) of this Agreement that there has been a Payment, or such earlier time as is requested
by the Company and, with respect to any Limited Payment Amount, a reasonable opinion to the Executive that he is not required to report any excise tax on his federal income tax return with respect to the Limited Payment Amount. In the event that the
Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Executive shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which
accounting firm shall then be referred to as the Accounting Firm hereunder). All determinations regarding the Gross-Up Payment called for herein shall be based on the maximum applicable marginal tax rates for each year in which such payments and
benefits shall be paid or provided to, or for the benefit of, the Executive (based upon the rate in effect for such year at the time of the first payment of the foregoing and, as appropriate as determined by the Accounting Firm, the taxable wage
base for employment tax purposes). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 6, shall be paid by the Company to the Executive within ten
business days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the
Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Payments or Gross-Up Payments which will not have been made by the Company should have been made (an “Underpayment”), consistent with the
calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 6(c) and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the
amount of the Underpayment that has occurred and any such Underpayment shall be paid by the Company to or for the benefit of the Executive within ten business days of such determination together with interest on such amount (other than with respect
to interest or penalties, if any, included in the calculation of the Underpayment) at the applicable federal rate from the date such amount would have been paid to the Executive until the date of payment. Any payments or reimbursements to or
payments on behalf of the Executive shall be paid as provided above but in no event later than the end of the calendar year following the calendar year in which the related taxes are paid. 
 (c) Notices and Advances. The Executive shall notify the Company in writing of any claim by the IRS that, if successful, would or may require the
payment by the Company of a Gross-Up Payment or the payment by the Executive of an Excise Tax with respect to a Payment. Such notification shall be given as soon as practicable but no later than ten business days after the Executive is informed in
writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which
it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due) in accordance with Section 11(c) of this Agreement. If the Company notifies the Executive in writing
prior to the expiration of such period that it desires to contest such claim, the Executive shall: 
 (i) provide to the
Company any information reasonably requested by the Company relating to such claim, 
 (ii) take such action in connection
with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company, 

(iii) cooperate with the Company in good faith in order effectively to contest such claim, and 
 (iv) permit the Company to participate in any proceedings relating to such claim. 
 Notwithstanding the foregoing, the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with
such contest and, if a Gross-Up Payment is due, shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax, income tax or employment tax (including interest and penalties with respect thereto) imposed as a result of
such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this 

  

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Section 6(c), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all
administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or to contest the claim in any
permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine. If the Company
directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive, on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis, from any
Excise Tax, income tax or employment tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the
statute of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the
contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the IRS or any other taxing authority.

 (d) Refund Payment and Advance Forgiveness. If, after the receipt by the Executive of an amount advanced by the Company pursuant to
Section 6(c), the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company’s complying with the requirements of Section 6(c)) promptly pay to the Company the amount of
such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by the Company pursuant to Section 6(c), a determination is made that the Executive
shall not be entitled to any refund with respect to such claim and the Company does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then to the extent
not in violation of Code Section 409A such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
 (e) Banking Payment Limitation. Notwithstanding anything contained in this Agreement or any other agreement or plan to the contrary, the payments
and benefits provided to, or for the benefit of, the Executive under this Agreement or under any other plan or agreement shall be reduced (but not below zero) to the extent necessary so that no payment to be made, or benefit to be provided, to the
Executive or for his benefit under this Agreement or any other plan or agreement shall be in violation of the golden parachute and indemnification payment limitations and prohibitions of 12 CFR Section 359. 
 7. CODE SECTION 409A COMPLIANCE. 
 (a) The intent of the parties is that payments and benefits under this Agreement comply with Code Section 409A or comply with an exemption from the application of Code Section 409A and, accordingly, all provisions of this
Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. 
 (b) Neither the Executive nor the Company shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any matter which would not be in compliance with Code Section 409A (including any
transition or grandfather rules thereunder). 
 (c) A termination of employment shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the form or timing of payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” (within the meaning of Code
Section 409A) and, for purposes of any such provision of this Agreement under which (and to the extent) deferred compensation subject to Code Section 409A is paid, references to a “termination” or “termination of
employment” or like references shall mean separation from service. If the Executive is deemed on the date of separation from service with the Company to be a “specified employee”, within the meaning of that term under Code
Section 409A(a)(2)(B) and using the identification methodology selected by the Company from time to time, or if none, the default methodology, then with regard to any payment or benefit that is required to be delayed in compliance with Code
Section 

  

 - 9 - 

 
409A(a)(2)(B), such payment or benefit shall not be made or provided prior to the earlier of (i) the expiration of the six- month period measured from
the date of the Executive’s separation from service or (ii) the date of the Executive’s death. In the case of benefits, however, the Executive may pay the cost of benefit coverage, and thereby obtain benefits, during such six month
delay period and then be reimbursed by the Company thereafter when delayed payments are made pursuant to the next sentence. On the first day of the seventh month following the date of the Executive’s separation from service or, if earlier, on
the date of the Executive’s death, all payments delayed pursuant to this Section 7(c) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the
Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 
 (d) With regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except as permitted by Code Section 409A,
(i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursement, or in- kind benefits, provided during any taxable year shall not
affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by
Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect. All reimbursements shall be reimbursed in accordance with the Company’s reimbursement policies but in no
event later than the calendar year following the calendar year in which the related expense is incurred. 
 (e) If under this Agreement, an
amount is to be paid in two or more installments, for purposes of Code Section 409A, each installment shall be treated as a separate payment. 
 (f) When, if ever, a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within ten (10) days following the date of termination”), the actual date of
payment within the specified period shall be within the sole discretion of the Company. 
 (g) Notwithstanding any of the provisions of this
Agreement, the Company shall not be liable to the Executive if any payment or benefit which is to be provided pursuant to this Agreement and which is considered deferred compensation subject to Code Section 409A otherwise fails to comply with,
or be exempt from, the requirements of Code Section 409A. 
 8. TERMINATION OF AGREEMENT.  
 This Agreement shall be effective as of the Agreement Effective Date and shall normally continue until the later of the Agreement Regular Termination Date
or, if a Change in Control has occurred, until the end of the Coverage Period. Notwithstanding the foregoing, this Agreement shall terminate in any event upon the Executive’s cessation of employment in a Noncovered Termination. 
 9. CONFIDENTIAL INFORMATION.  
 (a) No Disclosure by Executive. The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies, and
their respective businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts by the
Executive or representatives of the Executive in violation of this Agreement). After termination of the Executive’s employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be
required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. 
 (b) Remedies for Breach. It is recognized that damages in the event of breach of Section 9(a) above by the Executive would be difficult, if not impossible, to ascertain, and it is therefore specifically
agreed that the Company, in addition to and without limiting any other remedy or right it may have, shall have the 

  

 - 10 - 

 
right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach. The existence of this right shall not
preclude the Company from pursuing any other rights and remedies at law or in equity which it may have. 
 (c) Breach Not Basis to
Withhold Payment. In no event shall an asserted violation of the provisions of this Section 9 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement. 
 10. BENEFIT AND SUCCESSORS.  
 (a) Executive’s Benefit. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and
legatees. If the Executive should die and any amount remains payable thereunder after his death, any such amount, unless otherwise agreed by the Company or provided herein, shall be paid in accordance with the terms of this Agreement to the
Executive’s devisee, legatee or other designee of such payment or, if there is no such designee, the Executive’s estate. 
 (b)
Company’s Benefit. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 
 (c) Assumption by Successor to Company. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to
assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the
Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 
 11. MISCELLANEOUS.  
 (a)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Virginia, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof
and shall have no force or effect. 
 (b) Amendment. This Agreement may not be amended or modified otherwise than by a written
agreement executed by the parties hereto or their respective successors and legal representatives which complies with the requirements of Code Section 409A. 
 (c) Notices. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage
prepaid, addressed as follows: 
 If to the Executive: 
 Thomas Cherry 
 C&F Financial Corporation 
 P. O. Box 391 
 8th & Main Streets

 West Point, Virginia 23181 
 If to the Company: 
 President, C&F Financial Corporation 
 P. O. Box 391 
 8th & Main Streets

 West Point, Virginia 23181 
  

 - 11 - 

 Copy to: 
 James H. Hudson III 
 Hudson & Bondurant, P.C. 
 826 Main Street – P.O. Box 231 
 West
Point, Virginia 23181 
 or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and
communications shall be effective when actually received by the addressee. 
 (d) Severability. The invalidity or unenforceability of
any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
 (e) Tax
Withholding. The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 (f) Waiver. The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the
failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to this Agreement, shall not be deemed to be a waiver of such
provision or right or any other provision or right of this Agreement. 
 (g) Executive’s Employment. The Executive and the
Company acknowledge that, except as may otherwise be provided under any other written agreement between the Executive and the Company, the employment of the Executive by the Company is “at will” and, subject to paragraph (ii) of
Section 1(i) hereof deeming a termination to have occurred on or after the occurrence of a Change in Control Date, the Executive’s employment and/or this Agreement may be terminated by either the Executive or the Company at any time prior
to the Change in Control Date, in which case the Executive shall have no further rights under this Agreement. 
 (h) Nonexclusivity of
Rights. Except as expressly provided in Section 6, nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its
affiliated companies and for which the Executive may qualify, nor shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliated companies. Amounts
which are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its affiliated companies at or subsequent to the
Executive’s termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement. 
 (i) Statutory References. Any reference in this Agreement to a specific statutory provision shall include that provision and any comparable
provision or provisions of future legislation amending, modifying, supplementing or superseding the referenced provision. 
 (j)
Nonassignability. This Agreement is personal to the Executive, and without the prior written consent of the Company, no right, benefit or interest hereunder shall be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or charge, except by will or the laws of descent and distribution, and any attempt thereat shall be void; and no right, benefit or interest hereunder shall, prior to receipt of payment, be in any manner liable for or
subject to the recipient’s debts, contracts, liabilities, engagements or torts. 
 (k) Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be considered an original and all of which together shall constitute one agreement. 
 (l) Employment with Affiliates. Except as otherwise required by this Agreement or Code Section 409A, employment with the Company for purposes of this Agreement shall include employment with any corporation or other entity in
which the Company has a direct or indirect ownership interest of 50% or more of the total combined voting power of the then outstanding securities of such corporation or other entity entitled to vote generally in the election of directors or which
has a direct or indirect ownership interest of 50% or more of the total combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors. 
  

 - 12 - 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the
authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 
  

			
	 /s/ Thomas Cherry

	Thomas Cherry
	
	C&F FINANCIAL CORPORATION
		
	By:	 	 /s/ Larry G. Dillon

		 	Larry G. Dillon, President

  

 - 13 -Adoption Agreement

 Exhibit 10.4.1 
 VIRGINIA BANKERS ASSOCIATION 
 MODEL NON-QUALIFIED DEFERRED COMPENSATION PLAN 
 FOR EXECUTIVES 
 (As Restated
Effective January 1, 2008) 
 ADOPTION AGREEMENT 
 If the Employer completing this document has any questions about the adoption of the Plan, the provisions of the Plan, its representative should
contact Bette J. Albert, C.L.U. at the Virginia Bankers Association Benefits Corporation, 4490 Cox Road, Glen Allen, VA 23060-3341 - telephone number (804) 643-7469 during business hours. 
 Each Employer named below hereby adopts the Plan through this Adoption Agreement (the “Adoption Agreement”), to be effective as of the date(s)
specified below, and elects the following specifications and provides the following information relating thereto: 
 In completing this
Adoption Agreement, if additional space is required insert additional sheets. 
 Adoption Agreement Contents 
  

					
	 	  	 	  	Page
	 Option 1
	  	Employer(s) Adopting Plan Named in Paragraph 1.18 of the Plan	  	1
	 Option 2
	  	General Plan Information	  	2
	 Option 3
	  	Status of Plan and Effective Date(s)	  	2
	 Option 4
	  	Definitions and Other Optional Provisions	  	3
	 Option 5
	  	Employer Contributions and Allocations	  	8
	 Option 6
	  	Vesting	  	11
	 Option 7
	  	Retirement Dates	  	12
	 Option 8
	  	Time and Form of Benefit Payments	  	13
	 Option 9
	  	Hardship Withdrawals	  	17
	 Option 10
	  	Participant Deemed Investment Direction	  	17
	 Option 11
	  	409A Transition Elections	  	18

  

											
	1.	 	 EMPLOYER(S) ADOPTING PLAN NAMED IN PARAGRAPH 1.18 OF THE PLAN.

						
		 	 (a)
	 	 Name of Plan Sponsor:
 C&F Financial Corporation
	 		  	(b)	  	 Plan Sponsor’s telephone Number:
 (804) 843-2360

						
		 	 (c)
	 	 Address of Plan Sponsor:
 Post Office Box 391
 West Point, VA 23181
	 		  	(d)	  	 Plan Sponsor’s EIN:
 54-1680165

		 	 	 		  	  
 (e)
	  	  
 Plan Sponsor’s Tax Year End:
 12/31

		 	 (f)
	 	 Information of Other Participating Employers Adopting the Plan:

							
				
		 		 	 [X]    (1)
	  	All Affiliate are automatically Participating Employers in the Plan except for the following:
				
		 		 		  	  

				
		 		 		  	  

				
		 		 	 [   ]    (2)
	  	Participating Employer are listed individually on the attachment captioned List of Participating Employers, which shall be updated as needed from time to time.

														
	2.	  	GENERAL PLAN INFORMATION.
			
		  	(a)	  	Name of Plan:
			
		  		  	 VBA Executive’s Deferred Compensation Plan for C&F Financial Corporation

			
		  	(b)	  	Name, Address and EIN of Plan Administrator(s): [If other than Plan Sponsor, appointment must be by resolution]
		
	3.	  	STATUS OF PLAN AND EFFECTIVE DATE(S).
			
		  	(a)	  	Effective Date of Plan: The Effective Date of the Plan is January 1, 1998.
			
		  	(b)	  	Plan Status. The adoption of the Plan through this Adoption Agreement is:
					
		  		  	 [   ]
	  	(1	)	 	Initial Establishment. The initial adoption and establishment of the Plan.
					
		  		  	 [X]
	  	(2	)	 	Restated Plan. An amendment and restatement of the Plan (a Restated Plan).
						
		  		  		  			 	(A)	  	Effective Date of this Restatement. The Effective Date of this Restatement of the Plan is January 1, 2008.
						
		  		  		  			 	(B)	  	Prior Plan. The Plan was last maintained under document dated February 28, 2005 and was known as the VBA Executive’s Deferred Compensation Plan for C&F Financial
Corporation
						
		  		  		  			 	(C)	  	Transitional Provisions:
							
		  		  		  			 		  	[   ]	  	 Election NOT to Grandfather Pre-January 1, 2005 Vested Balances. If this Option is elected, all Deferral Accounts shall be subject to the
rules set forth in the post December 31, 2004 restatement.
  
 If the Option is not
elected, the Deferral Accounts attributable to transfers from predecessor plans prior to December 31, 2004 and contributions that are vested as of December 31, 2004 shall be segregated from the Deferral Accounts attributable to contributions that
are not vested as of December 31, 2004 and to contributions and transfers made on and after January 1, 2005. The terms of the Plan in effect on and after January 1, 2005 shall only apply to transfers and contributions that are not vested as of
December 31, 2004 and to contributions and transfers made on and after January 1, 2005.

					
		  		  	 [   ]
	  	(3	)	 	Special or Other Transitional Provisions. [Use attachment if additional space is needed]
						
		  		  		  			 		  	 [Enter any special provisions including alternate definitions or other transitional provisions relating to any Predecessor Plan Account
and the Plan as restated]
  
 Effective January 1, 2006, any Employer may, in its
discretion, elect to contribute for all of any of its employees participating in the Plan or under any contribution feature (i.e., Employer Matching Contributions, Excess Profit Sharing Employer Non-Elective Contributions and SERP Employer
Non-Elective Contributions), less than the amount otherwise called for under the other provisions of the Adoption Agreement and/or to make Employer Matching Contributions at a different rate than otherwise called for under the other provisions of
the Adoption Agreement.

  

 - 2 - 

											
	[  ]	  	(c)	  	If elected, this Plan is intended to be paired with a qualified cash or deferred arrangement as described in subparagraph 2.3(d) of the Plan Document?
			
		  		  	 If Elected – Name of qualified cash or deferred arrangement plan
                                         
                       

				
		  		  	 __________________________
	  	
		
	4.	  	DEFINITIONS AND OTHER OPTIONAL PROVISIONS.
				
		  	(a)	  	Compensation Paragraph 1.10	  	Compensation is used throughout the basic plan document for different purposes. The following specific rules apply.
					
		  		  		  	(1)	  	General Definition. The Compensation definition in paragraph 1.10 of the basic plan document is modified as follows:
					
		  		  		  	(A)	  	Salary. Base salary and base wages subject to the following modifications or limitations:
		  		  		  		  	  

		  		  		  		  	  

		  		  		  		  	  

		  		  		  		  	  

		  		  		  		  	  

		  		  		  		  	  

		  		  		  		  	[Consider whether to fix the date for determining Salary. Consider whether to revise to exclude reductions for 401(k) and cafeteria plan contributions. Other revisions may be
desired.]
					
		  		  		  	(B)	  	Discretionary or Other Bonus. All discretionary or other Bonuses unless otherwise provided:
		  		  		  		  	  

		  		  		  		  	  

		  		  		  		  	  

		  		  		  		  	  

		  		  		  		  	  

		  		  		  		  	  

		  		  		  		  	[List excluded bonus or incentive programs. The Plan Sponsor may elect a Special Deferral Election Period for Performance-Based Compensation.]
					
		  		  		  	(2)	  	Specific Definitions. When used with respect to each type of contribution under the Plan, Compensation shall include:
						
		  		  		  		  	(A)	  	Employee Deferral Contributions. [Check all that apply]
						
		  		  		  		  	[X]	  	 (a)    Salary.

						
		  		  		  		  	[X]	  	 (b)    Bonuses.

						
		  		  		  		  	(B)	  	Employer Non-Elective Contributions. [Check all that apply]
						
		  		  		  		  	[X]	  	 (a)    Salary.

						
		  		  		  		  	[X]	  	 (b)    Bonuses.

  

 - 3 - 

											
		 		 		 		 	 (C)
	  	Employer Matching Contributions. [Check all that apply]
						
		 		 		 		 	 [X]
	  	 (a)    Salary.

						
		 		 		 		 	 [X]
	  	 (b)    Bonuses.

				
		 	 (b)
	 	Eligible Employee Paragraph 1.16	 	Eligible Employee shall mean only the following:
						
		 		 		 	 [X]
	 	 (1)
	  	Determination by Board – for Employee Deferral Contributions and any and all Employer Contributions. Any individual who is designated as an Eligible Employee by resolution
of the [   ] Plan Sponsor’s [X] Employer’s Board of Directors. A copy of the resolution shall be attached to and incorporated by reference into the Plan. See Attachment.
						
		 		 		 	 [X]
	 	 (2)
	  	Determination by CEO – for Employee Deferral Contributions. Any individual who is designated in writing as an Eligible Employee by resolution of the [   ]
Plan Sponsor’s [X] Employer’s Chief Executive Officer. A copy of the Chief Executive Officer’s designation shall be attached to and incorporated by reference into the Plan.
						
		 		 		 	 [   ]
	 	 (3)
	  	Determined by Classification or Grade. Any individual who is classified under the Employer’s personnel practices and policies as employed in the following grades or
classifications:
		 		 		 		 		  	  

		 		 		 		 		  	  

		 		 		 		 		  	  

		 		 		 		 		  	  

		 		 		 		 		  	  

		 		 		 		 		  	[List executive classification to be included in plan coverage]
						
		 		 		 	[   ]	 	(4)	  	Determined by Position or Title. Any individual who is employed in the following positions with the Employer:
		 		 		 		 		  	  

		 		 		 		 		  	  

		 		 		 		 		  	  

		 		 		 		 		  	  

		 		 		 		 		  	  

		 		 		 		 		  	  

		 		 		 		 		  	[List the executive positions to be included in plan coverage].
				
		 	 (c)
	 	 Plan Year Paragraph 1.23
	 	In the case of a Restated Plan which prior to the Effective Date of this Restatement was maintained on the basis of a Plan Year beginning on a date other than January 1, the Plan
Year shall begin on            ,          and ending on
                        ,          with the short Plan Year beginning on
                        ,          and ending on December 31,
        . Thereafter, the Plan Year shall be the 12 month period beginning each January 1.
				
		 	 (d)
	 	 Effective Date of Coverage Subparagraph 2.1
	 	The effective date of coverage for an Eligible Employee shall be [Check one]:
						
		 		 		 	 [   ]
	 	 (1)
	  	Immediately. The first day of the first payroll period beginning on or after the date the individual became an Eligible Employee.

  

 - 4 - 

											
		 		 		 	 [   ]
	 	 (2)
	  	Monthly. The first day of the first payroll period beginning on or after the first day of              [Complete with
1st 2nd or other] month next following the date
the individual became an Eligible Employee.
						
		 		 		 	 [   ]
	 	 (2)
	  	Semi-Annually. The first day of the Plan Year or the first day of the seventh month of the Plan Year on or next following the date the individual became an Eligible
Employee.
						
		 		 		 	 [X]
	 	 (3)
	  	Annually. The first day of the Plan Year on or next following the date the individual became an Eligible Employee.
				
		 		 		 	The Deferred Compensation Election filed for the Plan Year which contains the effective date of coverage as of a date other than the first day of a Plan Year shall be effective to
defer only Compensation for services performed in pay periods after the pay period in which it is filed, Compensation based on a performance period (such as an annual bonus) is deemed earned ratably throughout the period for which
earned.
				
	 [X]
	 	 (e)
	 	 Special Election Period for Performance-Based
 Compensation Subparagraph 2.2(e)
	 	If this Option is elected, the Plan Sponsor may permit Eligible Employees to make Deferred Compensation Elections with respect to Compensation prior to the annual filing deadline
established by the Administrator which deadline shall be no later than six (6) months prior to the end of the period for which such Bonus is earned, provided such compensation has not become readily ascertainable or its payment substantially certain
as of the date of the Deferred Compensation Election.
				
		 		 		 	Otherwise, except in the case of commencement of participation pursuant to any available mid year election, all Deferred Compensation Elections for all Bonuses must be made prior to
the annual filing deadline established by the Administrator which deadline shall be no later than the end of the calendar your or, if different and permitted by the Administrator (as evidenced by the applicable Deferred Contribution Election form)
where the Bonus is earned on the basis of the Plan Sponsor’s fiscal year, the Plan Sponsor’s fiscal year immediately preceding the applicable year in which the period to which the Bonus relates commences,
				
		 		 		 	In order to be Performance-Based Compensation (i) the Bonus must be earned over a period of at least twelve (12) months (ii) the Bonus must be based on pre-established organizational
or individual performance criteria for which the outcome is substantially uncertain at the time of establishment, (iii) such criteria are established in writing no later than ninety (90) days after the beginning of the period of service to which the
Bonus and performance relate and (iv) such criteria are not substantially certain to be met at the time established. See more specific definition in Treas. Reg. 1.409A-l(e).
				
	 [X\]
	 	 (f)
	 	Cancellation of Deferred Compensation Election For Disability Paragraph 2.5	 	If this Option is elected, the Plan Sponsor:
						
		 		 		 	 [   ]
	 	 (1)
	  	 Mandatory Cancellation. Will cancel the Deferred
 Compensation Election of an Eligible Employee who
 experiences a Disability as defined in paragraph 2.5.

  

 - 5 - 

											
		 		 		 	[X]	 	(2)	  	Optional Cancellation. May permit an Eligible Employee who experiences a Disability as defined in paragraph 2.5 to cancel is Deferred Compensation Election.
					
		 		 		 		 	If the Option is not selected, no cancellation will be required or permitted upon the occurrence of a Disability.
				
		 	(g)	 	Rules Relating to “Specified Employee” Delay Subparagraph 7.7(c)	 	For purposes of applying the 6 month delay required by Section 409A of the Code in the case of a Participant who is a “specified employee” (i.e., a “key employee”
of any corporation the stock of which is publicly traded on any established securities market or otherwise as provided in Section 409A(2)B)(i) of the Code):
					
		 		 		 	(1)	 	Specified Employee Identification Date. Specified employees shall be identified in the following manner: [Check one of the following and complete, if
applicable]
						
		 		 		 		 	[   ]	  	 (A) Established By Board Action or Other Document of Plan Sponsor. The specified employee identification date and its effective date shall
be established by the Plan Sponsor though the document set forth below which may be an action of its Board or other written document that applies to all deferred compensation plans, programs or agreements of the Plan Sponsor and
Affiliates.
  
 [Describe document establishing key employee
identification date.]

						
		 		 		 		 	[X]	  	(B) Established Based on Default Dates in Regulations. The specified employee identification date shall be December 31 and effective for distributions due to be made during the 12
month period beginning on or after the following April 1 as provided in Treas. Reg. l.409A-1(i).
						
		 		 		 		 	[   ]	  	(C) Alternative Identification Date. The specified employee identification date shall be
                             (identification date) and effective for distributions due to be made during the
12 month period beginning on or after the following
                                         [enter
date not later than the first day of the 4th month following the identification date)
					
		 		 		 		 	The specified employee identification date must be the same date that applies to all deferred compensation plans, programs or agreements of the Plan Sponsor and Affiliates.

					
		 		 		 	(2)	 	Compensation to be Used for Determining Specified Employees. Specified employees are “key employees” as defined in Section 416 of the Code are the 50 highest paid
officers (or if less, the greater of 3 or 10% of employees) with compensation in excess of $145,000 (for 2007) (as adjusted from time to time), 1% owners with compensation in excess of $150,000 or 5% owners. The definition of compensation for this
purpose shall be determined in the following manner: [Check one of the following and complete, if applicable)

  

 - 6 - 

											
		  		  		  		  	[   ]	  	 (A) Established By Board Action or Other Document of Plan Sponsor. The compensation used to identify specified employees shall be
established by the Plan Sponsor though the document set forth below which may be an action of its Board or other written document that applies to all deferred compensation plans, programs or agreements of the Plan Sponsor and Affiliates.

 
 [Describe document establishing compensation definition.]

						
		  		  		  		  	[X]	  	(B) Established Based on VBA Plan. The compensation used to identify specified employees shall be the Total Compensation definition elected under the VBA Plan
						
		  		  		  		  	[   ]	  	 (C) Alternative Compensation Definition. The compensation used to determine specified employees shall be determined in the following manner

  
 [Describe the document establishing compensation definition or
describe compensation based on an acceptable definition under Section 415 of the Code.]

					
		  		  		  	(3)	  	Payment Rules Following Required Delay Period. Upon the expiration of the required 6 month delay in payment to a key employee: [Check one of the following:]
						
		  		  		  		  	[X]	  	(A) Catch-Up Missed Payments. Payments to which a key employee would otherwise have been entitled during the 6 month delay will be accumulated and paid on the first day of the
7th month following the date of Separation from Service for reasons other than death.
						
		  		  		  		  	[   ]	  	(B) Each Payment Delayed. Each payment to which a key employee would otherwise have been entitled during the 6 month delay will be delayed for 6 months.
				
	[X]	  	(h)	  	Rules Relating to Final Check of Year	  	If this Option is elected, Compensation payable after the last day of the calendar year solely for services performed during the final payroll period which contains the last day of
the year will be treated as Compensation for services performed in the taxable year in which the payroll period began.
				
		  		  		  	Otherwise, Compensation payable after the last day of the calendar year solely for services performed during the final payroll period which contains the last day of the year will be
treated as Compensation for services performed in the subsequent taxable year in which the payment is made.
				
		  		  		  	Any amendment to this provision relating to the final check of the Participant’s taxable year may not be effective for 12 months from the date the amendment is adopted and
executed.

  

 - 7 - 

															
	5.	 	EMPLOYER CONTRIBUTIONS AND ALLOCATIONS.	 	
				
		 	(a)	  	 Employer Contributions Paragraph 3.4
	 	The following contributions by the Employer are elected:
						
		 		  		 	[   ]	 	(1)	 	None. Employer contributions are not permitted.
						
		 		  		 	[X]	 	(2)	 	Employer Non-Elective Contribution.
						
		 		  		 		 	(A)	 	Amount. Each Employer shall make an Employer Non-Elective Contribution for each Plan Year in such amount, if any, which the Employer shall determine.
							
		 		  		 		 	[X]	 	(i)	 	Flexible Formula - Such amount, if any, which the Board of Directors of the Employer shall determine by resolution. - See Attachment.
							
		 		  		 		 	[   ]	 	(ii)	 	Compensation Formula -             % [Insert percentage] of the Compensation of all Participants for such Plan Year
eligible to receive an allocation of the Employer Non-Elective Contribution for such Plan Year, plus any additional amount that the Board of Directors of the Employer shall determine by resolution.
							
		 		  		 		 	[   ]	 	(iii)	 	Fixed Amount - $            [Insert amount], plus any additional amount that the Board of Directors of the Employer
shall determine by resolution.
								
		 		  		 		 	[   ]	 	(iv)	 	Other-	 	  

		 		  		 		 		 		 	  

		 		  		 		 		 		 	  

		 		  		 		 		 		 	  

		 		  		 		 		 		 	  

		 		  		 		 		 		 	  

						
		 		  		 		 	(B)	 	Participants Entitled to Share of Employer Non-Elective Contribution. The Employer Non-Elective Contribution shall be allocated in proportion to Compensation as defined in
Option 4(a)(2)(B) of the Adoption Agreement for the Plan Year to the Employer Non-Elective Deferral Account of the Participants who [Select applicable provisions which shall apply conjunctively unless otherwise noted]:
							
		 		  		 		 	[   ]	 	(i)	 	Are employed as Eligible Employees for at least                      [Insert
number of months] full calendar months in for such Plan Year.
							
		 		  		 		 	[   ]	 	(ii)	 	Are Eligible Employees at any time during such Plan Year.
							
		 		  		 		 	[   ]	 	(iii)	 	Are Eligible Employees on the last day of such Plan Year.
		 		  		 		 		 		 		 	
		 		  		 		 		 		 		 	
		 		  		 		 		 		 		 	
		 		  		 		 		 		 		 	

  

 - 8 - 

											
		 		 	 [   ]
	 	(iv)	 		 	If they died while Eligible Employees or retired on their Disability, Early, Normal or Delayed Retirement Date while Eligible Employees during such Plan Year [Check one]:
						
		 		 		 	[   ]	 	(a)	 	But only if they are employed as an Eligible Employee for at least                     
[Insert number of months] fill calendar months in such Plan Year.
						
		 		 		 	[   ]	 	(b)	 	Regardless of the number of months employed during such Plan Year.
						
		 		 	[X]	 	(v)	 		 	Other -: See Attachment.
				
		 	[X]	 	(3)	 	Employer Matching Contributions.
				
		 		 	(A)	 	Amount. Each Employer shall make an Employer Matching Contribution for each Plan Year in an amount, subject to the limitations provided in the Plan, equal to the following
percentage(s) of each Participants Deferral Contribution of Compensation as defined in Option 4(a)(2)(C) of the Adoption Agreement for such Plan Year [Check one]:
					
		 		 	[   ]	 	(i)	 	Straight Percentage -         % [Insert percentage] of his Compensation as defined in Option 4(a)(2)(C) of the Adoption Agreement
contributed to the Plan (up to a maximum of         % of such Compensation).
					
		 		 	[   ]	 	(ii)	 	Contribution Weighted Percentages -         % [Insert percentage] of the first         %
[Insert percentage] of his Compensation as defined in Option 4(a)(2)(C) of the Adoption Agreement contributed to the Plan and         % of his Compensation as defined in Option 4(a)(2(C) of the Adoption
Agreement contributed to the Plan (up to a maximum of         % of such Compensation).
					
		 		 	[X]	 	(iii)	 	Other -: See Attachment
				
		 		 	(B)	 	Participants Entitled to Share of Employer Matching Contribution. The Employer Matching Contribution shall be allocated as described in Option 5(a)(3)(A) of the Adoption
Agreement for the Plan Year to the Employer Matching Deferral Account of the Participants who [Select applicable provisions which shall apply conjunctively unless otherwise noted]:
					
		 		 	 [   ]
	 	(i)	 	Are employed as an Eligible Employee for at least [Insert number of months] full calendar months in for such Plan Year.

  

 - 9 - 

																	
								
		 		 		 		 		 	[   ]	 	(ii)	 	Are Eligible Employees at any time during such Plan Year.
								
		 		 		 		 		 	[X]	 	(iii)	 	Are Eligible Employees on the last day of such Plan Year.
								
		 		 		 		 		 	[X]	 	(iv)	 	If they died while an Eligible Employee or retired on his Disability, Early, Normal or Delayed Retirement Date while an Eligible Employee during such Plan Year [Check
one]:
								
		 		 		 		 		 		 	[   ]	 	(a) But only if they are employed as an Eligible Employee for at least              [Insert number of months] full
calendar months in such Plan Year.
								
		 		 		 		 		 		 	[X]	 	(b) Regardless of the number of months employed during such Plan Year.
									
		 		 		 		 		 	[   ]	 	(v)	 	Other-:	  	  

		 		 		 		 		 		 		 	  

		 		 		 		 		 		 		 	  

		 		 		 		 		 		 		 	  

		 		 		 		 		 		 		 	  

		 		 		 		 		 		 		 	  

  

 - 10 - 

											
	6.	  	VESTING.	 		 		  	
				
		  	(a)	  	Vesting Schedule Subparagraph 6.3(a)	 	The following vesting schedule shall apply to the Employer Deferral Account of all Participants [Check one, and complete where applicable]:
						
		  		  		 	 [X]
	 		  	 (1) Employer Non-Elective Deferral Account. The
 following vesting schedule shall apply to the Employer Non-Elective Deferral Account [Check one, and complete where applicable]:

						
		  		  		 		 	 [X]
	  	 (A) Apply Rules Described in Qualified Plan - For
 Employer Deferral Account Profit Sharing subaccount. A Participant is vested in his Employer Non-Elective Deferral Account under the Plan in the same manner and applying the same rules
applicable to employer profit sharing or other non-matching contributions under the following qualified retirement plan maintained by the Employer: 401 (k) Plan (as defined in the attachment)

						
		  		  		 		 	 [   ]
	  	(B) Always 100% Vested. A Participant shall always have a non-forfeitable right to one hundred percent (100%) of his Employer Non-Elective Deferral Account
						
		  		  		 		 	 [X]
	  	(C) Other Applicable Rules. A Participant shall be vested in his Employer Non-Elective Deferral Account in accordance with the following rules: See Attachment for vesting in
Employer Deferral Account SERP subaccount.
						
		  		  		 		 		  	[Describe vesting provisions, including automatic vesting provisions, applicable schedule and rules for counting service.]
						
		  		  		 	 [X]
	 		  	(2) Employer Matching Deferral Account. The following vesting schedule shall apply to the Employer Matching Deferral Account [Check one, and complete where
applicable]:
						
		  		  		 		 	 [X]
	  	 (A) Apply Rules Described in Qualified Plan. A
 Participant is vested in his Employer Matching Deferral Account under the Plan in the same manner and applying the same rules applicable to matching contributions made under the following qualified retirement plan maintained by the
Employer: 401 (k) Plan (as defined in the attachment)

						
		  		  		 		 	 [   ]
	  	(B) Always 100% Vested. A Participant shall always have a non-forfeitable right to one hundred percent (100%) of his Employer Matching Deferral Account
						
		  		  		 		 	 [   ]
	  	(C) Other Applicable Rules. A Participant shall be vested

  

 - 11 - 

																	
		 		 		 		 		 		 		 		  	in his Employer Matching Deferral Account in accordance with the following rules:
		 		 		 		 		 		 		 		  	  

		 		 		 		 		 		 		 		  	  

		 		 		 		 		 		 		 		  	  

		 		 		 		 		 		 		 		  	  

		 		 		 		 		 		 		 		  	[Describe vesting provisions, including automatic vesting provisions, applicable schedule and rules for counting service.]
			
	 7.      
	 		 	RETIREMENT PATES.
							
		 		 	(a)	 	Normal Retirement Date Paragraph 6.3	 		 		 	A Participant’s Normal Retirement Date shall be the day the Participant reaches age 65.
							
		 		 	(b)	 	Early Retirement Date Paragraph 6.3	 		 		 	[Select and complete applicable provision(s)]
									
		 		 		 		 		 		 	[X]	 	(1)	  	None.
									
		 		 		 		 		 		 	[   ]	 	(2)	  	No age requirement.
									
		 		 		 		 		 		 	[   ]	 	(3)	  	Age requirement of      years.
									
		 		 		 		 		 		 	[   ]	 	(5)	  	No service requirement.
									
		 		 		 		 		 		 	[   ]	 	(6)	  	Service requirement of              years              of continuous
full-time service with the Employer.
							
		 		 	(c)	 	Disability Retirement Date Paragraph 6.4	 		 		 	[Select and complete applicable provision(s)]
									
		 		 		 		 		 		 	[X]	 	(1)	  	No age requirement.
									
		 		 		 		 		 		 	[   ]	 	(2)	  	Age requirement of      years.
									
		 		 		 		 		 		 	[X]	 	(3)	  	No service requirement.
									
		 		 		 		 		 		 	[   ]	 	(4)	  	Service requirement of      years              of continuous full-time service with the Employer,

  

 - 12 - 

																	
		
	 8.
	 	TIME AND FORM OF BENEFIT PAYMENTS.
									
		 		 	(a)	 	 Benefit Commencement Date Paragraphs 1.6, 2.3(b) and 7.1
	 		 		 		 		  	The term Benefit Commencement Date shall mean the first day of calendar quarter coinciding with or next following the designated time or event; provided however, if the Participant is identified
as a “specified employee” of any corporation the stock of which is publicly traded on any established securities market or otherwise as provided in Section 409A(2)(B) of the Code as of the date on which his Separation from Service (for
reasons other than death) occurs and his payment is due based on such Separation form Service (for reasons other than death), his Benefit Commencement Date shall be delayed as required by Section 409A of the Code and Option 4(g) of the Adoption
Agreement.
									
		 		 		 		 		 		 	[   ]	 	(1)	  	Selected By Employer. The Employer selects the following time of payment:
									
		 		 		 		 		 		 		 	[   ]	  	(A) Normal Retirement Date. The later of the Participant’s Normal Retirement Date under the Plan or his Separation from Service (for reasons other than death).
									
		 		 		 		 		 		 		 	[   ]	  	(B) Separation from Service. The Participant’s Separation from Service with the Employer for whatever reason.
									
		 		 		 		 		 		 		 	[   ]	  	(C) Six Months Following Separation from Service. Six months following the Participant’s Separation from Service with the Employer (for reasons other than death).
									
		 		 		 		 		 		 	[X]	 	(2)	  	Selected By Participant. The date selected by the Participant in accordance with the following:
									
		 		 		 		 		 		 		 		  	 (A)   Participant’s Options. The Participant may elect that his Benefit Commencement Date be based on [Select
Option (vi) if Change of Control will be a permissible payment event]:

									
		 		 		 		 		 		 		 		  	 (i)     The later of his Normal Retirement Date under the Plan or [    ] his Separation from
Service (for reasons other than death) or [X] Six months following the Participant’s Separation from Service with the Employer (for reasons other than death). [Select one].

  

 - 13 - 

															
							
		 		 		 		 		 	(ii)	 	[    ] His Separation from Service with the Employer (for reasons other than death), or [X] Six months following the Participant’s Separation from Service
with the Employer (for reasons other than death). [Select one]
							
		 		 		 		 		 	(iii)	 	A date certain stated clearly in his election form which shall be without regard to when his employment with the Employer ends.
							
		 		 		 		 		 	(iv)	 	The later of a date certain or [    ] his Separation from Service (for reasons other than death), or [X] Six months following the Participant’s Separation
from Service with the Employer (for reasons other than death). [Select one].
							
		 		 		 		 		 	(v)	 	The earlier of a date certain or [    ] his Separation from Service (for reasons other than death) or [X] Six months following the Participant’s Separation
from Service with the Employer (for reasons other than death). [Select one].
							
		 		 		 		 	x	 	(vi)	 	 Change in Control. Upon a Change in Control as defined in Paragraph 1.8 of the Plan.

						
		 		 		 		 	(B)	 	Timing of Participant Election. The Participant shall elect the Benefit Commencement Date for the subdivision of his Employee Deferral Account related to the compensation
deferred by a specific Deferred Compensation Election at the time his Deferred Contribution Election is filed for such deferral. The Timing of Payment may be changed only in accordance with the rule of Section 409A of the Code.

  

 - 14 - 

															
			
	    (b)	 	Form of Payment to Participant Paragraph 7.2	 	The form of benefit payments available to the Participant shall be determined in accordance with the following rules:
					
		 		 	x	 	(1)	 	Selected By Employer. The Employer selects the following form of payment: For Benefit Commencement Dates prior to January 1, 2009
						
		 		 		 	x	 	(A)	 	Lump Sum Payment. Deferral Benefits will be paid to the Participant in the form of a lump sum payment.
						
		 		 		 	 ̈	 	(B)	 	Periodic Installments. Deferral Benefits will be paid to the Participant in the form of periodic installment payments made:
						
		 		 		 		 	(i)	 	Frequency:
							
		 		 		 		 	 ̈	 	(a)	 	Monthly.
							
		 		 		 		 	 ̈	 	(b)	 	Annually.
						
		 		 		 		 	(ii)	 	Duration. Over the following period:
							
		 		 		 		 	 ̈	 	(a)	 	Five (5) years.
							
		 		 		 		 	 ̈	 	(b)	 	Ten (10) years.
							
		 		 		 		 	 ̈	 	(c)	 	Fifteen (15) years.
							
		 		 		 		 	 ̈	 	(d)	 	Twenty (20) years.
					
		 		 	x	 	(2)	 	Selected By Participant. The form of payment to be paid to the Participant shall be selected by the Participant in accordance with the following: For Benefit Commencement
Dates after December 31, 2008
						
		 		 		 		 	(A)	 	Participant’s Options. The Participant may elect from among the following forms of payment [Select options to be available to Participants]:
							
		 		 		 		 	x	 	(i)	 	Lump Sum Payment. Deferral Benefits may be paid to the Participant only in the form of a lump sum payment.
							
		 		 		 		 	x	 	(ii)	 	Periodic Installments. Deferral Benefits may be paid to the Participant in the form of periodic installment payments made:
							
		 		 		 		 		 	(a)	 	Frequency:
								
		 		 		 		 		 	x	 	(I)	 	Monthly.
								
		 		 		 		 		 	x	 	(II)	 	Annually.

  

 - 15 - 

															
							
		 		 		 		 		 	(b)	 	Duration. Over the following period:
								
		 		 		 		 		 	x	 	(I)	 	Five (5) years.
								
		 		 		 		 		 	x	 	(II)	 	Ten (10) years.
								
		 		 		 		 		 	x	 	(III)	 	Fifteen (15) years.
								
		 		 		 		 		 	x	 	(IV)	 	Twenty (20) years.
						
		 		 		 		 	(B)	 	 Timing of Participant Election. The Participant shall
 elect the form of payment subdivision of his
 Employee Deferral Account related to the
 compensation deferred by a specific Deferred
 Compensation Election at the
time his Deferred
 Contribution Election is filed for such deferral. The
 Timing of Payment may be changed only in
 accordance with the rule of Section 409A of the
 Code.

			
	    (c)	 	Form of Payment to Beneficiary Paragraph 7.2	 	The form of benefit payments available to the Beneficiary shall be determined in accordance with the following rules:
					
		 		 	x	 	 (1)
	 	 Selected By Employer. The Employer selects the following
 form of payment: For Benefit Commencement Dates prior
 to January 1, 2009

						
		 		 		 	 x
	 	 (A)
	 	 Lump Sum Payment. Deferral Benefits will be paid
 to the Beneficiary in the form of a lump sum payment.

						
		 		 		 	  ̈
	 	 (B)
	 	 Periodic Installments. Deferral Benefits will be paid
 to the Beneficiary in the form of periodic installment payments made:

						
		 		 		 		 	(i)	 	Frequency: 
							
		 		 		 		 	 ̈	 	(a)	 	Monthly.
							
		 		 		 		 	 ̈	 	(b)	 	Annually.
						
		 		 		 		 	(ii)	 	Duration. Over the following period:
							
		 		 		 		 	 ̈	 	(a)	 	Five (5) years.
							
		 		 		 		 	 ̈	 	(b)	 	Ten (10) years.
							
		 		 		 		 	 ̈	 	(c)	 	Fifteen (15) years,
							
		 		 		 		 	 ̈	 	(d)	 	Twenty (20) years.
					
		 		 	 ̈	 	 (2)
	 	Selected By Participant. The form of payment to the Beneficiary shall be selected by the Participant in accordance with the following: For Benefit Commencement Dates after
December 31, 2008

  

 - 16 - 

															
						
		 		 		 		 	 (A)
	 	Participants Options. The Participant may elect the form of payment to the Beneficiary from among the following forms of payment [Select options to be available to
Participants]:
							
		 		 		 		 	x	 	 (i)
	 	 Lump Sum Payment. Deferral Benefits may
 be paid to the Beneficiary only in the form
 of a lump sum payment.

							
		 		 		 		 	x	 	 (ii)
	 	 Periodic Installments. Deferral Benefits
 may be paid to the Beneficiary in the form of periodic installment payments made:

							
		 		 		 		 		 	(a)	 	Frequency:
								
		 		 		 		 		 	x	 	(I)	 	Monthly.
								
		 		 		 		 		 	x	 	(II)	 	Annually.
							
		 		 		 		 		 	(b)	 	Duration. Over the following period:
								
		 		 		 		 		 	x	 	(I)	 	Five (5) years.
								
		 		 		 		 		 	x	 	(II)	 	Ten (10) years.
								
		 		 		 		 		 	x	 	(III)	 	Fifteen (15) years.
								
		 		 		 		 		 	x	 	(IV)	 	Twenty (20) years.
	
	 9.      HARDSHIP WITHDRAWALS.
  
          ARTICLE VIII

			
	          (a)
	 	Availability Generally	 	A Participant [Check one]:
					
		 		 	 ̈	 	(1)	 	Not Permitted. May not make a Hardship Withdrawals.
					
		 		 	x	 	 (2)
	 	 Permitted. May make a Hardship Withdrawal as defined in for
 an Unforseeable Emergency as defined in Paragraph 8.1 of the Plan from the following accounts [Check one or more]:

							
		 		 		 		 	x	 	(A)	 	Employee Deferral Account.
							
		 		 		 		 	x	 	(B)	 	Employer Matching Deferral Account.
							
		 		 		 		 	 ̈	 	(C)	 	Employer Non-Elective Deferral Account.
							
		 		 		 		 	 ̈	 	(D)	 	Predecessor Plan Account.
	
	 10.    PARTICIPANT DEEMED INVESTMENT DIRECTION.
  
          Paragraph 9.4

			
	          (a)
	 	Availability Generally	 	A Participant [Check one]:
					
		 		 	 ̈	 	(1)	 	Not Permitted. May not make deemed investment directions.

  

 - 17 - 

															
					
		 		 	x	 	 (2)
	 	Permitted. May make deemed investment directions for the following accounts (“directable accounts”) [Check one or more]:
							
		 		 		 		 	x	 	(A)	 	Employee Deferral Account.
							
		 		 		 		 	x	 	(B)	 	Employer Matching Deferral Account.
							
		 		 		 		 	x	 	(C)	 	Employer Non-Elective Deferral Account.
							
		 		 		 		 	 ̈	 	(D)	 	Predecessor Plan Account.
			
	     (b)	 	Permissible Investments	 	Unless the Plan Sponsor elects a different Option below the fluids available for directed investment under the VBA Plan as adopted by the Plan Sponsor:
					
		 		 	 ̈	 	(1)	 	VBA Plan Plus Company Stock. In addition to the funds available under the VBA plan, a Company Stock Fund will also be available for directed investment.
					
		 		 	x	 	(2)	 	VBA Plan Without Company Stock. Regardless of whether a Company Stock Fund is available under the VBA plan, no Company Stock Fund will be available for directed investment.

					
		 		 	 ̈	 	(3)	 	Company Stock Only. In lieu of the funds available under the VBA Plan, a Company Stock Fund will be the only fund available for directed investment.
	
	 11.    409A TRANSITION ELECTIONS.
  
          Paragraph 7.4

			
	          (a)
	 	Availability Generally	 	A Participant [Check one]:
					
		 		 	 ̈	 	(1)	 	Not Permitted. Shall not be permitted to change Deferred Compensation Elections made for the Plan Years 2005, 2006 and 2007 except as may otherwise be permitted in paragraph
7.3.
					
		 		 	x	 	(2)	 	Permitted. Shall be permitted to change Deferred Compensation Elections made for Plan Years 2005, 2006 and 2007 prior to December 31, 2007 as follows [Check
one]:
							
		 		 		 		 	 ̈	 	(A)	 	A separate change election may be made for each Plan Year.
							
		 		 		 		 	x	 	(B)	 	Only one change election may be made which shall to apply to all three Plan Years.

  

 - 18 - 

 IN WITNESS WHEREOF, each Employer, by its duly
authorized representatives, has executed this instrument this 31st day of December, 2008. 
  

									
		 		 		 	 C&F Financial Corporation

		 		 		 	[Enter Name of Employer)
					
		 		 		 	By	 	 /s/ Laura H. Shreaves

		 		 		 	Its	 	 SVP

				
	[SEAL]	 		 		 	
				
	ATTEST:	 		 		 	
				
	  
	 		 		 	
	Its	 	  
	 		 		 	
				
		 		 		 	 Citizens and Farmers Bank

		 		 		 	[Enter Name of Employer]
					
		 		 		 	By	 	 /s/ Laura H. Shreaves

		 		 		 	Its	 	 SVP

				
	[SEAL]	 		 		 	
				
	ATTEST:	 		 		 	
				
	  
	 		 		 	
	Its	 	  
	 		 		 	
				
		 		 		 	 C&F Mortgage Corporation

		 		 		 	[Enter Name of Employer]
					
		 		 		 	By	 	 /s/ Bryan E. McKernon

		 		 		 	Its	 	 President

				
	[SEAL]	 		 		 	
				
	ATTEST:	 		 		 	
				
	  
	 		 		 	
	Its	 	  
	 		 		 	
				
		 		 		 	 C&F Finance Company

		 		 		 	[Enter Name of Employer]
					
		 		 		 	By	 	 /s/ Dustin Crone

		 		 		 	Its	 	 EVP

				
	[SEAL]	 		 		 	
				
	ATTEST:	 		 		 	
				
	  
	 		 		 	
	Its	 	  
	 		 		 	

  

 - 19 -

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