SEC Contract Filing

Filing Date: 2017-01-09

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v456619_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EMPLOYMENT AGREEMENT</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>THIS AGREEMENT </B>is entered into as
of the date set forth below, by and between VILLAGE BANK AND TRUST FINANCIAL CORP., a Virginia corporation (the &ldquo;Corporation&rdquo;),
and C. Harril Whitehurst, Jr. (the &ldquo;Executive&rdquo;) and is made effective January 6, 2017.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Corporation desires
to retain the services of the Executive on the terms and conditions set forth herein and, for purpose of effecting the same, the
Board of Directors of the Corporation has approved this Employment Agreement and authorized its execution and delivery on the Corporation&rsquo;s
behalf to the Executive; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Executive has significant
experience serving in senior bank management positions, and the Corporation desires to employ the Executive as a key executive
officer of the Corporation whose dedication, availability, advice and counsel to the Corporation is deemed important to the Board
of Directors of the Corporation, the Corporation and its stockholders;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the services of the Executive,
his experience and knowledge of the affairs of the Corporation, and his reputation and contacts in the industry are valuable to
the Corporation; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Corporation wishes to
attract and retain such well-qualified executives and it is in the best interests of the Corporation and of the Executive to secure
the services of the Executive; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Corporation considers
the establishment and maintenance of a sound management to be part of its overall corporate strategy and to be essential to protecting
and enhancing the best interests of the Corporation and its stockholders;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Corporation desires
to safeguard its proprietary confidential information, retain its employees and protect itself against unfair competition;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NOW, THEREFORE</B>, to assure the Corporation
of the Executive&rsquo;s dedication, the availability of his advice and counsel to the Corporation<B>,</B> and to induce the Executive
to remain and continue in the employ of the Corporation and for other good and valuable consideration, the receipt and adequacy
whereof each party hereby acknowledges, the Corporation and the Executive hereby agree as follows:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B><U>EMPLOYMENT</U>:</B> The Corporation agrees to, and does hereby employ, the Executive, and the Executive agrees to, and
does hereby accept such employment, for the period beginning on or before January 6, 2017, 2016, and ending on January 6, 2019,
which period of employment may be extended or terminated only upon the terms and conditions hereinafter set forth.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B><U