Union Bankshares Corporation Stock Ownership Policy, adopted January 1, 2018

The Board of Directors (the Board) of Union Bankshares Corporation (Union or the "Corporation") believes that it is in the best interest of the Corporation to align the financial interests of Union executive officers with those of the Corporation’s shareholders. In this regard, the Compensation Committee (the Committee) recommended and the Board adopted minimum stock ownership and retention guidelines as set forth in this Policy. The Committee may modify this Policy and these guidelines in its discretion, to the extent permitted by the Corporation’s Bylaws.

Minimum Ownership Guidelines

Participants may satisfy the ownership guidelines with common stock in the following categories:

• Shares owned directly

• Shares owned indirectly (e.g., by a spouse or a trust) if the Participant has a pecuniary interest in such shares

• Time vested restricted stock and/or restricted stock units granted under the Corporation’s incentive plans or other equity compensation arrangements

• Time vested phantom stock, payable in shares, granted under the Corporation's incentive plans or other equity compensation arrangements

• Shares held in benefit plans (e.g. ESOP)

All Participants must accumulate the minimum number of shares to satisfy the ownership guidelines over a five- year period. The period will be measured using the calendar year. Participants identified or hired in the future shall be required to accumulate the minimum number of shares beginning on January 1st of the year following hiring or promotion.

If a Participant is not in compliance with this Policy at any Valuation Date, such Participant must retain 50 percent of his or her vested full value shares of the Corporation’s common stock acquired through the Corporation’s incentive plans or other equity compensation arrangements after such Valuation Date.

If a Participant is not in compliance with this Policy at any Valuation Date, such Participant is prohibited from selling Corporation common stock acquired after such Valuation Date by exercising stock options. Notwithstanding the preceding sentence, Participants may immediately sell Corporation common stock acquired by exercising stock options for the limited purposes of paying the exercise price of the stock option and any applicable tax withholding.

Participants not in compliance with the minimum ownership guidelines will receive written notification from the Corporation that the Retention Ratio and Stock Option Holding Period described above will apply until the Participant provides written notification and documentation satisfactory to the Corporation indicating that he or she has come into compliance with this Policy.

The Committee may make changes to this Policy as it deems appropriate. Violations of this Policy may result in adjustments to incentive-based compensation, such as the loss of future grants of incentive plan awards.