Exhibit 10.24


 


UNION
BANKSHARES Corporation


form
of


PERFORMANCE SHARE UNIT AGREEMENT


 


Granted
<<GRANT DATE>>


 


This Performance Share Unit Agreement (this
“Agreement”) is entered into as of <<GRANT DATE>> pursuant to Article X of the <<PLAN NAME>>
(the “Plan”) and evidences the grant, and the terms, conditions and restrictions pertaining thereto, of Performance
Share Units to <<NAME>> (the “Participant”).


 


WHEREAS, Union Bankshares Corporation (the
“Company”) maintains the Plan under which the Committee or the Board may, among other things, award Performance Share
Units to such key employees of the Company and its Subsidiaries as the Committee or the Board may determine, subject to terms,
conditions and restrictions as it may deem appropriate;


 


WHEREAS, pursuant to the Plan, the Committee
or the Board has awarded to the Participant a certain number of Performance Share Units, ultimately payable in shares of the Company’s
common stock (“Common Stock”), which the Participant will have an opportunity to earn over a Performance Period (as
defined below) if certain performance goals and additional period of service requirements are met, conditioned upon the execution
by the Company and the Participant of this Agreement setting forth all the terms and conditions applicable to such award;


 


NOW, THEREFORE, in consideration of the
benefits which the Company expects to be derived from the services rendered to it and its subsidiaries by the Participant and of
the covenants contained herein, the parties hereby agree as follows:


 


		1.	Award of Performance Share Units. Subject to the terms and conditions of the Plan, the Committee
or the Board has awarded to the Participant as of <<GRANT DATE>> (“Award Date”) a certain number of Performance
Share Units (the “Performance Share Units”) which the Participant will have an opportunity to earn over the Performance
Period (as defined below) if certain performance goals are met in accordance with Section 4, and certain vesting requirements are
met in accordance with Section 5, subject to the terms, conditions and restrictions set forth in this Agreement. Each Performance
Share Unit represents the right to receive one share of Common Stock upon satisfaction of the performance, vesting and other conditions
set forth in this Agreement.



 


		2.	Target Number of Performance Share Units. The target number of Performance Share Units awarded
is <<NUMBER>>. The Participant can earn up to <<%>> of the target number of Performance Share Units or
as little as no Performance Share Units, depending upon actual performance during the Performance Period compared to the performance
goals established by the Committee.



 


		3.	Performance Period. The period during which the performance goals apply (the “Performance
Period”) begins <<PERFORMANCE PERIOD>>.



 









    	-1-



    	 



    

 





		4.	Performance Goals.



 


		(a)	The performance goals and the level of performance for the performance goals that is required to
earn the Performance Share Units were established by the Committee. The number of Performance Share Units earned will be determined
based on the Company’s achievement of Total Shareholder Return (“TSR”) as compared to the TSR of each of the
Peer Companies, with the number earned being equal to the target number of Performance Share Units multiplied by the “Payout
as a Percentage of Target” based on such performance as shown below:





 


	
        Company TSR compared to 

        TSR of the Peer
        Companies
	
         

        Payout as a Percentage of Target

	<<RANK 1>>	<<%>>
	<<RANK 2>>	<<%>>
	<<RANK 3>>	<<%>>
	<<RANK 4>>	<<%>>
	<<RANK 5>>	<<%>>


 


Company TSR performance between
the stated percentiles of the Peer Companies will be calculated using straight line interpolation.


 


Within the sixty (60) day period
following the end of the Performance Period, the Committee will determine the extent to which the performance goals have been met
and the number of Performance Share Units earned (rounded to the nearest whole Performance Share Unit).


 


The Committee must certify the
performance results in writing following the end of the Performance Period. The Committee may exercise its discretion to reduce
the number of Performance Share Units earned in its assessment of performance in relation to the performance goals or in light
of other considerations that the Committee deems relevant.


 


		(b)	The following terms have the following meanings for purposes
hereof:





 


		(i)	“Total Shareholder Return” for a company (including the Company) shall be computed
as the average closing stock price of the company’s common stock for the last fifteen (15) trading days of the Performance
Period minus the average closing stock price of the company’s common stock for the first fifteen (15) trading days of the
Performance Period plus the amount of dividends paid by the company per share of common stock during the Performance Period, divided
by the average closing stock price of the company’s common stock for the first fifteen (15) trading days of the Performance
Period.



 


		(ii)	“Peer Companies” shall mean <<DESCRIBE PEER COMPANIES>>.



 


		5.	Vesting and Payment.



 


		(a)	Vesting Determination. Subject to accelerated vesting or forfeiture as hereinafter provided,
the Performance Share Units that are earned in accordance with Section 4 shall be vested and non-forfeitable (“Vested”
or “Vesting”) as of the date the Committee certifies the performance results which certification date shall occur within
the sixty (60) day period following the end of the Performance Period (the certification date is defined as the “Payment
Date”), but only if the Participant has remained continuously employed with the Company or any of its Subsidiaries through
the Payment Date and any unearned or unvested Performance Share Units shall be automatically forfeited to the Company and cancelled.
The Performance Shares (as defined below) for the Performance Share Units that become Vested under this Section 5(a) shall be paid
on the Payment Date.



 






    	-2-



    	 



    

 


		(b)	Vesting Acceleration.



 


		(i)	Death or Disability: If the Participant does not remain continuously employed through the
Payment Date due to the Participant’s death or permanent and total disability (within the meaning of Section 22(e)(3) of
the Internal Revenue Code) (“Disability”), then a Pro-Rata Portion (rounded to the nearest whole Performance Share
Unit) of the Performance Share Units earned based on the Committee’s determination of the level of achievement for the performance
goals for the entire Performance Period in accordance with Section 4 shall become Vested on the later of (A) the last day of the
Performance Period or (B) the earlier of the date of the Participant’s death or Disability and any unearned or unvested Performance
Share Units shall be automatically forfeited to the Company and cancelled. The Performance Shares for the Performance Share Units
that become Vested under this Section 5(b)(i) shall be paid to the Participant’s designated beneficiary (or, if none, to
his estate) or to the Participant, whichever is applicable, on the Payment Date as defined in Section 5(a).



 


		(ii)	Normal Retirement:



 


(A) Existing
Non-Competition Agreement: If the Participant does not remain continuously employed through the Payment Date due to the Participant’s
retirement at or after age 65, provided no Cause (as defined below) exists at the time of retirement for the Company to terminate
his employment (“Normal Retirement”) and provided, upon such Normal Retirement, the Participant is subject to a non-competition
covenant under an agreement with the Company or a subsidiary unrelated to this Agreement, then a Pro-Rata Portion (rounded to the
nearest whole Performance Share Unit) of the Performance Share Units earned based on the Committee’s determination of the
level of achievement for the performance goals for the entire Performance Period in accordance with Section 4 shall become Vested
on the last day of the Performance Period and any unearned or unvested Performance Share Units shall be automatically forfeited
to the Company and cancelled. The Performance Shares for the Performance Share Units that become Vested under this Section 5(b)(ii)(A)
shall be paid to the Participant on the Payment Date as defined in Section 5(a).


 


(B) No Existing
Non-Competition Agreement: If the Participant does not remain continuously employed through the Payment Date due to the Participant’s
Normal Retirement and provided the Participant is not subject to a non-competition covenant under an agreement with the Company
or a subsidiary unrelated to this Agreement, then, for accelerated vesting to apply under this Section 5(b)(ii)(B), the Participant
must execute and deliver to the Company, no later than the date of such Normal Retirement, a non-competition agreement in a form
acceptable to the Company. If the Participant timely executes and delivers such non-competition agreement, then a Pro-Rata Portion
(rounded to the nearest whole Performance Share Unit) of the Performance Share Units earned based on the Committee’s determination
of the level of achievement for the performance goals for the entire Performance Period in accordance with Section 4 shall become
Vested on the later of the last day of the Performance Period or the date the Participant executes and delivers such non-competition
agreement, and any unearned or unvested Performance Share Units shall be automatically forfeited to the Company and cancelled.
The Performance Shares for the Performance Share Units that become Vested under this Section 5(b)(ii)(B) shall be paid to the Participant
on the Payment Date as defined in Section 5(a).


 






    	-3-



    	 



    

 


		(iii)	Other Retirements: If the Participant does not remain continuously employed through the
Payment Date due to the Participant’s retirement that does not meet the standard for Normal Retirement, then, provided no
Cause exists for the Company to terminate his employment at such time, the Committee may, in its sole discretion, waive the automatic
forfeiture of any or all unvested Performance Share Units otherwise provided in Section 7 and provide for such Vesting and other
restrictions as its deems appropriate; provided, however, that any additional vesting provisions shall not extend Vesting beyond
the original Payment Date and such Performance Share Units shall remain subject to the performance criteria set forth in Section
4 for the entire Performance Period and shall be subject to pro-ration. The Pro-Rata Portion (rounded to the nearest whole Performance
Share Unit) of the Performance Share Units earned based on the Committee’s determination of the level of achievement for
the performance goals for the entire Performance Period in accordance with Section 4 shall become Vested as provided by the Committee
and any unearned or unvested Performance Share Units shall be automatically forfeited to the Company and cancelled. The Performance
Shares for the Performance Share Units that become Vested under this Section 5(b)(iii) shall be paid to the Participant on the
Payment Date as defined in Section 5(a).



 


		(iv)	Change in Control: Notwithstanding any other provision of Section 5, in the event of a Change
in Control of the Company, Vesting and payment of the Performance Share Units that have not previously become Vested or have not
previously been forfeited under Section 5(a), 5(b)(i)-(iii) or Section 7, shall be determined under this Section 5(b)(iv). If a
Change in Control occurs on or before the end of the Performance Period, and provided the Participant has remained in employment
with the Company or any of its subsidiaries until the Change in Control, the target number of Performance Share Units shall be
deemed earned and shall become Vested and shall be paid upon the Change in Control. In the event a Change in Control occurs following
the end of the Performance Period but before the Payment Date defined in Section 5(a), and provided the Participant has remained
in employment with the Company or any of its subsidiaries until the Change in Control, the Performance Share Units that are earned
in accordance with Section 4 shall become Vested upon the Change in Control and shall be paid within thirty (30) days of the Change
in Control (or, if earlier, on the Payment Date).



 


For purposes of this Section 5(b),
“Cause” has the meaning set forth in any employment agreement, or, if none, in any change in control agreement, then
in effect between the Participant and the Company or a subsidiary, if applicable, and, if the Participant has no such agreement
or if such agreement does not define the term, “Cause” means (i) the willful and continued failure of the Participant
to substantially perform the Participant’s duties with the Company or one of its subsidiaries (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 Participant by the Company, or (ii) the willful engaging by the Participant in illegal conduct or gross misconduct which is
materially and demonstrably injurious to the Company or one of its subsidiaries.


 


For purposes of this Section 5(b),
a “Pro-Rata Portion” is determined by a fraction (not to exceed one), the numerator of which is the number of months
in the Performance Period during which the Participant was continuously in the employment of the Company and the denominator of
which is the number of months in the entire Performance Period. The Participant will be deemed to be employed for a month if the
Participant’s retirement, death or Disability occurs after the fifteenth (15th) day of a month.


 






    	-4-



    	 



    

  


		(c)	Payment; Delivery of Shares of Common Stock. Shares of Common Stock corresponding to the
number of Performance Share Units that have been earned and become Vested (“Performance Shares”) shall be paid to the
Participant, or, if deceased, to the Participant’s designated beneficiary (or, if none, to his estate), in settlement of
the Performance Share Units, at the times provided in Sections 5(a) and 5(b). However, notwithstanding any other payment timing
provision in this Agreement, in all events, payment and delivery of the Performance Shares shall be made no later than the last
day of the 2-1/2 month period following the end of the calendar year in which the right to the payment is no longer subject to
a substantial risk of forfeiture. Such payment shall be accomplished either by delivering a share certificate or by providing evidence
of electronic delivery, and the Performance Shares shall be registered in the name of the Participant or, if deceased, the Participant’s
designated beneficiary (or, if none, his estate). Such Performance Shares shall be fully paid and nonassessable when issued.



 


		6.	No Dividend Equivalents. The Participant shall have no right to dividend equivalents or
dividends on the Performance Share Units.



 


		7.	Termination of Employment. If the Participant’s employment with the Company and its
subsidiaries ceases prior to the Payment Date and Section 5(b) does not or has not applied, then all Performance Share Units shall
be automatically forfeited to the Company and cancelled on the date the Participant’s employment terminates and no Performance
Shares shall be issued to the Participant.



 


		8.	Employment. Nothing under the Plan or in this Agreement shall confer upon the Participant
any right to continue in the employ of the Company or its subsidiaries or in any way affect the Company’s right to terminate
Participant’s employment without prior notice at any time for any or no reason (subject to the terms of any employment agreement
between the Participant and the Company or a subsidiary).



 


		9.	Withholding Taxes. The Company shall have the right to retain and withhold the amount of
taxes (at the statutorily required rates) required by any government to be withheld or otherwise deducted and paid with respect
to the Performance Share Units. At its discretion, the Committee may require the Participant to reimburse the Company for any such
taxes required to be withheld by the Company and to withhold any distribution in whole or in part until the Company is so reimbursed.
The Participant or any successor in interest is authorized to deliver shares of Common Stock having a Fair Market Value on the
date that the amount of tax to be withheld is to be determined and cancel any such shares so delivered in order to satisfy the
Company’s withholding obligations. The Participant or any successor in interest is also authorized to elect to have the Company
retain and withhold from any Performance Shares deliverable in payment of the Performance Share Units the number of Performance
Shares having a Fair Market Value on the date that the amount of tax to be withheld is to be determined and cancel any such shares
so withheld in order to satisfy the Company’s withholding obligations. In the event the Participant does not deliver or elect
to have the Company retain and withhold shares of Common Stock as described in this Section 9, the Company shall have the right
to withhold from any other cash amounts due to or to become due from the Company or a subsidiary to the Participant an amount equal
to such taxes required to be withheld by the Company to reimburse the Company for any such taxes.



 


		10.	Administration. The Committee shall have full authority and discretion (subject only to
the express provisions of the Plan) to decide all matters relating to the administration and interpretation of the Plan and this
Agreement. All such Committee determinations shall be final, conclusive and binding upon the Company and the Participant.



 






    	-5-



    	 



    

 


		11.	Notices. Any notice to the Company required under or relating to this Agreement shall be
in writing and addressed to:



 


Union Bankshares Corporation


Attention: Equity Plan Administrator


1051 East Cary Street


Suite 1200


Richmond, Virginia 23219


 


			Any notice to the Participant required under or relating to this Agreement shall be in writing
and addressed to the Participant at his address as it appears on the records of the Company.



 


		12.	Governing Law. This Agreement shall be construed and administered in accordance with and
governed by the laws of the Commonwealth of Virginia.



 


		13.	Successors. This Agreement shall be binding upon and inure to the benefit of the successors,
assigns, heirs and legal representatives of the respective parties.



 


		14.	Entire Agreement. This Agreement contains the entire understanding of the parties and shall
not be modified or amended except in writing signed by the parties or as otherwise provided in the Plan.



 


		15.	Severability. The various provisions of this Agreement are severable in their entirety.
Any determination of invalidity or unenforceability of any one provision shall have no effect on the continuing force and effect
of the remaining provisions.



 


		16.	Construction and Capitalized Terms. This Agreement shall be administered, interpreted and
construed in accordance with the applicable provisions of the Plan and in accordance with the Performance Share Units being a Performance-Based
Compensation Award [and “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Internal
Revenue Code]. Capitalized terms in this Agreement have the meaning assigned to them in the Plan, unless this Agreement provides,
or the context requires, otherwise.



 


		17.	Rights as Shareholder. The holder of Performance Share Units shall not be, nor have any
of the rights or privileges of, a shareholder of the Company in respect of any Performance Shares issuable upon the payment of
a Vested Performance Share Unit unless and until a certificate or certificates representing such shares of Common Stock shall have
been issued by the Company to such holder or a book entry representing such shares of Common Stock has been made by the registrar
of the Company.



 


		18.	Clawback. As a condition of receiving the Performance Share Units, the Participant acknowledges
and agrees that the Participant’s rights, payments and benefits with respect to the Performance Share Units and any Performance
Shares shall be subject to any reduction, cancellation, forfeiture or recoupment, in whole or in part, (a) upon the occurrence
of certain specified events, as may be required by applicable rule or regulation of the Securities and Exchange Commission or any
applicable national exchange, or by any other applicable law, rule or regulation, or (b) as the Committee may determine in its
sole discretion is appropriate in the event the Company is required to prepare an accounting restatement due to the material noncompliance
of the Company with any financial reporting requirement under the securities laws.



 






    	-6-



    	 



    

 


To evidence their agreement to the terms,
conditions and restrictions hereof, the Company and the Participant have signed this Agreement, either manually or by means of
electronic or digital signatures, which shall have the same force and effect as manual signatures. Participant acknowledges and
agrees that accepting this Agreement through the online grant acceptance screen designated by the Company for the Plan has the
effect of affixing Participant’s electronic signature to this Agreement as of the Award Date.


 





	UNION BANKSHARES CORPORATION	 	 	 
	 	 	 	 	 
	By: 	 	 	Date:	  <<GRANT DATE>>
	 	<<OFFICER NAME>	 	 	 
	 	<<OFFICER TITLE>>	 	 	 







  


 






    	-7-