Document:

Exhibit 10.2

 SCHEDULE A 
 ADDITIONAL TERMS AND CONDITIONS 
 Company Information: 
 Name of the Company: Union Bankshares Corporation 
 Corporate or other organizational form: Stock Corporation 
 Jurisdiction of Organization: Commonwealth of Virginia 
 Appropriate Federal Banking Agency: Board of Governors of the Federal Reserve System 
  

			
	Notice Information:	  	G. William Beale
		  	President & Chief Executive Officer
		  	Union Bankshares Corporation
		  	211 North Main Street
		  	P.O. Box 446
		  	Bowling Green, Virginia 22427
		  	(804) 632-2121
		  	gwbeale@ubsh.com
		
		  	D. Anthony Peay
		  	Executive Vice President & Chief Financial Officer
		  	Union Bankshares Corporation
		  	211 North Main Street
		  	P.O. Box 446
		  	Bowling Green, VA 22427
		  	(804) 633-5031
		  	tpeay@ubsh.com

 Terms of the Purchase: 
 Series of Preferred Stock Purchased: Fixed Rate Cumulative Perpetual Preferred Stock, Series A 
 Per Share
Liquidation Preference of Preferred Stock: $1,000 
 Number of Shares of Preferred Stock Purchased: 59,000 
 Dividend Payment Dates on the Preferred Stock: February 15; May 15; August 15; November 15 
 Number of Initial Warrant Shares: 422,636 
 Exercise Price of the Warrant: $20.94 
 Purchase Price: $59,000,000 

 SCHEDULE A (continued) 
 Closing: 
  

			
	Location of Closing:	 	Hughes Hubbard & Reed LLP
		 	One Battery Park Plaza
		 	New York, NY 10004

 Time of Closing: 9:00 a.m. (New York time) 
 Date of Closing: December 19, 2008 
  

									
	Wire Information for Closing:	 		    		    		    	
		 		    		    		    	
		 		    		    		    	
		 		    		    		    	
		 		    		    		    	
			
	Wire Information Contact:	 		    	
		 		    	
		 		    	
		 		    	
		 		    	
		 		    	
		 		    	
		 		    	
		 		    	
			
		 		    	
		 		    	
		 		    	
		 		    	
		 		    	
		 		    	
		 		    	

 SCHEDULE B  
 CAPITALIZATION 
 Capitalization Date: November 30, 2008 
 Common Stock 
 Par value: $1.33 per share 

Total Authorized: 36,000,000 shares 
 Outstanding: 13,541,476 shares 
 Subject to warrants, options, convertible securities, etc.: 278,545 shares 
 Reserved for benefit plans and other issuances: 751,963 shares 
 Remaining authorized but unissued: 21,428,016 shares 
 Shares issued after Capitalization Date (other than
pursuant to warrants, options, convertible securities, etc. as set forth above): 26,944 shares 
 Preferred Stock 
 Par value: $10.00 per share 
 Total
Authorized: 500,000 shares 
 Outstanding (by series): None 
 Reserved for issuance: None 
 Remaining authorized but unissued: 500,000 shares 

 SCHEDULE C 
 REQUIRED STOCKHOLDER APPROVALS 
  

					
	 	  	 Required
	  	 % Vote Required

	 Warrants — Common Stock Issuance
	  		  	
			
	 Charter Amendment
	  		  	
			
	 Stock Exchange Rules
	  		  	

 If no stockholder approvals are required, please so indicate by checking the box: x
 

 SCHEDULE D 
 LITIGATION 
 List any exceptions to the representation and warranty in Section 2.2(l) of the Securities
Purchase Agreement – Standard Terms. 
 If none, please so indicate by checking the box: x 

 SCHEDULE E 
 COMPLIANCE WITH LAWS 
 List any exceptions to the representation and warranty in the second sentence of
Section 2.2(m) of the Securities Purchase Agreement – Standard Terms. 
 If none, please so indicate by checking the box: x 
 List any exceptions to the representation and warranty in the last sentence of Section 2.2(m) of the Securities
Purchase Agreement – Standard Terms. 
 If none, please so indicate by checking the box: x 

 SCHEDULE F 
 REGULATORY AGREEMENTS 
 List any exceptions to the representation and warranty in Section 2.2(s) of the
Securities Purchase Agreement – Standard Terms. 
 If none, please so indicate by checking the box: x 

 Exhibit 10.2 
 Form of Waiver 
 In consideration for the benefits I will receive as a result of my
employer’s participation in the United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily waive any claim against the United States or my employer for any changes to my compensation or benefits that are
required to comply with the regulation issued by the Department of the Treasury as published in the Federal Register on October 20, 2008. 
 I acknowledge that this regulation may require modification of the compensation, bonus, incentive and other benefit plans, arrangements, policies and agreements (including so-called “golden parachute” agreements) that I have with
my employer or in which I participate as they relate to the period the United States holds any equity or debt securities of my employer acquired through the TARP Capital Purchase Program. 
 This waiver includes all claims I may have under the laws of the United States or any state related to the requirements imposed by the aforementioned
regulation, including without limitation a claim for any compensation or other payments I would otherwise receive, any challenge to the process by which this regulation was adopted and any tort or constitutional claim about the effect of these
regulations on my employment relationship. 
  

							
	  
	  		  		  	  

	[name]	  		  		  	Date
	[title]Exhibit 10.3

 Exhibit 10.3 
 December     , 2008 
 [name] 
 [title] 
 Union Bankshares Corporation 
 211 North Main Street 
 P.O. Box 446 
 Bowling Green,
Virginia 22427 
 Dear [name]: 
 Union
Bankshares Corporation (the “Company”) anticipates entering into a Securities Purchase Agreement (the “Participation Agreement”), with the United States Department of the Treasury (“Treasury”) that provides for the
Company’s participation in the Treasury’s TARP Capital Purchase Program (the “CPP”). If the Company does not participate or ceases at any time to participate in the CPP, this letter shall be of no further force and effect.

 For the Company to participate in the CPP and as a condition to the closing of the investment contemplated by the Participation Agreement,
the Company is required to establish specified standards for incentive compensation to its senior executive officers and to make changes to its compensation arrangements. The requirements of this letter agreement shall apply to you only for so long
as both (1) you are a Senior Executive Officer of the Company, and (2) any debt or equity securities issued by the Company under the CPP are by held by Treasury (the “CPP Covered Period”). To comply with these requirements, and
in consideration of the benefits that you will receive as a result of the Company’s participation in the CPP, you agree as follows: 
 (1) No Golden Parachute Payments. The Company is prohibiting any Golden Parachute Payment to you during any CPP Covered Period. To the extent any event occurs during the CPP Covered Period that would otherwise trigger a Golden
Parachute Payment, you will be entitled to the lesser of (i) your rights under the Benefit Plans (as defined below) and (ii) the maximum amount allowed under Section 111(b)(2)(C) of EESA. 
 (2) Recovery of Bonus and Incentive Compensation. Any bonus and incentive compensation paid to you during a CPP Covered Period is subject to
recovery or “clawback” by the Company if the payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria. 
 (3) Compensation Program Amendments. Each of the Company’s compensation, bonus, incentive and other benefit plans, arrangements and
agreements (including golden parachute, severance and employment agreements) (collectively, 

 “Benefit Plans”) with respect to you is hereby amended to the extent necessary to give effect to provisions
(1) and (2). This provision also applies to any Benefit Plans with respect to you that are entered into after the date of this letter agreement and during the CCP Covered Period. 
 In addition, the Company is required to review its Benefit Plans to ensure that they do not encourage senior executive officers to take unnecessary and
excessive risks that threaten the value of the Company. To the extent any such review requires revisions to any Benefit Plan with respect to you, you and the Company agree to negotiate such changes promptly and in good faith. 
 (4) Definitions and Interpretation. This letter shall be interpreted as follows: 
  

	 	•	 	 “Senior executive officer” means the Company’s “senior executive officers” as defined in subsection 111(b)(3) of EESA.

  

	 	•	 	 “Golden parachute payment” is used with the same meaning as in Section 111(b)(2)(C) of EESA. 

  

	 	•	 	 “EESA” means the Emergency Economic Stabilization Act of 2008 as implemented by guidance or regulation issued by the Department of the Treasury and as
published in the Federal Register on October 20, 2008, as in effect on the date hereof. 

  

	 	•	 	 The term “Company” includes any entities treated as a single employer with the Company under 31 C.F.R. § 30.1(b) (as in effect on the Closing Date).
You are also delivering a waiver pursuant to the Participation Agreement, and, as between the Company and you, the term “employer” in that waiver will be deemed to mean the Company as used in this letter. 

  

	 	•	 	 The term “CPP Covered Period” shall be limited by, and interpreted in a manner consistent with, 31 C.F.R. § 30.11 (as in effect on the Closing Date).

  

	 	•	 	 Provisions (1) and (2) of this letter are intended to, and will be interpreted, administered and construed to, comply with Section 111 of EESA (and,
to the maximum extent consistent with the preceding, to permit operation of the Benefit Plans in accordance with their terms before giving effect to this letter). 

 (5) Miscellaneous. To the extent not subject to federal law, this letter will be governed by and construed in accordance with the laws of the
Commonwealth of Virginia. This letter may be executed in two or more counterparts, each of which will be deemed to be an original. A signature transmitted by facsimile will be deemed an original signature. 
  

 2 

 The Company appreciates the concessions you are making and looks forward to your continued leadership
during these financially turbulent times. 
  

			
	Yours sincerely,
	
	UNION BANKSHARES CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

 Intending to be legally bound, 
 I agree with and accept the foregoing 
 terms on the date set forth below. 
  

	
	  

	[name]
	[title]
	Union Bankshares Corporation
	
	Date: December     , 2008

  

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