Document:

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                                                                       [ON LOGO]

                                                                   Exhibit 10.57

                                                    ON Semiconductor Corporation
                                                            5005 E. McDowell Rd.
                                                          Phoenix, Arizona 85008

VIA FACSIMILE: 408.378.5167
AND FEDERAL EXPRESS DELIVERY

                                 March 14, 2003

Donald Colvin
115 Los Petios
Los Gatos, CA 95032

Dear Donald:

We are pleased to extend you an offer of employment to join ON Semiconductor.

Employment refers to your employment by ON Semiconductor Corporation
("Company"), its primary operating company, Semiconductor Components Industries,
LLC ("SCI, LLC") or any of their subsidiaries (collectively "ON Semi").

This letter ("Offer Letter") confirms our offer of employment to you and sets
forth the terms and conditions of that offer. Your offer and this Offer Letter
are contingent upon: (1) successful completion of a urinalysis drug test (i.e.,
negative test result) in accordance with SCI, LLC's policy on applicant drug
testing; (2) successful background investigation and verification of salary and
all other information you have submitted to us; (3) providing proof of identity
and employment authorization to work in the United States; and (4) approval of
the Company's Board of Directors.

POSITION

Initially, you will serve as the Company's Senior Financial Director. Upon the
resignation of the Company's current Chief Financial Officer, which will be
effective April 2, 2003, your title will be changed to and you will serve the
Company as the Senior Vice President and Chief Financial Officer of ON Semi,
with direct responsibility for the finance departments of these entities.
Additionally, you will have such other titles as ON Semi may determine are
customary for your position and responsibilities within the corporate
organizational structure of ON Semi.

BASE SALARY AND VARIABLE PAY BONUS

You will be paid a base salary of $12,307.69 bi-weekly, which equates to
$320,000 annually

For 2003 and beyond, you will be eligible for a variable pay bonus based on your
individual and company performance of ON Semi under a bonus plan for ON Semi as
may be in effect from
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Donald Colvin Letter
March 14, 2003

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time to time ("Bonus"). At your position, your total annual performance Bonus
payout is currently "targeted" to be 60% of your actual base salary earned in
the applicable calendar year ("Target Amount"). This is a target percentage
only. Under the Bonus plan, your Bonus could be zero and your actual bonus
amount could be lower or higher than the Target Amount depending on several
factors. Further, any Bonus would be subject to additional terms and conditions
as set forth in the plan document approved by the Board of Directors of the
Company or its designee, which plan is subject to amendment from time to time
and termination at any time. Notwithstanding the above, in the event that the
amount of your Bonus earned under the Bonus plan for the calendar year 2003 is
less than 50% of your Target Amount for 2003, on or about the date that final
Bonus amounts are paid in 2004 with respect to the calendar year 2003, SCI, LLC
will pay you a special additional bonus equal to the difference between the
amount actually earned under the Bonus plan for 2003 and 50% of the Target
Amount.

STOCK OPTION

On or after the commencement date of employment, we will request approval by the
Company's Board of a stock option grant (the "Options") to you for the purchase
of 600,000 shares of the Company's common stock at an exercise price equal to
the "Fair Market Value" of our stock as of the grant date, as determined under
our 2000 Stock Incentive Plan ("Plan"). We expect that the Options will
generally vest in 25% increments over a four (4) year period beginning on the
first anniversary of the grant date, subject to your continued employment by ON
Semi on each such date that a portion of the Options are to become exercisable.
The Options will be subject to additional terms and conditions under the Plan as
well as in a separate stock option agreement. In the event that your employment
with ON Semi is terminated by the Company without Cause (as defined below) or by
you for Good Reason (as defined below) within the two-year period following a
Change of Control (as defined in the Plan), the Options will become immediately
exercisable.

CERTAIN OTHER BENEFITS

SCI, LLC will reimburse you for your reasonable relocation expenses for the
relocation of you and your immediate family to the Phoenix metropolitan area,
including reimbursing you for temporary housing expenses for you for up to three
(3) months following your employment commencement date with ON Semi, in
accordance with our existing relocation policy applicable to our senior
executives.

Further, SCI, LLC will provide you with an executive car allowance of $1,200 per
month. In addition to your base salary, SCI, LLC offers a comprehensive benefits
package, which includes medical, dental, vision and life insurance coverage.
Once eligible, you may also participate in the ON Semi 401(k) Savings Plan,
which may include an employer match pursuant to the 401(k) Savings Plan.

During your employment by ON Semi, you are entitled to three (3) weeks of paid
vacation time for the calendar year 2003 and four (4) weeks paid vacation time
in each subsequent year.
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Donald Colvin Letter
March 14, 2003

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Additionally, ON Semi has an executive deferred compensation plan, which allows
you to defer certain compensation tax free under the terms of this plan. You
will also be eligible to enroll in the ON Semi Employee Stock Purchase Plan
("ESPP"). Participation in the ESPP will provide you with an opportunity to
share in increases in the Company's stock price, as well as enjoy a discount on
the initial purchase price. Details of these plans will be explained when you
commence employment with ON Semi.

ON Semi reserves the right to amend or terminate the above-described plans and
policies at any time and from time to time.

AGREEMENT TO PURCHASE STOCK

You will, within sixty (60) days of the date of commencement of employment,
excluding any days that may form part of a blackout period during which you are
not permitted by Company policy or applicable law to purchase equity securities
of the Company, purchase in the aggregate that number of shares of common stock
of the Company that results from dividing $100,000 by the Fair Market Value (as
defined in the Plan) on each date of purchase of a share of common stock of the
Company, with any fractional number of shares that results from such division
being rounded up to the nearest whole number of shares of common stock. You
will, in the Company's sole discretion, purchase such shares of common stock of
the Company on the open market or directly from the Company.

TERMINATION TERMS

In the event your employment with ON Semi is terminated by the Company without
Cause (as defined below) or by you for Good Reason (as defined below), you will
receive the payments and benefits set forth below; provided, however that the
payments and benefits provided herein are subject to and conditioned upon: (1)
your executing a valid and effective general release and waiver (in the form
reasonably acceptable to ON Semi), waiving all claims you may have against ON
Semi, its successors, assigns, affiliates, executives, officers, employees,
members, partners, shareholders and directors; (2) your execution of a severance
agreement at the time of termination that includes, among other provisions,
covenants by you with regard to confidentiality, nondisparagement, and
nonsolicitation/interference/noncompete; and (3) your compliance with the terms
and conditions of this Offer Letter.

1.    SCI, LLC shall pay severance payments equal to one (1) year of your annual
      base salary in effect immediately prior to your date of termination.
      Following the effective date of your termination, the severance payments
      will be paid to you ratably in equal installments over the one (1) year
      period subsequent to your date of termination in accordance with SCI,
      LLC's normal payroll practices ("Severance Period"). Notwithstanding the
      foregoing, you will be required to mitigate any damages that you may incur
      as a result of a termination of your employment by the Company without
      Cause or by you for Good Reason by seeking employment comparable in terms
      of compensation, position and location
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Donald Colvin Letter
March 14, 2003

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      to your employment hereunder. Subject to paragraph 3 below, any amounts
      that you earn pursuant to such employment during the Severance Period
      shall offset and reduce the amount of severance paid to you by SCI, LLC
      under this Offer Letter. For purposes of these three paragraphs,
      "employment" shall mean any activity for which you are compensated as a
      result of the rendering of services, whether such services are rendered as
      a common law employee, a partner, sole proprietor, independent contractor
      or otherwise. You will be required to provide such evidence as ON Semi may
      reasonably require regarding the amount of such earnings.

2.    During the Severance Period, SCI, LLC will pay for any continuation of
      medical benefits for you and your family for which you are eligible
      pursuant to a valid COBRA election. The foregoing notwithstanding, in the
      event that you become eligible for medical benefits in connection with new
      employment during the Severance Period, the coverage provided by SCI, LLC
      under this subsection shall terminate immediately. You agree that you will
      notify ON Semi promptly of your subsequent employment and eligibility for
      benefits.

3.    In the event that during the Severance Period and while SCI, LLC is still
      obligated to pay the severance payments in paragraph 1 above, you commence
      employment with an employer who is located outside of the Phoenix
      metropolitan area and you are required to and actually do relocate to such
      other location, SCI, LLC will continue to make severance payments to you
      in an amount equal to 50% of the rate of the severance payment being paid
      to you immediately prior to the commencement of your new employment as
      provided in paragraph 1 above, provided, however, that in no event shall
      any severance payments be due and payable to you after the Severance
      Period.

For purposes of this Offer Letter, the term "Cause" shall mean your: (a) breach
of any material provision of this Offer Letter; (b) gross negligence in
connection with the performance of your duties, obligations or responsibilities
to ON Semi, or willful failure to perform your duties, obligations or
responsibilities to ON Semi to the best of your ability; (c) breach of your
fiduciary duty to ON Semi; (d) engaging in any misconduct, fraud or dishonesty
involving the business of ON Semi, or any other activity otherwise determined to
be materially detrimental or injurious to the ON Semi's reputation; or (e)
commission of a felony or a crime involving moral turpitude, each as determined
by the Compensation Committee of the Board and the Chief Executive Officer in
their discretion. For purposes of this Offer Letter, the term "Good Reason"
shall mean: (i) a material breach of this Offer Letter by On Semi or (ii) a
material diminution of your duties and responsibilities as described in this
Offer Letter, provided that in either case you notify On Semi within thirty (30)
days after the event or events which you believe constitute Good Reason and
describe in such notice in reasonable detail such event or events and provide On
Semi a reasonable time to cure such breach or diminution (not to exceed thirty
(30) days).
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Donald Colvin Letter
March 14, 2003

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You understand and agree that neither the granting of any benefits set forth in
this Offer Letter, nor this Offer Letter shall constitute or be evidence of any
agreement or understanding, either expressed or implied, on the part of ON Semi
to employ you for any definite period of time. You are an "at-will" employee,
which means that you or ON Semi may terminate the employment relationship at any
time and for any reason, with or without notice and with or without Good Reason
or Cause.

Notwithstanding your at-will status, if you fail to commence employment,
voluntarily terminate your employment with ON Semi, or are terminated for Cause,
you will not be entitled to start/continue the benefits set forth above,
including, without limitation, each of the benefits listed under "Certain Other
Benefits" of this Offer Letter. ON Semi is under no obligation to authorize,
pay, or reimburse you for any expenses associated with your benefits or this
Offer Letter until we receive a signed Offer Letter from you.

CODE OF BUSINESS CONDUCT AND DRUG TEST

Enclosed is a copy of ON Semi's Code of Business Conduct ("Code"), which
explains ON Semi's principles in this important subject area and the importance
of adhering to the highest standards of business conduct. We expect every ON
Semi employee to follow these principles and to read and understand the contents
of this booklet. When you report to work, you will be required to sign a
certificate indicating that you have read and understand the Code and that you
commit to follow the guidelines contained in the booklet. You will also be asked
to disclose any potential issues that you may have that pertain to these
guidelines. We will be discussing the subject matter in greater detail in your
orientation session.

ON Semi is committed to providing a drug-free workplace. Therefore, all
prospective employees are required to undergo a drug test before becoming an ON
Semi employee. By accepting this employment offer you agree to participate in a
pre-employment drug-screening test and understand that employment is contingent
upon successfully passing such a test. If you require further information,
please notify me so that we can address any issues or concerns you may have. In
order to allow sufficient time for processing; please complete the
drug-screening test within 10 days of acceptance of this offer.

OTHER

By signing this Offer Letter, you acknowledge that your acceptance of this offer
and future performance of services hereunder will not violate any other
agreement or obligation that you may have with any of your current or former
employers or other third parties. You agree that you will not use or disclose
any confidential or proprietary information of any former employer in connection
with the services performed hereunder for ON Semi.

As used in this Offer Letter, commencement date shall mean the first day you
render compensable services to ON Semi. You further agree and acknowledge that
this Offer Letter contains all of the terms of our offer of employment with ON
Semi, and that you have not relied
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Donald Colvin Letter
March 14, 2003

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on any oral or written representations that are not explicitly set forth in this
Offer Letter in deciding whether to accept this offer. Your commencement date
will be no later than March 17, 2003.

OFFER ACCEPTANCE

Please indicate your acceptance of this offer by signing below and returning
this letter to the undersigned. A second copy of this letter is provided for
your personal files.

We are confident ON Semi can offer you a challenging and rewarding job
opportunity, and we look forward to you joining our team.

Very truly yours,

SEMICONDUCTOR COMPONENTS INDUSTRIES, LLC

By: /s/   Keith D. Jackson
    ------------------------------------
Its: President and Chief Executive Officer

I hereby accept this Offer Letter and its conditions and terms:

/s/  DONALD COLVIN           Dated: March 14, 2003
---------------------------        -------------------------
Donald ColvinEXHIBIT 10.4

                             AMENDMENT TO AGREEMENT

         This Amendment to Agreement entered into as of the 13th day of June,
1997 by and between THE FAUQUIER BANK, a Virginia banking corporation (the
"Bank"), and C. Hunton Tiffany, (the "Executive").

                                    RECITALS

         1. The Bank and Executive entered into an Agreement dated as of the
16th day of November, 1994, the ("Original Agreement") which provides for
compensation and other benefits to the Executive in certain events, a copy of
which is attached hereto as Exhibit A; and

         2. The parties desire to amend such Agreement;

         NOW, THEREFORE, IN CONSIDERATION of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

         1. Paragraph 1 of the Original Agreement is hereby amended to read as
follows:

         CHANGE OF CONTROL: For purposes of this Agreement, a Change of Control
of the Bank occurs if, after the date of this Agreement, (i) any person,
including a "group" as defined in Section 13(d)(3) of the Securities Exchange
Act of 1934 (but excluding any group of which the Executive is a member),
becomes the owner or beneficial owner of securities of the Bank or of Fauquier
Bankshares, Inc. (the "Holding Company") having 20% or more of the combined
voting power of the then outstanding Bank or Holding Company securities that may
be cast for the election of the Bank or Holding Company directors other than a
result of an issuance of securities initiated by the Bank or Holding Company, as
long as the majority of the Board of Directors approving the purchases is a
majority at the time the purchases are made; or (ii) as the direct or indirect
result of, or in connection with, a tender or exchange offer, a merger or other
business combination, a sale of assets, contested election, or any combination
of these events, the persons who were directors of the Bank or Holding Company
before such events cease to constitute a majority of the Bank's or Holding
Company's Board, or any successor's board, within two years of the last of such
transactions. For purposes of this Agreement, the Control Change Date is the
date on which an event described in (i) or (ii) occurs. If a Change of Control
occurs on account of a series of transactions, the Control Change Date is the
date of the last of such transactions.

         2. Paragraph 3(ii)(b) of the Original Agreement is hereby deleted and
Paragraph 3(ii)(c) is hereby redesignated as Paragraph 3(ii)(b).

                                              THE FAUQUIER BANK

                                              By: /s/ Randy Ferrell
                                                  ------------------------------

                                              /s/ C. Hunton Tiffany
                                              ----------------------------------
                                                     Executive

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                                   AGREEMENT
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         THIS AGREEMENT, entered into as of the 16th day of November, 1994, by
and between THE FAUQUIER BANK, a Virginia banking corporation (the "Bank"),
and C. HUNTON TIFFANY (the "Executive").

                                  WITNESSETH:

         WHEREAS, the Board of Directors of the Bank has approved this Agreement
and authorized its execution and delivery on the Bank's behalf to the Executive;
and

         WHEREAS, the Executive is presently a key executive officer of the Bank
whose continued dedication, availability, advice and counsel to the Bank is
deemed important to the Board of Directors of the Bank, the Bank and its
shareholders; and

         WHEREAS, the services of the Executive, his experience and knowledge of
the affairs of the Bank, and his reputation and contacts in the industry are
extremely valuable to the Bank; and

         WHEREAS, the Bank wishes to attract and retain such well-qualified
Executives, and it is in the best interest of the Bank and of the Executive; and

         WHEREAS, the Bank considers the establishment and maintenance of a
sound and vital management to be part of its overall corporate strategy and to
be essential to protecting and enhancing the best interests of the Bank and its
shareholders;

         NOW, THEREFORE, to assure the Bank of the Executive's continued
dedication, the availability of his advice and counsel to the Board of Directors
of the Bank, and to induce the Executive to remain and continue in the employ of
the Bank and for other good and valuable consideration, the receipt and adequacy
whereof each party hereby acknowledges, the Bank and the Executive hereby agree
that the following terms and conditions of employment shall control and take
effect only in the event there is a change of control:

..1. CHANGE OF CONTROL: For purposes of this Agreement, a Charge of
Control occurs if, after the date of this Agreement, (i) any person, including a
"group" as defined in Section 13(d)(3) of the Securities Exchange Act of 1934
(but excluding any group of which the Executive is a member), becomes the owner
or beneficial owner of Bank securities having 20% or more of the combined voting
power of the then outstanding Bank securities that may be cast for the election
of the Bank's directors other than a result of an issuance of securities
initiated by the Bank, or open market purchases approved by the Board of
Directors, as long as the majority of the Board of Directors approving the

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purchases is a majority at the time the purchases are made; or (ii) as the
direct or indirect result of, or in connection with, a tender or exchange offer,
a merger or other business combination, a sale of assets, contested election, or
any combination of these events, the persons who were directors of the Bank
before such events cease to constitute a majority of the Bank's Board, or any
successor's board, within two years of the last of such transactions. For
purposes of this Agreement, the Control Change Date is the date on which an
event described in (i) or (ii) occurs. If a Change of Control occurs on account
of a series of transactions, the Control Change Date is the date of the last of
such transactions.

         2. TERMINATION AFTER CHANGE OF CONTROL: If, after such a Change of
Control shall have occurred, the Executive's employment is terminated, then the
Executive shall be entitled to receive the payments specified in this Agreement
unless such termination is for Cause or the Executive terminates employment
without Good Reason.

         (i) The Bank may terminate the Executive's employment for Cause. For
the purposes of this Agreement, "Cause" shall mean the Executive's gross
negligence or willful misconduct, which is detrimental to the best interests of
the Bank's business operations. For purposes of this paragraph, no act, or
failure to act, on the Executive's part shall be considered "willful" unless
done, or omitted to be done, by him not in good faith and without reasonable
belief that his act or omission was in the best interest of the Bank; provided
that any act or omission to act on the Executive's behalf in reliance upon an
opinion of counsel to the Bank or counsel to the Executive shall not be deemed
to be willful. Notwithstanding the foregoing, the Executive shall not be deemed
to have been terminated for Cause unless and until there shall have been
delivered to him a copy of a certification by a majority of the outside members
of the Board of Directors of the Bank finding that, in the good faith opinion of
such majority, the Executive was guilty of conduct which is deemed to be Cause
within the meaning of the first sentence of this paragraph and specifying the
particulars thereof in detail, after reasonable notice to the Executive and an
opportunity for him, together with his counsel, to be heard before such
majority.

         (ii) The Executive may terminate his employment for Good Reason. For
purposes of this Agreement, "Good Reason" shall mean:

              (a) The assignment of duties to the Executive by the Bank which
(i) are materially different from the Executive's duties immediately prior to
the Change of Control, or (ii) result in the Executive having significantly less
authority and/or responsibility than he had prior to the Change of Control,
without his express written consent;

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              (b) The removal of the Executive from or any failure to re-elect
him to the aforesaid position(s), except in connection with a termination of his
employment by the Bank for Cause;

              (c) A reduction by the Bank of the Executive's base salary as in
effect on the date of the Change of Control or as the same may be increased from
time to time thereafter, or a failure by the Bank to increase such as salary
each year after such Change of Control by an amount which at least equals, on a
percentage basis, the percentage increase, if any, in the cost of living as set
forth in the Consumer Price Index for the area in which the principal office of
the Bank is located (1967=100) published by the Bureau of Labor Statistics of
the United States Department of Labor over the preceding year, unless the
failure to so increase the Executive's salary is waived in writing by the
Executive;

              (d) The failure of the Bank to provide the Executive with
substantially the same fringe benefits that were provided to him immediately
prior to the Change of Control, or with a package of fringe benefits that,
though one or more of such benefits may vary from those in effect immediately
prior to such Change of Control, is substantially comparable in all material
respects to such fringe benefits taken as a whole;

              (e) The failure of the Bank to obtain the assumption of and
agreement to perform this Agreement by any successor as contemplated in
paragraph 5(iii) hereof; or

              (f) The relocation of the Bank's principal executive offices
outside of Warrenton, Virginia, without the consent of Executive.

         (iii) Notwithstanding the provisions of paragraph 2(i) and 2(ii),
following a Change of Control the Bank may terminate the Executive's employment
without cause at any time in any otherwise lawful manner, subject to the Bank's
providing to the Executive the payments and benefits specified in paragraph
3(ii).

         (iv) Termination by either party shall be communicated by written
Notice of Termination to the other party hereto. For purposes of this Agreement,
a "Notice of Termination" shall mean a notice which shall indicate the specific
termination provision(s) in this Agreement relied upon and shall set forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of employment under the provision so indicated.

         (v) "Date of Termination" shall mean the date specified in the Notice
of Termination, which shall be not less than thirty (30) nor more than ninety
(90) days after such Notice of Termination is given; provided, that if within
thirty (30) days after any Notice of

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Termination is given pursuant to paragraph 2(i) or 2(ii) the party receiving
such Notice of Termination notifies the other party that a dispute exists
concerning the termination, then pending the resolution of any such dispute the
Bank shall continue to pay the Executive the same base salary as and when due
and payable, and provide him the same or substantially comparable fringe
benefits that he was paid and provided immediately prior to the delivery of the
Notice of Termination. If a termination by the Bank pursuant to paragraph 2(i)
above is challenged by the Executive and the termination is ultimately
determined to be justified, then all sums paid by the Bank to the Executive
pursuant to this paragraph 2(v), plus the cost to the Bank of providing the
Executive such fringe benefits from the date of such termination to the date of
the resolution of such dispute, shall be promptly repaid by the Executive to the
Bank with interest at the rate charged from time to time by The Fauquier Bank,
to its most substantial customers for unsecured parties of credit. Should it
ultimately be determined that a termination by the Bank pursuant to paragraph
2(i) above was not justified, or that a termination by the Executive pursuant to
paragraph 2(ii) above was for Good Reason, then the Executive shall be entitled
to retain all sums paid to him pending the resolution of such dispute and he
shall be entitled to receive in addition the payments and other benefits
provided for in paragraph 3(ii), and the Date of Termination shall be the date
on which the dispute is finally settled, either by mutual written agreement of
the parties, or by a final judgment.

         3. TERMINATION PROVISIONS. (i) If the Executive's employment shall be
terminated for Cause pursuant to paragraph 2 (i) and if such termination is
challenged by the Executive and the challenge is resolved in favor of the Bank,
the Bank shall have no further obligation to the Executive.

         (ii) If within (3) years after a Change of Control of the Bank, (1) the
Bank shall terminate the Executive's employment in accordance with the
provisions of paragraph 2(i) hereof, and if such termination is challenged by
the Executive and the challenge is resolved in favor of the Executive, or (2)
the Executive shall terminate his employment pursuant to paragraph 2(ii) hereof
at any time during the period beginning with a Change of Control and ending
three (3) years after the Change of Control, then, except as provided in Section
6 of this Agreement,

              (a) On or before the Executive's last day of employment with the
Bank, the Bank shall pay to the Executive as compensation for services rendered
to the Bank a cash amount (subject to any applicable payroll or other taxes
required to be withheld) equal to 2.99 times the highest annual compensation
paid to the Executive by the Bank for any six months ending with the Executive's
termination, provided that, at the option of the

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Executive, the cash amount required to be paid hereby shall be paid by the Bank
in equal monthly installments over the six (6) months succeeding the Date of
Termination, payable on the first day of each such month. For purposes of this
paragraph 3(ii) highest annual compensation shall include only base salary and
cash bonuses paid to Executive.

              (b) In addition to the benefits to which the Executive is entitled
under the retirement plans or programs of the Bank in effect as of the date
first above written or any successor plans or programs in effect on the Date of
Termination of the Executive's employment, the Bank shall pay the Executive a
cash amount equal to the actuarial equivalent of the retirement pension to which
the Executive would have been entitled under the terms of such retirement plan
or programs, without regard to "vesting" thereunder, had the Executive
accumulated three (3) additional years of continuous service (after any
termination pursuant to this Agreement) at the Executive's base salary rate in
effect on the Date of Termination under such retirement plans or programs
reduced by the single sum actuarial equivalent of any amounts to which the
Executive is entitled pursuant to the provisions of said retirement plans and
programs. For purposes of this paragraph 3(ii)(b), "actuarial equivalent" shall
be determined using the same methods and assumptions utilized under the Bank's
retirement plans and programs immediately prior to the Change of Control. The
Bank's obligation under this paragraph 3(ii)(b) may be satisfied by a lump sum
payment in cash or by the purchase of an annuity owned by and payable to the
Executive, which annuity shall provide for payment comparable to payments which
the Executive would receive pursuant to the aforementioned retirement plans or
programs. The payment shall be made or the annuity shall be purchased and
delivered to the Executive within thirty (30) days following termination;
provided, however, that at the Executive's option, payment may be deferred until
a later time if in the Executive's opinion, a deferral would result in a more
advantageous income or estate tax treatment.

              (c) The Bank shall maintain in full force and effect, for the
continued benefit of the Executive for a three-year period after the Date of
Termination, all employee benefit plans and programs or arrangements in which
the Executive was entitled to participate immediately prior to the Date of
Termination, provided that the Executive's continued participation is possible
under the general terms and provisions of such plans and programs. In the event
that the Executive's participation in any such plan or program is barred, the
Bank shall arrange to provide the Executive with benefits substantially similar
to those which the Executive was entitled to receive under such plans and
programs.

         (iii) In the event that the Executive terminates his employment at any
time after a Change of Control for other than

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Good Reason, or Good Reason is alleged but ultimately determined pursuant to
paragraph 2(v) to be not justifiable, then the Bank shall have no further
obligation to the Executive.

         4. STOCK OPTIONS: Upon a Change of Control, all stock options granted
to the Executive under any of the Bank's Stock Option Plans, or any successor
thereto, shall become immediately exercisable with respect to all or any portion
of the shares covered thereby regardless of whether such options are otherwise
exercisable. The Bank shall reimburse the Executive for any federal income tax
liability incurred by the Executive in connection with the exercise of such
options which would not have otherwise been incurred by the Executive in the
absence of such options becoming immediately available upon a Change of Control,
such reimbursement to be submitted to the Executive within ten (10) days of
written notification to the Bank by the Executive of the exact amount of such
additional tax liability.

         At any time subsequent to seven (7) days after the public announcement
of a Change of Control, any or all stock options granted to the Executive under
the Bank's Stock Option Plans, or any successor thereto, held by the Executive
for more than six months ("Cancelable Options") may, upon the written approval
of a majority of disinterested, non-employee members of the Board of Directors,
be cancelled by the Bank in exchange for the payment to the Executive of cash in
an amount equal to the aggregate spread between the average exercise price of
the Cancelable Options and the higher of: (a) the average of the closing prices
of the Bank's shares as reported in the daily newspaper for the thirty (30)
business days immediately preceding the public announcement of the Change of
Control, or (b) the highest price per share actually paid in connection with the
Change of Control of the Bank.

         5. LITIGATION - OBLIGATIONS - SUCCESSORS: Notwithstanding the
requirements of paragraph 13 hereof, if litigation shall be brought to
challenge, enforce or interpret any provision contained in this Agreement, and
such litigation does not end with judgment in favor of the Bank, the Bank hereby
agrees to indemnify the Executive for his reasonable attorney's fees and
disbursements incurred in such litigation, and hereby agrees to pay
post-judgement interest on any money judgment obtained by the Executive
calculated at the rate charged from time to time by The Fauquier Bank, to its
most substantial customers for unsecured lines of credit from the date that
payment(s) to him should have been made under the judgment to date of payment.

         (ii) The Bank's obligation to pay the Executive the compensation and
benefits and to make the arrangements provided in this Agreement shall be
absolute and unconditional and shall not be affected by any circumstances,
including, without limitation, any set-off, counterclaim, recoupment, defense or

                                       6

<PAGE>

other right which the Bank may have against him or anyone else. All amounts
payable by the Bank under this Agreement shall be paid without notice or demand
except as provided in paragraph 4 hereof. Except as expressly provided in
paragraph 2(v), each and every payment made hereunder by the Bank shall be final
and the Bank will not seek to recover all or any part of such payment from the
Executive or from whosoever may be entitled thereto, for any reason whatsoever.
The Executive shall not be required to mitigate the amount of any payment
provided for in this Agreement by seeking other employment or otherwise.

         (iii) The Bank 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 Bank, or either one of them, by agreement in
form and substance satisfactory to the Executive, to expressly assume and agree
to perform this Agreement in its entirety. Failure of the Bank to obtain such
agreement prior to the effectiveness of any such succession shall be a breach of
this Agreement and shall entitle the Executive to compensation from the Bank in
the same amount and on the same terms as he would be entitled if he had
terminated his employment for Good Reason pursuant to subparagraph 2(ii) above,
except that for purposes of implementing the foregoing, the date on which any
such succession becomes effective shall be deemed the Date of Termination. As
used in this Agreement, "Bank" shall mean the Bank as hereinabove defined and
any successor to its respective business and/or assets as aforesaid which
executes and delivers the Agreement provided for in this paragraph 5 or which
otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law.

         6. LIMITATION OF BENEFITS: It is the intention of the parties that no
payment be made or benefit provided to the Executive pursuant to this Agreement
that would constitute an "excess parachute payment" within the meaning of
Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") and
any regulations thereunder, thereby resulting in a loss of an income tax
deduction by the Bank or the imposition of an excise tax on the Executive under
Section 4999 of the Code. If the independent accounts serving as auditors for
the Bank on the date of a Change of Control (or any other accounting firm
designated by the Bank) determine that some or all of the payments or benefits
scheduled under this Agreement, as wel1 as any other payments or benefits on a
Change of Control, would be nondeductible by the Company under Section 280G of
the code, then the payments scheduled under this Agreement will be reduced to
one dollar less than the maximum amount which may be paid without causing any
such payment or benefit to be nondeductible. The determination made as to the
reduction of benefits or payments required hereunder by the independent
accountants shall be binding on the parties. The Executive shall have the right
to

                                       7

<PAGE>

designate within a reasonable period, which payments or benefits will be
reduced; provided, however, that if no direction is received from the Executive,
the Bank shall implement the reductions in its discretion.

         7. NOTICES: For the purposes of this Agreement, notices or other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

         If to the Executive:                  C. Hunton Tiffany
                                               Post Office Box 467
                                               Warrenton, VA 22186

         If to the Bank:                       The Fauquier Bank
                                               10 Courthouse Square
                                               P. 0. Drawer 561
                                               Warrenton, Virginia 22186

or at such other address as any party may have furnished to the other in writing
in accordance herewith, except that notices of change of address shall be
effective only upon receipt.

         8. MODIFICATION - WAIVERS - APPLICABLE LAW: No provisions of this
Agreement may be modified, waived or discharged unless such waiver, modification
or discharge is agreed to in writing, signed by Executive and on behalf of the
Bank by such officer as may be specifically designated by the Board of Directors
of the Bank. No waiver by either party hereto at any time of any breach by the
other party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provision or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement. The validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws of the Commonwealth of Virginia.

         9. INVALIDITY - ENFORCEABILITY: The invalidity or enforceability of any
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect. Any provision in this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective only to the
extent of such prohibition or unenforceability without invalidating or affecting
the remaining provisions hereof, and any such prohibition or unenforceability

                                        8

<PAGE>

         11. SUCCESSOR RIGHTS: 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
Executive should die while any amounts would still be payable to him under this
Agreement, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to his devisee, legatee or
other designee or, if there is not such designee, to his estate.

         12. HEADINGS: Descriptive headings contained in this Agreement are for
convenience only and shall not control or affect the meaning of construction of
any provision hereof.

         13. ARBITRATION: Any dispute, controversy or claim arising under or in
connection with this Agreement shall be settled exclusively by arbitration,
conducted before a panel of three arbitrators, in Richmond, Virginia in
accordance with the rules of the American Arbitration Association then in
effect. Judgement may be entered on the arbitrator's award in any court having
jurisdiction. Unless otherwise provided in the rules of the American Arbitration
Association, the arbitrators shall, in their award, allocate between the parties
the costs of arbitration, which shall include reasonable attorneys' fees and
expenses of the parties, as well as the arbitrator's fees and expenses, in such
proportions as the arbitrators deem just.

IN WITNESS WHEREOF, the parties have executed this Agreement effective as
of the date first above written.

                                           "EXECUTIVE"

                                        /s/ C. Hunton Tiffany
                                        ----------------------------------------
                                        C. HUNTON TIFFANY

                                        THE  FAUQUIER  BANK

                                        By: /s/ Randy Ferrell
                                            ------------------------------------
                                            RANDY FERRELL

                                       9

<PAGE>

STATE OF VIRGINIA     )
                      )     To-Wit:
County OF Fauquier    )

         Sworn and subscribed before me this 16th day of November, 1994, by C.
Hunton Tiffany.

                                     /s/ ILLEGIBLE
                                     ------------------------------
                                             Notary Public

                                           May 31, 1995
         My commission expires:      ------------------------------

STATE OF VIRGINIA                          )
                                           )
                                           )  To-Wit:
    County         OF   Fauquier           )
------------------      --------------     )

         Sworn and subscribed before me this 16th day of November, 1994, by
Randy K. Ferrell, Jr. Vice President of The Fauquier Bank.

                                     /s/ ILLEGIBLE
                                     ------------------------------
                                             Notary Public

                                           May 31, 1995
         My commission expires:      ------------------------------

                                       10

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