Document:

Amended and Restated Executive Employment Agreement

 Exhibit 10.22 
 AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 
 This Amended and Restated Executive Employment
Agreement (“Agreement”) is made effective as of September 5, 2007 (“Effective Date”), by and between CryoCor, Inc. (“CryoCor”) and Helen Barold (“Barold”) and amends, restates and supersedes in its
entirety the Executive Employment Agreement by and between CryoCor and Barold dated August 30, 2007. This Agreement also supersedes in its entirety the Employment Offer Letter by and between CryoCor and Barold dated August 3, 2006.

 The parties agree as follows: 
 1. Employment. CryoCor has employed Barold since August 2006, and Barold has accepted such employment, upon the terms and conditions set forth herein. 
 2. Duties. 
 2.1 Position. Barold is employed as Chief Medical Officer,
reporting to the Chief Executive Officer (“CEO”), and shall have the duties and responsibilities assigned by CryoCor both upon initial hire and as may be reasonably assigned from time to time. Initially, Barold’s duties shall include
oversight of clinical and regulatory affairs, including discussions with the FDA related the atrial flutter and atrial fibrillation clinical initiatives. Barold shall perform faithfully and diligently all duties assigned to him. CryoCor reserves the
right to modify Barold’s position and duties at any time in its sole and absolute discretion, provided that the duties assigned are consistent with the position of a senior executive and that Barold continues to report to the CEO. 

2.2 Best Efforts/Full-time. Barold will expend her best efforts on behalf of CryoCor, and will abide by all policies and
decisions made by CryoCor, as well as all applicable federal, state and local laws, regulations or ordinances. Barold will act in the best interest of CryoCor at all times. Barold shall devote her full business time and efforts to the performance of
her assigned duties for CryoCor, unless Barold notifies CryoCor in advance of her intent to engage in other paid work and receives CryoCor’s express written consent to do so. CryoCor agrees that Barold will continue her clinical practice
approximately one day per week. 
 2.3 Covenant Not To Compete. Except with prior written consent of CryoCor’s
Board of Directors, Barold will not, during the term of this Agreement, in any period during which Barold is receiving compensation or any other consideration from CryoCor, including, but not limited to, severance pay or benefits pursuant to
Section 7 herein, engage in competition with CryoCor, either directly or indirectly, in any manner or capacity, as advisor, principal, agent, affiliate, promoter, partner, officer, director, employee, stock holder, owner, co-owner, consultant,
or any member of any association or otherwise, in any phase of the business of developing, manufacturing and marketing of products or services which are in the same field of use or which otherwise compete with the products or services or proposed
products or services of CryoCor. 
 2.4 Work Location. Barold’s principal place of work shall be located in
Bethesda, Maryland, or such other location as the parties may agree upon from time to time. 
 3. Term. The term of this Agreement
shall begin on the Effective Date and shall continue until it is terminated pursuant to Section 7 herein (“Term”). 

 4. Compensation. 
 4.1 Base Salary. As compensation for Barold’s performance of her duties hereunder, CryoCor shall pay to Barold a Base Salary
of Two Hundred Fifty Thousand Dollars ($250,000) per year, payable in accordance with CryoCor’s normal payroll practices, less required deductions for state and federal withholding tax, social security and all other employment taxes and payroll
deductions. 
 4.2 Incentive Bonus. Barold will be eligible for an incentive bonus of up to 25% of Base Salary, less
required deductions for state and federal withholding tax, social security and all other employment taxes and payroll deductions (“Bonus”). This Bonus shall be based upon the achievement of certain company-wide goals and milestones to be
mutually agreed to following discussions amongst the management team, with final approval of the Compensation Committee of the Board of Directors. 
 4.3 Stock Options. CryoCor’s Board of Directors granted Barold an initial incentive stock option to purchase 125,000 shares of CryoCor common stock (“Common Stock”) under CryoCor, Inc.’s
2005 Stock Option Plan (the “Plan”) at an exercise price equal to the fair market value of that stock on the date of grant of such option (the “Initial Option). The Initial Option vests 50% over a four year period following the date
of grant thereof, and 50% upon the approval of CryoCor’s PMA for atrial fibrillation. The Board of Directors granted Barold a second incentive stock option to purchase 60,000 shares of Common Stock under the Plan at an exercise price equal to
the fair market value of that stock on the date of grant of such option (the “Second Option”). The Second Option vests ratably on a monthly basis over a 48-month period following the date of grant thereof. Subject to the approval of the
Board of Directors or the Compensation Committee thereof, Barold will receive an additional incentive stock option to purchase 30,000 shares of Common Stock under the Plan at an exercise price equal to the fair market value of that stock on the date
of grant of such option (the “Additional Option”). The Additional Option shall vest 25% on the first anniversary following the date of grant thereof with the remainder vesting ratably on a monthly basis over the following 36-month period.

 4.4 Performance and Salary Review. CryoCor will periodically review Barold’s performance on no less than an
annual basis. Adjustments to salary or other compensation, if any, will be made by CryoCor in its sole and absolute discretion. 
 4.5 Employment Taxes. All of Barold’s compensations shall be subject to customary withholding taxes and any other employment taxes as are commonly required to be collected or withheld by CryoCor. 
 5. Customary Fringe Benefits. Barold will be eligible for all customary and usual fringe benefits generally available to senior executives of
CryoCor, subject to the terms and conditions of CryoCor’s benefit plan documents. CryoCor reserves the right to change or eliminate the fringe benefits on a prospective basis, at any time, effective upon notice to Barold. 
 6. Business Expenses. Barold will be reimbursed for all reasonable, out-of-pocket business expenses incurred in the performance of her duties on
behalf of CryoCor. To obtain reimbursement, expenses must be submitted promptly, with appropriate supporting documentation, in accordance with CryoCor’s policies. 

 7. Termination. 
 7.1 At-Will Employment. Either Barold or CryoCor shall have the right to terminate the employment relationship at any time, with or
without cause or advance notice, subject to the provisions set forth in Section 7 herein. It is expressly understood that the employment relationship is at-will. CryoCor reserves the right to modify Barold’s position or duties to meet
business needs and to use discretion in deciding on appropriate discipline. Any change to this at-will employment relationship must be by a specific, written agreement signed by Barold and the President and CEO of CryoCor. 
 7.2 Termination for Cause by CryoCor. Notwithstanding Section 7.1 above, CryoCor may terminate Barold’s employment
immediately at any time for Cause. For purposes of this Agreement, “Cause” is defined as the Board of Directors determination of any of the following: (a) acts or omissions constituting gross negligence, recklessness or willful
misconduct on the part of Barold with respect to Barold’s obligations or otherwise relating to the business of CryoCor; (b) Barold’s material breach of this Agreement or CryoCor’s Employee Innovations and Proprietary Rights
Agreement; (c) Barold’s conviction or entry of a plea of nolo contendere for fraud, misappropriation or embezzlement, or any felony or crime of moral turpitude; (d) Barold’s willful neglect of duties as determined in the sole and
exclusive discretion of the Board of Directors; (e) Barold’s failure to perform the essential functions of her position, with or without reasonable accommodation, due to a mental or physical disability; and (f) Barold’s death.
With respect to (a), (b) and (d) above, CryoCor shall give Barold written notice of the offending conduct and a 30-day opportunity to cure any such violation or failure before terminating Barold’s employment for Cause; provided
however, that Barold shall only be entitled to one cure period in any consecutive three month period. In the event Barold’s employment is terminated in accordance with this subsection 7.2, Barold shall be entitled to receive only the Base
Salary then in effect, prorated to the date of termination. All other CryoCor obligations to Barold pursuant to this Agreement will become automatically terminated and completely extinguished. In addition, Barold will not be entitled to receive the
severance payment described in subsection 7.3 below. 
 7.3 Termination Without Cause by CryoCor/Severance.
CryoCor may terminate Barold’s employment under this Agreement without Cause at any time, with or without advance notice. In the event of such termination, Barold will receive the Base Salary then in effect, prorated to the date of termination,
and continuation of her Base Salary for a period of twelve (12) months, payable in accordance with CryoCor’s regular payroll cycle, provided that Barold: (a) complies with all surviving provisions of this Agreement as specified in
subsection 13.8 below; and (b) executes a Release (as defined in Section 7.5 below). All other CryoCor obligations to Barold will be automatically terminated and completely extinguished. 
 7.4 Termination Upon A Change In Control. 
 (a) Acceleration of Vesting Upon a Change in Control (as defined in the Plan) of CryoCor, 50% of the then unvested shares shall
immediately vest and become exercisable. In addition, in the event Barold’s Continuous Service (as defined in the Plan) with CryoCor ceases as a result of a Termination After Change in Control (as defined in the stock option agreement
applicable to such shares), then all of the then unvested shares shall immediately vest and become exercisable upon Barold’s execution of a Release (as defined in Section 7.5 below). 
 (b) 280G. Anything in this Agreement to the contrary notwithstanding, if any payment or benefit Barold would receive under this
Agreement, taken together with any other agreement or benefit plan of CryoCor (including stock options) (“Payment”) would (i)

 
constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”),
and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either
(x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account
all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Barold’s receipt, on an after-tax basis, of the greater amount of the Payment
notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, the reduction
shall occur in the order Barold elects in writing, provided, however, that such election shall be subject to CryoCor approval if made on or after the date on which the event that triggers the Payment occurs.” 
 The accounting firm engaged by CryoCor for general audit purposes as of the day prior to the effective date of the Change in Control shall perform the
foregoing calculations. If the accounting firm so engaged by CryoCor is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, CryoCor shall appoint a nationally recognized accounting firm to make the
determinations required hereunder. CryoCor shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. 
 The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to Barold and CryoCor within fifteen (15) calendar days after the
date on which Barold’s right to a Payment is triggered (if requested at that time by Barold or CryoCor) or such other time as requested by Barold or CryoCor. If the accounting firm determines that no Excise Tax is payable with respect to a
Payment, either before or after the application of the Reduced Amount, it shall furnish Barold and CryoCor with an opinion reasonably acceptable to Barold that no Excise Tax will be imposed with respect to such Payment. Any good faith determinations
of the accounting firm made hereunder shall be final, binding and conclusive upon Barold and CryoCor. 
 7.5 Release.
Notwithstanding the provisions of Sections 7.3 and 7.4, Barold’s entitlement to any and all compensation and benefits under Sections 7.3 and 7.4 is expressly conditioned on the Barold’s execution and delivery to CryoCor (and the
expiration of any revocation period) of an effective waiver and release of claims (a “Release”) in a form acceptable to CryoCor, releasing all claims, known or unknown, that Barold may have against CryoCor arising out of or any way related
to Barold’s employment or termination of employment with CryoCor, within the time period set forth therein (but in no event later than forty-five (45) days after the date of termination), which shall be material to CryoCor’s
obligation to provide any such compensation and benefits. 
 7.6 Application of Code Section 409A. Compensation
and benefits payable under the Agreement, to the extent of payments made from the date of Barold’s termination through March 15th of the calendar year following such termination, are intended to constitute separate payments for purposes of
Section 1.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant to the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; to the extent such payments are made following said
March 15th, they are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations made upon an involuntary termination from service and payable pursuant 

 
to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations, to the maximum extent permitted by said provision, with any excess amount being regarded as
subject to the distribution requirements of Section 409A(a)(2)(A) of the Code, including, without limitation, the requirement of Section 409A(a)(2)(B)(i) of the Code that payment to Barold be delayed until 6 months after separation from
service if Barold is a “specified employee” within the meaning of the aforesaid section of the Code at the time of such separation from service. 
 8. No Conflict of Interest. During the term of Barold’s employment with CryoCor and during any period Barold is receiving payments from CryoCor, Barold must not engage in any work, paid or unpaid, that
creates an actual or potential conflict of interest with CryoCor. Such work shall include, but is not limited to, directly or indirectly competing with CryoCor in any way, or acting as an officer, director, employee, consultant, stockholder,
volunteer, lender, or agent of any business enterprise of the same nature as, or which is in direct competition with, the business in which CryoCor is now engaged or in which CryoCor becomes engaged during the term of Barold’s employment with
CryoCor, as may be determined by CryoCor in its sole discretion. If CryoCor believes such a conflict exists during the term of this Agreement, CryoCor may ask Barold to choose to discontinue the other work or resign employment with CryoCor. If
CryoCor believes such a conflict exists during any period in which Barold is receiving payments pursuant to this Agreement, CryoCor may ask Barold to choose to discontinue the other work or forfeit the remaining severance payments. In addition,
Barold agrees not to refer any client or potential client of CryoCor to competitors of CryoCor, without obtaining CryoCor’s prior written consent, during the term of Barold’s employment and during any period in which Barold is receiving
payments from CryoCor pursuant to this Agreement. 
 9. Confidentiality and Proprietary Rights. As a condition of employment, Barold
agrees to read, sign and abide by CryoCor’s Employee Innovations and Proprietary Rights Assignment Agreement, which is provided with this Agreement and incorporated herein by reference. 
 10. Non-Solicitation. 
 10.1 Nonsolicitation of Customers or Prospects. Barold acknowledges that information about CryoCor’s customers is confidential and constitutes trade secrets. Accordingly, Barold agrees that during the Term of this Agreement and
for a period of one (1) year after the termination of this Agreement, Barold will not, either directly or indirectly, separately or in association with others, interfere with, impair, disrupt or damage CryoCor’s relationship with any of
its customers or customer prospects by soliciting or encouraging others to solicit any of them for the purpose of diverting or taking away business from CryoCor. 
 10.2 Nonsolicitation of CryoCor’s Employees. Barold agrees that during the Term of this Agreement and for a period of one
(1) year after the termination of this Agreement, Barold will not, either directly or indirectly, separately or in association with others, interfere with, impair, disrupt or damage CryoCor’s business by soliciting, encouraging or
attempting to hire any of CryoCor’s employees or causing others to solicit or encourage any of CryoCor’s employees to discontinue their employment with CryoCor. 
 11. Injunctive Relief. Barold acknowledges that Barold’s breach of the covenants contained in sections 8-10 (collectively “Covenants”) would cause irreparable injury to CryoCor and agrees that in
the event of any such breach, CryoCor shall be entitled to seek temporary, preliminary and permanent injunctive relief without the necessity of proving actual damages or posting any bond or other security. 
  

 12. Agreement to Arbitrate. To the fullest extent permitted by law, Barold and CryoCor agree to
arbitrate any controversy, claim or dispute between them arising out of or in any way related to this Agreement, the employment relationship between CryoCor and Barold and any disputes upon termination of employment, including but not limited to
breach of contract, tort, discrimination, harassment, wrongful termination, demotion, discipline, failure to accommodate, family and medical leave, compensation or benefits claims, constitutional claims; and any claims for violation of any local,
state or federal law, statute, regulation or ordinance or common law. Claims for workers’ compensation, and unemployment insurance benefits are excluded. For the purpose of this agreement to arbitrate, references to “CryoCor” include
all parent, subsidiary or related entities and their employees, supervisors, officers, directors, agents, pension or benefit plans, pension or benefit plan sponsors, fiduciaries, administrators, affiliates and all successors and assigns of any of
them, and this agreement shall apply to them to the extent Barold’s claims arise out of or relate to their actions on behalf of CryoCor. 
 12.1 Consideration. The mutual promise by CryoCor and Barold to arbitrate any and all disputes between them (except for those referenced above) rather than litigate them before the courts or other bodies,
provides the consideration for this agreement to arbitrate. 
 12.2 Initiation of Arbitration. Either party may
exercise the right to arbitrate by providing the other party with written notice of any and all claims forming the basis of such right in sufficient detail to inform the other party of the substance of such claims. In no event shall the request for
arbitration be made after the date when institution of legal or equitable proceedings based on such claims would be barred by the applicable statute of limitations. 
 12.3 Arbitration Procedure. The arbitration will be conducted in San Diego, California by a single neutral arbitrator and in
accordance with the then current rules for resolution of employment disputes of the American Arbitration Association (“AAA”). The parties are entitled to representation by an attorney or other representative of their choosing. The
arbitrator shall have the power to enter any award that could be entered by a judge of the trial court of the State of California, and only such power, and shall follow the law. In the event the arbitrator does not follow the law, the arbitrator
will have exceeded the scope of her or her authority and the parties may, at their option, file a motion to vacate the award in court. The parties agree to abide by and perform any award rendered by the arbitrator. The arbitrator shall issue the
award in writing and therein state the essential findings and conclusions on which the award is based. Judgment on the award may be entered in any court having jurisdiction thereof. 
 12.4 Costs of Arbitration. CryoCor shall bear the cost of the arbitration filing and hearing fees, and the cost of the arbitrator.

 13. General Provisions. 
 13.1 Successors and Assigns. The rights and obligations of CryoCor under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of CryoCor. Barold shall not be
entitled to assign any of Barold’s rights or obligations under this Agreement. 
 13.2 Waiver. Either party’s
failure to enforce any provision of this Agreement shall not in any way be construed as a waiver of any such provision, or prevent that party thereafter from enforcing each and every other provision of this Agreement. 
  

 13.3 Attorneys’ Fees. Each side will bear its own attorneys’ fees in any
dispute unless a statutory section at issue, if any, authorizes the award of attorneys’ fees to the prevailing party. 
 13.4 Severability. In the event any provision of this Agreement is found to be unenforceable by an arbitrator or court of competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability
of the provision as so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the
unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby. 
 13.5 Interpretation; Construction. The headings set forth in this Agreement are for convenience only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel
representing CryoCor, but Barold has participated in the negotiation of its terms. Furthermore, Barold acknowledges that Barold has had an opportunity to review and revise the Agreement and have it reviewed by legal counsel, if desired, and,
therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 
 13.6 Governing Law. This Agreement will be governed by and construed in accordance with the laws of the United States and the State
of California. Each party consents to the jurisdiction and venue of the state or federal courts in San Diego, California, if applicable, in any action, suit, or proceeding arising out of or relating to this Agreement. 
 13.7 Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice
deemed given as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier upon written verification of receipt; (c ) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic
transmission; or (d) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the addresses set forth below, or such other address as either party may specify in writing. 
 13.8 Survival. Sections 7 (“Termination”), 8 (“No Conflict of Interest”), 9 (“Confidentiality and
Proprietary Rights”), 10 (“Nonsolicitation”), 11 (“Injunctive Relief”), 12 (“Agreement to Arbitrate”), 13 (“General Provisions”) and 14 (“Entire Agreement”) of this Agreement shall survive
Barold’s employment by CryoCor. 
  

 14. Entire Agreement. This Agreement, including the CryoCor Employee Innovations and Proprietary
Rights Assignment Agreement incorporated herein by reference and CryoCor, Inc.’s 2000 Stock Option Plan and related option documents described in subsection 4.3 of this Agreement, constitutes the entire agreement between the parties relating to
this subject matter and supersedes all prior or simultaneous representations, discussions, negotiations, and agreements, whether written or oral including the employment offer letter dated June 1, 2004. This Agreement may be amended or modified
only with the written consent of Barold and the President/CEO of CryoCor. No oral waiver, amendment or modification will be effective under any circumstances whatsoever. 
 THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW. 

 

									
		 		 	HELEN BAROLD
				
	Dated:	 	September 5, 2007	 		 	 /s/ Helen Barold

		 		 		 	5217 Wissioming Road
		 		 		 	Bethesda, MD 20816

  

									
			
		 		 	CRYOCOR, INC.
					
	Dated:	 	September 5, 2007	 		 	By:	 	/s/ Edward F. Brennan
		 		 		 	Edward F. Brennan, PhD
		 		 		 	President/CEO
		 		 		 	CryoCor, Inc.
		 		 		 	9717 Pacific Heights Blvd.
		 		 		 	San Diego, CA 92121Amended and Restated Employment Agreement

 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT made and entered into as of the first day of
October, 2002, and hereby amended and restated as of the first day of June, 2007, by and between FIRST NATIONAL CORPORATION, a Virginia corporation, hereinafter called the “Corporation”, and DENNIS A. DYSART hereinafter
called “Employee”, and provides as follows: 
 RECITALS 
 WHEREAS, the Corporation is a bank holding company engaged in the operation of a bank; and 
 WHEREAS, Employee has been involved in the management of the business and affairs of the Corporation and, therefore, possesses managerial experience,
knowledge, skills and expertise in such type of business; and 
 WHEREAS, the continued employment of Employee by the Corporation is in the
best interests of the Corporation and Employee; and 
 WHEREAS, the parties have mutually agreed upon the terms and conditions of
Employee’s continued employment by the Corporation as hereinafter set forth; 
 TERMS OF AGREEMENT 
 NOW, THEREFORE, for and in consideration of the premises and of the mutual promises and undertakings of the parties as hereinafter set forth, the parties
covenant and agree as follows: 
 Section 1. Employment. (a) Employee shall be employed as the Executive Vice President and
Chief Administrative Officer of the Corporation and its wholly owned subsidiary, First Bank. He shall perform such services for the Corporation and/or one or more Affiliates as may be assigned to Employee by the Corporation from time to time upon
the terms and conditions hereinafter set forth. Employee’s services shall be rendered in a senior management or executive capacity and shall be of the type for which he is suited by background and training. 
 (b) References in this Agreement to services rendered for the Corporation and compensation and benefits payable or provided by the Corporation shall
include services rendered for and compensation and benefits payable or provided by any Affiliate. References in this Agreement to the “Corporation” also shall mean and refer to each Affiliate for which Employee performs services.
References in this Agreement to “Affiliate” shall mean any business entity that, directly or indirectly, through one or more intermediaries, is controlled by the Corporation. 
 Section 2. Term. The term of this Agreement shall at all times be two (2) years, which means that at the end of every day, the term of
this Agreement shall be extended for one day. With thirty (30) days notice, however, either party may notify the other that the term of this Agreement shall no longer be extended and that this Agreement will terminate two (2) years after
the effective date of such notice. 
 Section 3. Exclusive Service. Employee shall devote his best efforts and full time to
rendering services on behalf of the Corporation in furtherance of its best interests. Employee shall comply with all policies, standards and regulations of the Corporation now or hereafter promulgated, and shall perform his duties under this
Agreement to the best of his abilities and in accordance with standards of conduct applicable to executive officers of banks. 
 Section 4. Salary. (a) As compensation while employed hereunder, Employee, during his faithful performance of this Agreement, in whatever capacity rendered, shall receive an annual base salary of $157,500.00 payable on such
terms and in such installments as the parties may from time to time mutually agree upon. The Board of Directors, in its discretion, may increase Employee’s base salary during the term of this Agreement; provided, however, that Employee’s
salary after being increased may not be decreased. 
 (b) The Corporation shall withhold state and federal income taxes, social security
taxes and such other payroll deductions as may from time to time be required by law or agreed upon in writing by Employee and the Corporation. The Corporation shall also withhold and remit to the proper party any amounts agreed to in writing by the
Corporation and Employee for participation in any corporate sponsored benefit plans for which a contribution is required. 
  

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 (c) Except as otherwise expressly set forth hereunder, no compensation shall be paid pursuant to this
Agreement in respect of any month or portion thereof subsequent to any termination of Employee’s employment by the Corporation. 
 Section 5. Corporate Benefit Plans. Employee shall be entitled to participate in or become a participant in any employee benefit plan maintained by the Corporation for which he is or will become eligible on such terms as the
Board of Directors may, in its discretion, establish, modify or otherwise change. 
 Section 6. Bonuses. Employee shall receive
only such bonuses as the Board of Directors, in its discretion, decides to pay to Employee. 
 Section 7. Expense Account. The
Corporation shall reimburse Employee for reasonable and customary business expenses incurred in the conduct of the Corporation’s business. Such expenses will include business meals, out-of-town lodging and travel expenses. Employee agrees to
timely submit records and receipts of reimbursable items and agrees that the Corporation can adopt reasonable rules and policies regarding such reimbursement. The Corporation agrees to make prompt payment to Employee following receipt and
verification of such reports. Such payment shall be made no later than March 15 following the calendar year in which the expense was incurred. 
 Section 8. Personal and Sick Leave. Employee shall be entitled to the same personal and sick leave as the Board of Directors may from time to time designate for all full-time employees of the Corporation. 
 Section 9. Vacations. Employee shall be entitled vacations in accordance with policies the Board of Directors sets for all full time
employees of the Corporation and during which Employee’s compensation hereunder shall continue to be paid. 
 Section 10.
Termination. (a) Notwithstanding the termination of Employee’s employment pursuant to any provision of this Agreement, the parties shall be required to carry out any provisions of this Agreement which contemplate performance by them
subsequent to such termination. In addition, no termination shall affect any liability or other obligation of either party which shall have accrued prior to such termination, including, but not limited to, any liability, loss or damage on account of
breach. No termination of employment shall terminate the obligation of the Corporation to make payments of any vested benefits provided hereunder or the obligations of Employee under Sections 11, 12 and 13. 
 (b) Employee’s employment hereunder may be terminated by Employee upon thirty (30) days written notice to the Corporation or at any time by
mutual agreement in writing. 
 (c) Except as otherwise provided in this Section 10(c), this Agreement shall terminate upon death of
Employee. In such event the Corporation shall pay to the estate of Employee the compensation including salary and accrued bonus, if any, which otherwise would be payable to Employee through the end of the month in which his death occurs. In
addition, Employee’s death is not intended to, and shall not, prevent amounts to which Employee would have been entitled under Sections 10(d)(2) or 10(i) had he lived from being paid under this Agreement to Employee’s estate or
beneficiaries at the time or times such amounts would have been paid had Employee lived. 
 (d)(1) The Corporation may terminate
Employee’s employment other than for “Cause,” as defined in Section 10(e), at any time upon written notice to Employee, which termination shall be effective immediately. Employee may resign thirty (30) days after notice to
the Corporation for “Good Reason”, as hereafter defined. 
 (2) If the Corporation terminates the Employee’s employment
without Cause or the Employee resigns for Good Reason, then in either event: 
 (i)(A) The Employee shall be paid for the remainder of the
then current term of this Agreement, at such times as payment was theretofore made, the salary required under Section 4 (taking into account any salary increases) that the Employee would have been entitled to receive during the remainder of the
then current term of this Agreement had such termination not occurred. 
 (B) Notwithstanding the foregoing, if such termination or
resignation occurs within one year after a Change of Control (as defined below), the time at which the amount described in Section 10(d)(2)(i)(A) is paid shall be determined not under that Section but under Section 10(i), below.

  

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 (C) Further, payments due under Section 10(d)(2)(i)(A), Section 10(d)(2)(iii), or
Section 10(d)(3) and made to a Key Employee shall commence or be paid on the first day of the month following the six-month anniversary of the Employee’s termination or resignation. The initial payment made under the preceding sentence
shall include amounts that would have been paid under Section 10(d)(2)(i)(A), Section 10(d)(2)(iii), or Section 10(d)(3) through the date of such initial payment had the Employee not been a Key Employee. This
Section 10(d)(2)(i)(C) shall apply to amounts payable to a Key Employee under Section 10(d)(2)(i)(A) even if the timing of the payments is determined under Section 10(i); and 
 (ii) The Corporation shall maintain in full force and effect for the continued benefit of the Employee for the remainder of the then current term of this
Agreement all employee welfare benefit plans and programs or arrangements in which the Employee was entitled to participate immediately prior to such termination, provided that continued participation is possible under the general terms and
provisions of such plans and programs. In the event that Employee’s participation in any such plan or program is barred, the Corporation shall arrange to provide the Employee with benefits substantially similar to those which the Employee was
entitled to receive under such plan or program. Payments under this Section 10(d)(2)(ii) that do not constitute (i) welfare benefits exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and
Treasury Regulations thereunder (the “409A Regulations”) or (ii) reimbursed medical expenses exempt under 409A Regulations Section 1.409A-1(b)(9)(v)(B) shall be limited in the aggregate to the applicable dollar amount under Code
Section 402(g)(1)(B) for the year of the separation from service. In addition, any benefits provided to a Key Employee under this Section 10(d)(2)(ii) that are considered deferred compensation subject to Code Section 409A shall not
commence until the first day of the month following the six-month anniversary of the Employee’s termination or resignation. All determinations required under this Section 10(d)(2)(ii) shall be made by independent counsel selected by the
Corporation and reasonably acceptable to the Employee or Key Employee, in accordance with Code Section 409A, the 409A Regulations and other applicable guidance; and 
 (iii) The Employee shall receive a payment in cash on the date his employment terminates equal to the amount of any cash bonus paid to him in respect of the fiscal year of the Corporation prior to the fiscal year in
which his employment terminates, multiplied by a fraction, the numerator of which is the number of days that elapse before the date his employment terminates in the fiscal year of the Corporation in which his employment terminates and the
denominator of which is three hundred sixty-five (365). 
 (3) If, (1) pursuant to the second sentence of Section 2 of this
Agreement, the Corporation notifies Employee that this Agreement shall no longer be extended, (2) the Employee’s employment by the Corporation does not terminate during the two (2) years after the effective date of such notice and
(3) the Employee’s employment by the Corporation terminates after such two (2) year period, then, beginning on the first day of the month that follows the month in which his employment terminates and continuing for the succeeding
eleven (11) months, the Corporation shall pay to the Employee an amount equal to one-twelfth (1/12) of his then current salary. 
 Notwithstanding the foregoing, at any time after payments begin under the preceding paragraph, the Corporation may, for any reason and without liability, terminate all payments under this Section 10(d)(3); provided, however, from and
after the date that the Corporation terminates such payments pursuant to this Section 10(d)(3), the Employee shall no longer be bound by Section 12; and provided further, if the Employee breaches Section 11 or any provision of
Section 12 while receiving payments under this Section 10(d)(3) (or during any delay in the receipt of payment required by Code Section 409A) and, pursuant to Section 10(d)(4), the Corporation then terminates payments on account
of such breach, the Employee shall remain bound by Section 12. 
 (4) Notwithstanding anything in this Agreement to the contrary, if
Employee breaches Section 11 or 12, Employee will not thereafter be entitled to receive any further compensation or benefits pursuant to this Section 10(d). In addition, notwithstanding anything in this Agreement to the contrary, the
Corporation shall not be required to make any payment that is prohibited by the terms of the regulations presently found at 12 C.F.R. part 359 or to the extent that any other governmental approval of the payment required by law is not received.

 (5) For purposes of this Agreement, “Good Reason” shall mean: 
 (i) The assignment of duties to the Employee by the Corporation which result in the Employee having significantly less authority or responsibility than
he has on the date hereof, without his express written consent; 
 (ii) Requiring the Employee to maintain his principal office anywhere
outside of the Virginia Counties of Frederick, Warren and Shenandoah, or cities located therein; 
  

 32 

 (iii) The failure of the Corporation to provide the Employee with substantially the same fringe benefits
that are provided to him at the inception of this Agreement; 
 (iv) The Corporation’s failure to comply with any material term of this
Agreement; 
 (v) The failure of the Corporation to obtain the assumption of and agreement to perform this Agreement by any successor as
contemplated in Section 14 hereof; or 
 (vi) The Corporation’s elimination, on or after a Change of Control, of any benefit plan,
program or arrangement (including without limitation a tax-qualified retirement plan) or any change, made on or after a Change of Control, to such plan, program or arrangement that reduces the value of the affected benefit to the Employee.

 (6) For purposes of this Agreement, “Key Employee” shall mean any Employee who, as of December 31 of any calendar year,
satisfies the requirement of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with Treasury Regulations thereunder and disregarding Code Section 416(i)(5)). An Employee who meets the criteria set forth in the
preceding sentence will be considered a Key Employee for purposes of this Agreement for the 12-month period commencing on the next following April 1. For example, an Employee who meets the definition of Key Employee as of December 31,
2008, will be considered a Key Employee from April 1, 2009 through March 31, 2010, when applying the special rules for Key Employees found in this Agreement. 
 (e) The Corporation shall have the right to terminate Employee’s employment under this Agreement at any time for Cause, which termination shall be effective immediately. Termination for “Cause” shall
include termination for Employee’s failure, neglect or refusal to perform his duties and responsibilities without the same being corrected after ten days prior written notice or termination because of his personal dishonesty, incompetence,
willful misconduct, breach of a fiduciary duty involving personal profit, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) conviction of a felony or of a misdemeanor involving moral turpitude,
misappropriation of the Corporation’s assets (determined on a reasonable basis) or those of its Affiliates, or material breach of any other provision of this Agreement. Termination for Cause also shall include termination as a result of the
Employee’s failure to correct a material deficiency in the performance of his duties within 60 days after a written notice from the Board of Directors or such other reasonable period of time specified by the Board of Directors if such
deficiency cannot be cured within 60 days. Any notice given under this subsection shall state that it is a notice pursuant to Section 10(e) of this Agreement and shall set forth the Board’s complaints in detail sufficient to allow Employee
to understand and correct them. In the event Employee’s employment under this Agreement is terminated for Cause, Employee shall thereafter have no right to receive compensation or other benefits under this Agreement. 
 (f) The Corporation may terminate Employee’s employment under this Agreement, after having established the Employee’s disability by giving to
Employee written notice of its intention to terminate his employment for disability and his employment with the Corporation shall terminate effective on the 90th day after receipt of such notice if within 90 days after such receipt Employee shall
fail to return to the full-time performance of the essential functions of his position (and if Employee’s disability has been established pursuant to the definition of “disability” set forth below). For purposes of this Agreement,
“disability” means either (i) disability which after the expiration of more than 13 consecutive weeks after its commencement is determined to be total and permanent by a physician selected and paid for by the Corporation or its
insurers, and acceptable to Employee or his legal representative, which consent shall not be unreasonably withheld or (ii) disability as defined in the policy of disability insurance maintained by the Corporation or its Affiliates for the
benefit of Employee, whichever shall be more favorable to Employee. Notwithstanding any other provision of this Agreement, the Corporation shall comply with all requirements of the Americans with Disabilities Act, 42 U.S.C. § 12101 et.
seq. 
 (g) If Employee is suspended and/or temporarily prohibited from participating in the conduct of the Corporation’s affairs
by a notice served pursuant to the Federal Deposit Insurance Act, the Corporation’s obligations under this Employment Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Corporation may in its discretion (i) pay Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were
suspended. If any payment of withheld compensation is made under this Section 10(g) in the Corporation’s sole discretion, it shall be made by March 15 following the calendar year in which the charges in the applicable notice are
dismissed. 
 (h) If Employee is removed and/or permanently prohibited from participating in the conduct of the Corporation’s affairs by
an order issued under the Federal Deposit Insurance Act or the Code of Virginia, all obligations of the Corporation under this Employment Agreement shall terminate as of the effective date of the order, but vested rights of the parties shall not be
affected. 
  

 33 

 (i)(1) If Employee’s employment is terminated without Cause or if he resigns for Good Reason within
one year after a Change of Control shall have occurred, then on Employee’s last day of employment with the Corporation, the Corporation shall pay to Employee as compensation for services rendered to the Corporation and its Affiliates a lump sum
cash amount (subject to any applicable payroll or other taxes required to be withheld) equal to the excess, if any, of 299% of Employee’s “annualized includable compensation for the base period”, as defined in Code Section 280G,
over the total amount payable to Employee under Section 10(d). In addition, under such circumstances, if an election has been made pursuant to Section 10(i)(2), below, the amount to which Employee is entitled under Section 10(d)(2)(i)
shall not be subject to the payment schedule called for under Section 10(d)(2)(i) but instead shall be paid in accordance with such election. 
 (2) Employee may elect, prior to December 31, 2007, to have the total cash amount to which he is entitled under Sections 10(d)(2)(i) and 10(i)(1) paid in a single lump sum or in 24 or 36 equal monthly installments, with the lump sum or
first installment paid on the date of termination or resignation and the remaining installments, if any, paid on the first day of each succeeding month. Such election shall not apply to amounts otherwise payable in the year the election is made nor
cause amounts to be paid in the year the election is made that would not otherwise be payable in that year. Subsequent changes to the time or form of payment of such cash amount shall be made only in accordance with Code Section 409A, the 409A
Regulations, and other applicable guidance, including any transition rules promulgated by the Internal Revenue Service. 
 (3)
Notwithstanding the foregoing, the timing of an amount payable to a Key Employee under the first sentence of Section 10(i)(1) (whether or not subject to an installment election) above shall be determined as follows: the lump sum payment shall
be made or installments shall commence on the first day of the month following the six-month anniversary of the Key Employee’s termination or resignation date. The initial payment made under the preceding sentence shall include amounts that
would have been paid under the first sentence of Section 10(i)(1) through the date of such initial payment had the Employee not been a Key Employee. 
 (4) For purposes of this Agreement, a Change 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, becomes the owner or beneficial owner of Corporation securities having 50% or more of the combined voting power of the then outstanding Corporation securities that may be cast for the election of the Corporation’s directors other
than a result of an issuance of securities initiated by the Corporation, or open market purchases approved by the Board of Directors, 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, a contested election of directors, or any combination of these events, the
persons who were directors of the Corporation before such events cease to constitute a majority of the Corporation’s Board, or any successor’s board, within two years of the last of such transactions. For purposes of this Agreement, a
Change of Control occurs on 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 or events, the Change of Control occurs on the date of the last of such
transactions or events. 
 (5) It is the intention of the parties that no payment be made or benefit provided to Employee pursuant to this
Agreement that would constitute an “excess parachute payment” within the meaning of Section 280G of the Code and any regulations thereunder, thereby resulting in a loss of an income tax deduction by the Corporation or the imposition
of an excise tax on Employee under Section 4999 of the Code. If the independent accountants serving as auditors for the Corporation on the date of a Change of Control (or any other accounting firm designated by the Corporation) determine that
some or all of the payments or benefits scheduled under this Agreement, as well 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. Employee shall have the right to designate within a reasonable period, which payments or benefits will be reduced; provided, however, that if no direction is received from Employee, the
Corporation shall implement the reductions in its discretion. 
 Section 11. Confidentiality/Nondisclosure. Employee covenants
and agrees that any and all information concerning the customers, businesses and services of the Corporation of which he has knowledge or access as a result of his association with the Corporation in any capacity, shall be deemed confidential in
nature and shall not, without the proper written consent of the Corporation, be directly or indirectly used, disseminated, disclosed or published by Employee to third parties other than in connection with the usual conduct of the business of the
Corporation. Such information shall expressly include, but shall not be limited to, information concerning the Corporation’s trade secrets, business operations, business records, customer lists or other customer information. Upon termination of
employment Employee shall deliver to the Corporation all originals and copies of 

  

 34 

 
documents, forms, records or other information, in whatever form it may exist, concerning the Corporation or its business, customers, products or services.
In construing this provision it is agreed that it shall be interpreted broadly so as to provide the Corporation with the maximum protection. This Section 11 shall not be applicable to any information which, through no misconduct or negligence
of Employee, has previously been disclosed to the public by anyone other than Employee. 
 Section 12. Covenant Not to Compete.
During the term of this Agreement and throughout any further period that he is an officer or employee of the Corporation, and for a period of twelve (12) months from and after the date that Employee is (for any reason) no longer employed by the
Corporation or for a period of twelve (12) months from the date of entry by a court of competent jurisdiction of a final judgment enforcing this covenant in the event of a breach by Employee, whichever is later, Employee covenants and agrees
that he will not, directly or indirectly, either as a principal, agent, employee, employer, stockholder, co-partner or in any other individual or representative capacity whatsoever: (i) engage in a Competitive Business anywhere within a ten
(10) mile straight-line radius of any office operated by the Corporation on the date Employee’s employment terminates; or (ii) solicit, or assist any other person or business entity in soliciting, any depositors or other customers of
the Corporation to make deposits in or to become customers of any other financial institution conducting a Competitive Business; or (iii) induce any individuals to terminate their employment with the Corporation or its Affiliates. As used in
this Agreement, the term “Competitive Business” means all banking and financial products and services that are substantially similar to those offered by the Corporation on the date that Employee’s employment terminates. Except as
otherwise expressly provided in Section 10(d)(3) of this Agreement, the parties intend that the covenants and restrictions in this Section 12 be enforceable against Employee regardless of the reason that his employment by the Corporation
may terminate and that such covenants and restrictions shall be enforceable against Employee even if this Agreement expires after a notice of nonrenewal given by Employee or the Corporation under Section 2 of this Agreement. 
 Section 13. Injunctive Relief, Damages, Etc. Employee agrees that given the nature of the positions held by Employee with the Corporation,
that each and every one of the covenants and restrictions set forth in Sections 11 and 12 above are reasonable in scope, length of time and geographic area and are necessary for the protection of the significant investment of the Corporation in
developing, maintaining and expanding its business. Accordingly, the parties hereto agree that in the event of any breach by Employee of any of the provisions of Sections 11 or 12 that monetary damages alone will not adequately compensate the
Corporation for its losses and, therefore, that it may seek any and all legal or equitable relief available to it, specifically including, but not limited to, injunctive relief and Employee shall be liable for all damages, including actual and
consequential damages, costs and expenses, including legal costs and actual attorneys’ fees, incurred by the Corporation as a result of taking action to enforce, or recover for any breach of, Section 11 or Section 12. The covenants
contained in Sections 11 and 12 shall be construed and interpreted in any judicial proceeding to permit their enforcement to the maximum extent permitted by law. Should a court of competent jurisdiction determine that any provision of the covenants
and restrictions set forth in Section 12 above is unenforceable as being overbroad as to time, area or scope, the court may strike the offending provision or reform such provision to substitute such other terms as are reasonable to protect the
Corporation’s legitimate business interests. 
 Section 14. Binding Effect/Assignability. This Employment Agreement shall be
binding upon and inure to the benefit of the Corporation and Employee and their respective heirs, legal representatives, executors, administrators, successors and assigns, but neither this Agreement, nor any of the rights hereunder, shall be
assignable by Employee or any beneficiary or beneficiaries designated by Employee. The Corporation will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business,
stock or assets of the Corporation, by agreement in form and substance reasonably satisfactory to the Employee, to expressly assume and agree to perform this Agreement in its entirety. Failure of the Corporation to obtain such agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Employee to the compensation described in Sections 10(d) and 10(i). As used in this Agreement, “Corporation” shall mean First National
Corporation, a Virginia corporation, and any successor to its respective business, stock or assets as aforesaid which executes and delivers the agreement provided for in this Section 14 or which otherwise becomes bound by all the terms and
provisions of this Agreement by operation of law. 
 Section 15. Governing Law. This Employment Agreement shall be subject to and
construed in accordance with the laws of Virginia. 
 Section 16. Invalid Provisions. The invalidity or unenforceability of any
particular provision of this Employment Agreement shall not affect the validity or enforceability of any other provisions hereof, and this Employment Agreement shall be construed in all respects as if such invalid or unenforceable provisions were
omitted. 
 Section 17. Notices. Any and all notices, designations, consents, offers, acceptance or any other communications
provided for herein shall be given in writing and shall be deemed properly delivered if delivered in person or by registered or certified mail, return receipt requested, addressed in the case of the Corporation to its registered office or in the
case of Employee to his last known address. 
  

 35 

 Section 18. Entire Agreement. 
 (a) This Employment Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes any and all
other agreements, either oral or in writing, among the parties hereto with respect to the subject matter hereof. 
 (b) This Employment
Agreement may be executed in one or more counterparts, each of which shall be considered an original copy of this Agreement, but all of which together shall evidence only one agreement. 
 Section 19. Amendment and Waiver. This Employment Agreement may not be amended except by an instrument in writing signed by or on behalf of
each of the parties hereto. No waiver of any provision of this Employment Agreement shall be valid unless in writing and signed by the person or party to be charged. 
 Section 20. Case and Gender. Wherever required by the context of this Employment Agreement, the singular or plural case and the masculine, feminine and neuter genders shall be interchangeable. 

Section 21. Captions. The captions used in this Employment Agreement are intended for descriptive and reference purposes only and are not
intended to affect the meaning of any Section hereunder. 
 Section 22. Code Section 409A. This Employment Agreement is
intended to satisfy the requirements of Code Section 409A, the 409A Regulations, and other guidance, including transition rules, issued thereunder. Each provision and term of this Employment Agreement should be interpreted accordingly, but if
any provision or term would be prohibited by or inconsistent with Code Section 409A, the 409A Regulations, or such other guidance, the parties agree that such provision or term may be amended to the extent necessary to comply with or qualify
for an exemption from Code Section 409A, the 409A Regulations, and such other guidance, in a manner determined by independent counsel selected by the Corporation and reasonably acceptable to Employee. 
 IN WITNESS WHEREOF, the Corporation has caused this amended and restated Employment Agreement to be signed by its duly authorized officer and Employee
has hereunto set his hand and seal on the      day of                     , 2007. 
  

									
		 		 	FIRST NATIONAL CORPORATION	 	
				
		 		 	By:	 	  

		 		 	Title:	 	President and Chief Executive Officer	 	
	ATTEST:	 		 		 		 	
				
	  
	 		 		 	
				
		 		 	EMPLOYEE	 	
				
		 		 	 /s/ Dennis A. Dysart
	 	(SEAL)
		 		 	Dennis A. Dysart	 	
	ATTEST:	 		 		 		 	
					
	  
	 		 		 		 	

  

 36

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