Document:

Exhibit 10.24

 Exhibit 10.24 
 UNITED STATES DEPARTMENT OF THE TREASURY 
 1500 Pennsylvania Avenue, NW 
 Washington, D.C. 20220 
 September 25, 2009 
 Ladies and Gentlemen: 
 Reference is made to that certain Letter Agreement
incorporating the Securities Purchase Agreement – Standard Terms dated of as of the date of this letter agreement (the “Securities Purchase Agreement”) between United States Department of Treasury (“Investor”)
and the company named on the signature page hereto (the “Company”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement. 
 The American Recovery and Reinvestment Act of 2009, as it may be amended from time to time (the “Act”), includes provisions
relating to executive compensation and other matters that may be inconsistent with the Securities Purchase Agreement, the Warrant and the Certificate(s) of Designation (the “Transaction Documents”). Accordingly, Investor and the
Company desire to confirm their understanding as follows: 
 1. Notwithstanding anything in the Transaction Documents to the
contrary, in the event that the Act or any rules or regulations promulgated thereunder are inconsistent with any of the terms of the Transaction Documents, the Act and such rules and regulations shall control. 
 2. For the avoidance of doubt (and without limiting the generality of Paragraph 1): 
 (a) the provisions of Section 111 of the Emergency Economic Stabilization Act of 2008, as amended by the Act or
otherwise from time to time (“EESA”), shall apply to the Company; 
 (b) the waiver to be
delivered by each of the Company’s Senior Executive Officers pursuant to Section 1.2(d)(v) of the Securities Purchase Agreement shall, in addition, be delivered by any additional highly compensated employees required by applicable rules or
regulations under EESA; 
 (c) the Company’s chief executive officer and chief financial officer shall
provide the written certification of compliance by the Company with the requirements of Section 111 of EESA in the manner specified by Section 111(b)(4) thereunder or in any rules or regulations under EESA; and 
 (d) the Company shall be permitted to repay preferred shares, and when such preferred shares are repaid, the Investor shall
liquidate warrants associated with such preferred shares, all in accordance with the Act and any rules and regulations thereunder. 

 From and after the date hereof, each reference in the Securities Purchase Agreement to “this
Agreement” or “this Securities Purchase Agreement” or words of like import shall mean and be a reference to the Agreement (as defined in the Securities Purchase Agreement) as amended by this letter agreement. 
 This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is
applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 
 This letter agreement, the Securities Purchase Agreement, the Warrant, the Certificate(s) of Designation and any other documents executed by the parties at the Closing constitute the entire agreement of the parties
with respect to the subject matter hereof. 
 Nothing in this letter agreement shall be deemed an admission by Investor as to the necessity
of obtaining the consent of the Company in order to effect the changes to the Transaction Documents contemplated by this letter agreement, nor shall anything in this letter agreement be deemed to require Investor to obtain the consent of any other
TARP recipient (as defined in the Act) participating in the Capital Purchase Program (the “CPP”) in order to effect changes to their documentation under the CPP. 
 This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all
such counterparts will together constitute the same agreement. Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if actual signature pages had been delivered. 

[Remainder of this page intentionally left blank] 

 In witness whereof, the parties have duly executed this letter agreement as of the date first written
above. 
  

					
	UNITED STATES DEPARTMENT OF THE TREASURY
		
	By:	 	/s/ Herbert M. Allison, Jr.
		 	Name: 	 	Herbert M. Allison, Jr.
		 	Title:	 	Assistant Secretary for Financial Stability

  

			
	HERITAGE BANKSHARES, INC.
		
	By:	 	/s/ Michael S. Ives
		 	Michael S. Ives,
President & Chief Executive Officer

  

 SIGNATURE PAGE TO LETTER
AGREEMENTExhibit 10.25

 Exhibit 10.25 
 FORM OF WAIVER 
 In consideration for the benefits I will
receive as a result of my employer’s participation in the United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily waive any claim against the United States or any state or territory thereof or my
employer or any of its directors, officers, employees and agents for any changes to my compensation or benefits that are required in order to comply with Section 111 of the Emergency Economic Stabilization Act of 2008, as amended
(“EESA”), and rules, regulations, guidance or other requirements issued thereunder (collectively, the “EESA Restrictions”). 
 I acknowledge that the EESA Restrictions may require modification of the employment, compensation, bonus, incentive, severance, retention and other benefit plans, arrangements, policies and agreements
(including so-called “golden parachute” agreements), whether or not in writing, that I have with my employer or in which I participate as they relate to the period the United States holds any equity or debt securities of my employer
acquired through the TARP Capital Purchase Program and I hereby consent to all such modifications. I further acknowledge and agree that if my employer notifies me in writing that I have received payments in violation of the EESA Restrictions, I
shall repay the aggregate amount of such payments to my employer no later than fifteen business days following my receipt of such notice. 
 This waiver includes all claims I may have under the laws of the United States or any other jurisdiction related to the requirements imposed by the EESA Restrictions (including without limitation, any claim for any compensation or other
payments or benefits I would otherwise receive absent the EESA Restrictions, any challenge to the process by which the EESA Restrictions were adopted and any tort or constitutional claim about the effect of the foregoing on my employment
relationship) and I hereby agree that I will not at any time initiate, or cause or permit to be initiated on my behalf, any such claim against the United States, my employer or its directors, officers, employees or agents in or before any local,
state, federal or other agency, court or body. 
 In witness whereof, I execute this waiver on my own behalf, thereby communicating my
acceptance and acknowledgement to the provisions herein. 
  

	
	Respectfully,
	
	  
	 Name:
 Title:
 Date:Exhibit 10.26

 Exhibit 10.26 
 FORM OF AMENDMENT TO 
 EMPLOYMENT AGREEMENT

 WHEREAS,
                         (the “Executive”) is a party with Heritage Bankshares Inc.,
(“Bankshares”), to an Employment Agreement dated                          (the
“Agreement”); and 
 WHEREAS, Bankshares intends to enter into a letter agreement with the United States
Department of the Treasury (the “UST”) pursuant to which Bankshares shall issue shares of preferred stock and the UST shall purchase from Bankshares the shares of preferred stock (the “Program”); and 
 WHEREAS, it is a condition to participation in the Program under the Emergency Economic Stabilization Act of 2008, as amended
(“EESA”), and rules, regulations, guidance or other requirements issued thereunder (collectively, along with the EESA, the “EESA Restrictions”), that (i) employment agreements and other agreements with the
Executive and certain other employees of Bankshares (the “Covered Employees”) be amended to comply with the EESA Restrictions; and (ii) the Covered Employees execute a form of waiver (the “Waiver”); and

 WHEREAS, the Executive intends to execute the Waiver, wherein the Executive: (i) acknowledges that the EESA Restrictions
may require modification of the employment, compensation, bonus, incentive, severance, retention and other benefit plans, arrangements, policies and agreements (including so-called “golden parachute” agreements), whether or not in
writing, that the Executive may have with Bankshares or in which the Executive participates as they relate to the period the United States holds any equity or debt securities of Bankshares acquired through the Program (collectively, along with the
Agreement, the “Benefit Plans”); (ii) consents to all such modifications; and (iii) acknowledges and agrees that if Bankshares notifies Executive in writing that Executive has received payments in violation of the EESA
Restrictions, Executive shall repay the aggregate amount of such payments to Bankshares no later than fifteen (15) business days following receipt of such notice; 
 NOW, THEREFORE, in consideration of the mutual covenants and obligations set forth herein, and as consideration for the benefits that the Executive will receive as a result of Bankshares’
participation in the Program, Bankshares and the Executive agree as follows: 
  

	1.	The Executive shall not receive any golden parachute payment or other payment, accrual or benefit that is prohibited by the EESA Restrictions, under the Agreement, any
Incentive Stock Option Agreement to which Executive is a party or otherwise. Without limiting the generality of the foregoing, and notwithstanding anything in the Benefit Plans to the contrary, the Executive shall not be entitled to and
shall not otherwise receive the benefit of any acceleration in the exercisability (or accelerated vesting) of any outstanding stock options or other equity awards of Bankshares to the extent such acceleration is prohibited by the EESA
Restrictions. 

  

	2.	If Bankshares notifies the Executive in writing that Executive has received payments in violation of the EESA Restrictions, the Executive hereby agrees to repay the
aggregate amount of such payments to Bankshares no later than fifteen (15) business days following receipt of such notice. 

  

	3.	The Benefit Plans, with respect to Executive, are hereby amended to the extent necessary so as to be consistent with the EESA Restrictions. 

  

	4.	This Amendment is intended to, and shall be interpreted, administered and construed to, comply with the EESA Restrictions (and, to the maximum extent consistent with
the preceding, to permit operation of the Benefit Plans in accordance with their terms before giving effect to this Amendment.) 

	5.	Notwithstanding the foregoing provisions of this Amendment, this Amendment shall be effective only so long as Bankshares and the Executive are both subject to the EESA
Restrictions. In the event that the EESA Restrictions cease to apply to either Bankshares or the Executive, this Amendment shall immediately become and shall be null and void. Further, to the extent permitted by the EESA Restrictions and applicable
law, the Executive’s benefits under the Amended Agreement shall accrue and shall be paid to the Executive at a future date when and if so permitted by the EESA Restrictions and applicable law (“Accrued Payments”). Any such Accrued
Payments will not accrue interest. 

  

	6.	To the extent not subject to federal law, this Amendment will be governed by and construed in accordance with the law of the Commonwealth of Virginia. This Amendment
may be executed in two or more counterparts, each of which will be deemed to be an original. Except as amended herein, the Benefit Plans shall remain in full force and effect.” 

 IN WITNESS HEREOF, the parties hereto have duly executed and delivered this First Amendment to the Agreement as of September 22, 2009.

 [SIGNATURE BLOCKS] 
  

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