Document:

Employment Agreement with Leigh C. Keogh

 Exhibit 10.21 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is
entered into as of the 1st day of January, 2011, by and between Heritage Bank, a Virginia corporation (the “Bank”), and Leigh Keogh (“Executive”). 
 RECITALS 
 WHEREAS, the Bank and Executive desire to enter into a new employment
agreement pursuant to the terms of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises of the parties
hereto and for other good and valuable consideration, the receipt and adequacy whereof each party hereby acknowledges, the Bank and Executive hereby agree as follows: 
 1. DEFINITIONS: Except as otherwise expressly provided in this Agreement, the following terms shall have the following meanings for all purposes of this Agreement: 

(a) Accounting Firm means Bankshares’ independent accounting firm immediately prior to a Change of Control. 

(b) Bankshares means Heritage Bankshares, Inc. 
 (c) Base Salary means the annual compensation specified in Section 4 below. 
 (d) Board means the Board of Directors of the Bank. 
 (e) Cause
means any of the reasons listed in Section 7(d) below for which this Agreement may be terminated or Executive may be discharged prior to the end of the Term hereof. 
 (f) Change of Control means a change in the ownership or effective control of Bankshares or in the ownership of a substantial portion of the assets of Bankshares and shall be deemed to have
occurred upon the occurrence of any of the following events. 
 (1) The acquisition by any “person” or
“group” (as defined in or pursuant to Sections 13(d) and 14(d) of the Exchange Act) (other than Bankshares, any Subsidiary or any Bankshares or Subsidiary’s employee benefit plan), directly or indirectly, as “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of Bankshares representing thirty-five percent (35%) or more of either the then outstanding shares or the combined voting power of the then outstanding securities of
Bankshares, but excluding for this purpose any such acquisition by any corporation with respect to which, following the acquisition, the outstanding common stock of Bankshares immediately prior thereto continues to represent (either by remaining
outstanding or being converted into common stock of the surviving entity or a parent or affiliate thereof) more than fifty percent (50%) of the outstanding common stock of Bankshares or such surviving entity or a parent or affiliate thereof
outstanding immediately after the acquisition; 

  
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 (2) Either a majority of the directors of Bankshares elected at Bankshares’ annual
stockholders meeting shall have been nominated for election other than by or at the direction of the “incumbent directors” of Bankshares, or the “incumbent directors” shall cease to constitute a majority of the directors of
Bankshares. The term “incumbent director” shall mean any director who was a director of Bankshares on August 25, 2010 and any individual who becomes a director of Bankshares subsequent to August 25, 2010 and who is elected or
nominated by or at the direction of at least two-thirds of the then incumbent directors; 
 (3) The shareholders of Bankshares
approve (x) a merger, consolidation or other business combination of Bankshares with any other “person” or “group” (as defined in or pursuant to Sections 13(d) and 14(d) of the 1934 Act) or affiliate thereof, other than a
merger or consolidation that would result in the outstanding common stock of Bankshares immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into common stock of the surviving entity or a parent or
affiliate thereof) more than fifty percent (50%) of the outstanding common stock of Bankshares or such surviving entity or a parent or affiliate thereof outstanding immediately after such merger, consolidation or other business combination, or
(y) a plan of complete liquidation of Bankshares or an agreement for the sale or disposition by Bankshares of all or substantially all of Bankshares’ assets; 
 (4) A Change of Control as defined in Section 280G of the Code; or 
 (5) Any
other event or circumstance which is not covered by the foregoing subsections but which the Board determines to affect control of Bankshares and with respect to which the Board adopts a resolution that the event or circumstance constitutes a Change
of Control for purposes of this Agreement. 
 The date of a Change of Control described in this Section 1(e) is the date on which an event
described above in this Section 1(f) occurs. 
 Notwithstanding the foregoing, a Change in Control shall be deemed to occur under this
Employment Agreement only to the extent any triggering business transaction constitutes a change in the ownership or effective control of Bankshares, or in the ownership of a substantial portion of the assets of Bankshares, as determined under
Section 409A of the Code and Treasury Regulations issued thereunder from time to time. 
 (g) Code means the
Internal Revenue Code of 1986, as amended. 
 (h) Exchange Act means the Securities Exchange Act of 1934, as amended.

 (i) Good reason means the occurrence of any of the conditions listed in Section 7(f) below which is followed by
the resignation of Executive within twelve (12) months after such occurrence. 
 (j) Protected Customer shall mean
any person, business or entity who or which: 
 (1) Was known by Executive to have purchased products or services from
Bankshares, the Bank or any Subsidiary other than the Bank during the two-year period immediately preceding Executive’s last day of employment with the Bank; or 

  
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 (2) Purchased products or services from Bankshares, the Bank or any Subsidiary other than
the Bank during the two-year period immediately preceding Executive’s last day of employment with the Bank, and about whom Executive had access to confidential or proprietary information during this period; or 

(3) Was known by Executive to have received (during the one-year period prior to Executive’s last day of employment with the Bank)
but not yet acted upon a proposal by Bankshares, the Bank or any Subsidiary other than the Bank for the purchase of products or performance of services. 
 (k) Release Agreement means the Executive Release Agreement attached hereto as Exhibit A. 
 (l) Resignation for good reason means resignation by Executive in accordance with the provisions of Section 7(f) below. 

(m) Restricted Period means a period ending on the later of (1) twelve (12) months after Executive’s resignation or
other voluntary termination of employment pursuant to Section 7(c) below or Executive’s termination for cause pursuant to Section 7(d) below; or (2) the end of any period during which Executive’s Base Salary is continued
after his termination of employment with the Bank. 
 (n) Severance pay means an amount paid to Executive pursuant to
Section 8(b) in the event he is terminated without cause following a Change of Control or resigns for good reason following a Change of Control. 
 (o) Subsidiary means any corporation at least a majority of the stock of which is owned by Bankshares, either directly or through one or more other Subsidiaries, and any other entity controlled,
directly or indirectly, by Bankshares or any other Subsidiary. 
 (p) Term means the term of this Agreement specified in
Section 3 below, including the initial term, all renewal terms and any extended term pursuant to Section 8(a) below. 

(q) Termination for cause means discharge of Executive prior to the end of the Term in accordance with the provisions of
Section 7(d) below for any of the reasons listed therein. 
 (r) Termination without cause means discharge of
Executive prior to the end of the Term in accordance with the provisions of Section 7(e) below. 

  
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 2. EMPLOYMENT: 

(a) During the Term, Executive shall report to the Chief Executive Officer of the Bank or such executive officer of the Bank as the
Bank’s Chief Executive Officer shall designate, and shall perform such services for the Bank and/or one or more Subsidiaries as may be assigned to Executive by the Chief Executive Officer of the Bank, his designate, or the Board of Directors of
the Bank from time to time upon the terms and conditions hereinafter set forth. Executive agrees that, during the Term of Executive’s employment under this Agreement, he will devote his full business time and energy to the business, affairs and
interests of the Bank and serve diligently and to the best of his ability. Executive may serve as a director, trustee or officer of other corporations and entities, including without limitation charitable organizations, and engage in other
activities to the extent those activities and services do not inhibit the performance of Executive’s duties hereunder or conflict with the business of Bankshares, the Bank or any Subsidiary other than the Bank or any other affiliate of
Bankshares or a Subsidiary. 
 (b) References in this Agreement to services rendered for the Bank and compensation, benefits,
indemnification and liability insurance payable or provided by the Bank shall include services rendered for and compensation, benefits, indemnification and liability insurance payable or provided by Bankshares and any Subsidiary other than the Bank,
and references in this Agreement to “Bank” shall mean and include Bankshares and any Subsidiary other than the Bank if Executive performs any services therefor, as the context may require. 

3. TERM: The initial term of this Agreement shall be for the period beginning on January 1, 2011 and ending on
December 31, 2012, and this Agreement shall continue after the initial term for successive renewal terms of two (2) years each, unless at least three (3) months prior to the end of the initial term or any renewal term, either
Executive or the Bank delivers to the other written notice that this Agreement shall terminate at the expiration of the then-existing term, subject, however, to earlier termination in the manner provided in this Agreement. Notwithstanding the
preceding sentence, the term of this Agreement shall be extended pursuant to Section 8(a) below upon the occurrence of a Change of Control. 
 4. BASE SALARY: Executive shall receive Base Salary at the rate in effect for Executive as of January 1, 2011, payable in substantially equal installments no less frequently than monthly (less
any amounts withheld as required by law or pursuant to any benefits plan). At least annually, the Bank shall review and, in its sole discretion, may increase Executive’s Base Salary. If Executive’s Base Salary is increased by the Bank,
such increased Base Salary shall then constitute the Base Salary for all purposes of this Agreement and such Base Salary shall not be reduced during the Term of this Agreement. 

5. EMPLOYEE BENEFITS AND REIMBURSEMENTS: During the Term of employment under this Agreement, Executive shall participate or be
entitled to participate in any pension, group insurance, hospitalization, incentive or deferred compensation and other benefit or compensation plans of the Bank presently in effect or hereafter adopted and generally available to all the Bank’s
employees. Executive shall also be entitled to any additional compensation, benefits or perquisites, if any, that may be provided specifically to or for Executive by the Bank from time to time. During the Term, to the extent provided by corporate
policies, Executive shall be reimbursed for expenditures (including travel, entertainment, parking and business meetings) made in pursuance and furtherance of the business and good will of the Bank. 

  
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 6. INDEMNIFICATION: 

(a) The Bank and any Subsidiary other than the Bank for which Executive provides services shall indemnify and hold Executive harmless
from and against all liability and expense resulting from (1) all acts or omissions of Executive while acting in the capacity of a director, officer, trustee, or fiduciary and/or employee of the Bank and any such Subsidiary during
Executive’s employment as such director, officer, and/or employee and (2) acts or omissions of the Bank and any such Subsidiary occurring or alleged to have occurred during or prior to Executive’s employment, on terms and conditions
no less favorable to Executive than the terms and conditions providing for indemnification of officers and directors under the Articles or Certificate of Incorporation and the Bylaws of the Bank and each such Subsidiary as in effect on the date of
this Agreement. If the Articles or Certificate of Incorporation or the Bylaws of the Bank and/or any such Subsidiary are hereafter amended to provide officers and directors with broader or greater rights of indemnification, the Bank and each such
Subsidiary acknowledge and agree that Executive shall be indemnified and held harmless under such broader or greater rights of indemnification and, further, that in no event shall Executive be entitled to any lesser rights of indemnification than
would be available to Executive under such Articles or Certificate of Incorporation and/or Bylaws on the date of this Agreement. 
 (b) To the maximum extent permitted by applicable law as in effect on the date of this Agreement and without abridging or limiting the right of indemnification provided under Section 6(a) above, the
Bank and each Subsidiary other than the Bank for which Executive provides services shall indemnify and hold Executive harmless from and against all liability and expense resulting from (1) all acts or omissions of Executive while acting in the
capacity of a director, officer, trustee, fiduciary and/or employee of the Bank and any such Subsidiary during Executive’s employment as such officer and director and (2) acts or omissions of Bank and any such Subsidiary occurring or
alleged to have occurred during or prior to Executive’s employment. 
 (c) If applicable laws relating to the
indemnification of officers and directors (including, without limitation, the rules and regulations of the appropriate primary federal or state banking agency for the Bank and any Subsidiary other than the Bank for which Executive provides services)
are hereafter amended to provide officers and directors with broader or greater rights of indemnification than is provided under Section 6(a) or Section 6(b) above, the Bank and each Subsidiary other than the Bank for which Executive
provides services acknowledge and agree that Executive shall be indemnified and held harmless under such broader or greater rights of indemnification and, further, that in no event shall Executive be entitled to any lesser rights of indemnification
than are presently available to Executive under Section 6(a) or Section 6(b) above on the date of this Agreement. The Bank and Executive further acknowledge and agree that it is the intention of the parties that Executive shall be entitled
to indemnification as set forth under Section 6(a) and Section 6(b) above to the greatest extent possible under either the Articles or Certificate of Incorporation and the Bylaws of the Bank and each Subsidiary other than the Bank for
which Executive performs services or applicable law as in effect on the date of this Agreement or as hereafter amended from time to time to provide broader or greater rights of indemnification. 

  
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 (d) The Bank shall carry Directors and Officers Liability Insurance in such amounts as the
Bank in its discretion deems appropriate, and any payments made under such policy to Executive or on Executive’s behalf shall be offset against the indemnification obligation set forth in Section 6(a), Section 6(b) and
Section 6(c) above. 
 (e) Notwithstanding the foregoing, the indemnification provided by Section 6(a),
Section 6(b) and Section 6(c) above shall not apply, and Executive shall not be indemnified, with respect to any acts or omissions which constitute wanton or willful misconduct or willful gross negligence. The indemnity obligation set
forth in this Section 6 shall be subject to the prohibitions and limitations established by applicable law and as set forth in applicable regulations adopted by any federal or state bank regulatory agency having jurisdiction over the Bank or
any Subsidiary other than the Bank for which Executive performs services. 
 (f) The provisions of this Section 6 shall
survive termination of this Agreement. 
 7. TERMINATION: Executive’s employment under this Agreement may be
terminated under any of the following conditions. 
 (a) Disability: If Executive is unable to perform the essential functions
of Executive’s job on a full-time basis for a period of six (6) consecutive months (or for such shorter period ending with Executive’s eligibility for and receipt of long-term disability benefits under an insurance policy or employee
benefit plan provided or made available to Executive by the Bank) by reason of illness or other physical or mental disability, the Bank shall have the right to terminate Executive’s employment under this Agreement at the end of the applicable
period by written notice thereof. If Executive’s employment is so terminated, Executive shall be paid any salary and benefits to which Executive may be entitled until the end of the payroll period in which the date of termination occurs, and
thereafter, the Bank shall have no further obligation for additional compensation and benefits under this Agreement. A condition of disability shall be determined by the Bank on the basis of competent evidence. A written opinion of a licensed
physician certified in his field of specialization and acceptable to the Bank, or Executive’s entitlement to or receipt of long-term disability benefits under any insurance policy or employee benefit plan provided or made available to Executive
by the Bank or under Federal Social Security law, shall be conclusive evidence of disability. 
 (b) Death: In the event of
Executive’s death during the Term of this Agreement, Executive’s estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid compensation at the rate in effect at the time of Executive’s
death for a period of one (1) month after the date of Executive’s death and shall be paid for any accrued and unused paid time off. Such additional compensation and accrued and unused paid time off shall be paid in a single lump sum within
thirty (30) days from Executive’s date of death. 
 (c) Resignation By Executive: If Executive resigns or voluntarily
leaves the employ of the Bank, other than under circumstances treated as resignation for good reason, then 

  
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Executive shall be in breach of this Agreement and, without limiting the generality of the foregoing, the obligations of the Bank to Executive shall terminate, except for the obligation to pay
any accrued and unpaid salary, and accrued and unused paid time off as of the date of such resignation. 
 (d) Termination For
Cause: The Bank may, in its sole discretion, by written notice to Executive terminate Executive’s employment immediately for breach upon the occurrence of any of the following: 

(1) Executive’s failure to follow or to cooperate in carrying out any of the policies of the Bank or the directions of the Board,
the Chief Executive Officer of the Bank or any other executive officer of the Bank to whom Executive reports; 
 (2)
Executive’s insubordination toward any member of the Board, the Chief Executive Officer of the Bank or any other executive officer of the Bank to whom Executive reports; 
 (3) Continued and willful neglect by Executive of Executive’s duties for or on behalf of the Bank or any Subsidiary other than the Bank for which Executive provides services; 

(4) Willful misconduct of Executive in connection with the performance of any of Executive’s duties, including, by way of example,
but not limitation, misappropriation of funds or property of Bankshares, the Bank or Subsidiary other than the Bank or a depositor therein or borrower therefrom, or securing or attempting to secure personally any profit in connection with any
transaction entered into on behalf of Bankshares, the Bank or Subsidiary other than the Bank to the prejudice of the Bank or its Subsidiaries; 
 (5) Conduct by Executive which results in Executive’s suspension and/or temporary prohibition or removal and/or permanent prohibition from participation in the conduct of the affairs of the Bank or
any Subsidiary other than the Bank pursuant to the rules and regulations of the primary federal or state banking agency for the Bank or the other Subsidiary or any other federal or state banking agency having regulatory jurisdiction over the Bank or
the other Subsidiary; 
 (6) Conviction of Executive of a felony or any misdemeanor involving moral turpitude or
Executive’s willful violation of any law, rule or regulation to which the Bank or other Subsidiary for which Executive performs services is subject or of a final order or other formal administrative action entered into, by or imposed upon the
Bank or any such Subsidiary; 
 (7) Willful violation of any code of conduct or standards of ethics applicable to employees of
the Bank that results in material and demonstrable damage to the business or reputation of the Bank; or 
 (8) The issuance of
a permanent injunction or similar remedy against Executive preventing Executive from executing or performing all or part of this Agreement. 

  
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 If Executive’s employment is terminated for cause or the Bank has cause for
termination and Executive voluntarily resigns, Executive shall not be entitled to any further compensation or benefits under this Agreement other than payment for any accrued and unused paid time off. Moreover, nothing in this Section 7 is
intended to have any effect on any rights that are vested. 
 Notwithstanding anything herein to the contrary, except as
“willful” may be otherwise defined by the rules and regulations of the primary federal or state banking agency for the Bank or Bank Subsidiary for which Executive performs services or any other federal or state banking agency having
regulatory jurisdiction over the Bank or Bank Subsidiary for which Executive performs services, (x) no act or failure to act on Executive’s part shall be considered “willful” unless done, or omitted to be done, by Executive in
bad faith and without reasonable belief that Executive’s action or omission was in the best interest of the Bank and/or each Bank Subsidiary for which Executive performs services, and (y) no failure to act on Executive’s part shall be
considered “willful” if such failure is a result of a condition of disability within the meaning of Section 7(a) of this Agreement. 
 (e) Termination Without Cause: The Bank may, in its sole discretion, by written notice to Executive terminate Executive’s employment under this Agreement immediately without cause at any time. In the
event of such termination: (i) Executive shall be paid any accrued and unused paid time off as of the date of termination, and (ii) Executive shall continue to be paid, during the twelve (12) months that follow the date of
termination, the Base Salary that Executive is entitled to receive as of the date Executive is terminated without cause. Nothing in this Section shall affect Executive’s rights to receive any benefit which has been earned but not paid with
respect to Executive’s performance prior to the date of such termination. The Bank’s payment of the twelve (12) months of Base Salary described in this Section 7(e) shall be contingent upon Executive’s executing the Release
Agreement within thirty (30) days after the date of such termination, not revoking the Release Agreement, and complying with the terms of the Release Agreement. The salary described in this Section 7(e) will be due Executive regardless of
any subsequent employment attained by Executive which is not in violation of this Agreement or the Release Agreement. 

Notwithstanding the foregoing provisions of this Section 7(e), the Bank shall not terminate Executive’s employment without
cause (nor shall any decision previously made to terminate Executive’s employment without cause be effective) nor shall the Bank, without cause, fail to renew this Agreement pursuant to Section 3 during any period of time when the Bank has
knowledge that any person, entity or concern, whether acting independently, as part of a group or in concert with any other person, entity or concern, has taken steps reasonably calculated to effect a Change of Control of Bankshares until, in the
opinion of the Bank, such person, entity or concern has abandoned or terminated such efforts to effect a Change of Control. Any good faith determination by the Bank that any such person, concern or entity has abandoned or terminated such efforts to
effect a Change of Control shall be conclusive and binding on Executive. Such determination shall be promptly communicated to Executive in writing by the Bank. 

  
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 (f) Resignation For Good Reason: 

(1) Executive may resign for good reason upon the occurrence of any of the following conditions: 

(a) A reduction by the Bank of Executive’s Base Salary; or 

(b) Any material breach of this Agreement by the Bank; 
 Executive’s continued employment shall not constitute consent to, or a waiver of rights, with respect to, any act or failure to act constituting good reason. 

(2) Resignation for good reason shall be effected by delivering to the Bank, within twelve (12) months after the occurrence of one
of the conditions described above, a written notice specifying a date for termination of employment (a) which is not less than thirty (30) days after the date of the notice, and (b) which is not more than ninety (90) days after
the date of the notice. The notice shall also state that Executive is resigning for good reason as contemplated by this Section 7(f) and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for resignation
for good reason hereunder. If within the notice period, the Bank cures or corrects any circumstances providing a basis for resignation for good reason, Executive shall not be entitled to resign for good reason. 

(3) If Executive resigns for good reason at any time after the date of this Agreement (other than a resignation for good reason during
the Term after a Change of Control, which shall be governed by Section 8 below), then Executive shall be paid any accrued and unused paid time off as of the date of Executive’s termination of employment, and Executive shall continue to be
paid, during the twelve (12) months that follow the date of Executive’s termination of employment, the Base Salary that Executive is entitled to receive as of the date of the notice announcing Executive’s resignation; provided that
nothing in this Section 7(f) shall affect Executive’s rights to receive any benefit which has been earned but not paid with respect to Executive’s performance prior to the date of termination. The Bank’s payment of the twelve
(12) months of Base Salary described in this Section 7(f) shall be contingent upon Executive’s executing the Release Agreement within thirty (30) days after the date of such termination, not revoking the Release Agreement, and
complying with the terms of the Release Agreement. The salary described in this Section 7(f) will be due Executive regardless of any subsequent employment attained by Executive which is not in violation of this Agreement or the Release
Agreement. 
 8. CHANGE OF CONTROL: Notwithstanding the preceding provisions of this Agreement, upon the occurrence of a
Change of Control, the following provisions shall apply: 
 (a) The Term shall be extended for a period of two (2) years
after the date on which the Change of Control occurs. 
 (b) If during the Term, as extended pursuant to Section 8(a),
either Executive’s employment is terminated without cause or Executive resigns for good reason, in either case, the Bank shall provide to Executive the following severance benefits: 

(1) The Bank shall pay to Executive, in lieu of the compensation specified in Sections 7(e) and 7(f), severance pay (subject to any
applicable payroll or other taxes 

  
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required to be withheld) equal to eighteen (18) months’ Base Salary at the rate then in effect, or if greater, in effect immediately preceding the Change of Control. Severance pay shall
be paid in cash (except to the extent that Executive and the Bank agree that it shall be paid in other property) and shall be paid in one lump sum on or before Executive’s last day of employment. 

(2) The Bank shall pay to Executive in a lump sum on or before Executive’s last day of employment the amount of Executive’s
accrued and unused paid time off determined on the basis of his Base Salary then in effect, or if greater, in effect immediately preceding the Change of Control. 
 (3) If Executive collects any part or all of the severance pay and paid time off provided under this Section 8 by or through a lawyer or lawyers, following a Change of Control and a dispute with the
Bank regarding the terms of this Section 8 and any related provision of this Agreement, the Bank shall pay all costs of any such collection or enforcement, including reasonable legal fees and other out of pocket expenses incurred by Executive,
up to that point when the Bank offered to settle the dispute for an amount equal to the amount that Executive is entitled to recover. 
 (4) The payments described in this Section 8 shall be due Executive regardless of any subsequent employment obtained by Executive. 

9. NONCOMPETITION, NONSOLICITATION AND NONDISCLOSURE: 
 (a) Non- Competition: Except as otherwise provided in Section 9(e) below, during the Term and the Restricted Period, Executive shall not: 

(1) Provide services to a competitor of Bankshares or the Bank if such services are the same as or similar to the services performed by
Executive for the Bank or a Subsidiary other than the Bank. 
 (2) Provide services to a competitor of Bankshares or the Bank
if these services involve the supervision or management of employees or other agents who provide services which are the same as or similar to the services performed by Executive for the Bank or a Subsidiary other than the Bank. 

(3) Provide services to a competitor of Bankshares or the Bank if Executive’s performance of such services would be rendered less
difficult through Executive’s use, misappropriation, or disclosure of Bankshares’, the Bank’s or any Subsidiary other than the Bank’s confidential information, proprietary information, or trade secret information to which
Executive had access during Executive’s employment with the Bank or a Subsidiary other than the Bank. 
 The restrictions
contained in this Section 9(a) shall only prohibit Executive from providing services in South Hampton Roads (that is, the cities of Norfolk, Portsmouth, Chesapeake, Virginia Beach and Suffolk, Virginia) for a business or entity which has a
location within South Hampton Roads and competes with Bankshares or the Bank. 

  
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 (b) Non-Solicitation of Employees: Except as otherwise provided in Section 9(e)
below, during the Term and the Restricted Period, Executive shall not induce or attempt to induce any employee of Bankshares, the Bank or any Subsidiary other than the Bank to leave such employee’s position with Bankshares, the Bank or any
Subsidiary other than the Bank to become associated with a business which competes with Bankshares, the Bank or any Subsidiary other than the Bank. 
 (c) Non-Solicitation of Customers: Except as otherwise provided in Section 9(e) below, during the Term and the Restricted Period, Executive shall not: 

(1) Induce or attempt to induce any Protected Customer of Bankshares, the Bank or any Subsidiary other than the Bank to cease
transacting business with Bankshares, the Bank or any Subsidiary other than the Bank. 
 (2) Induce or attempt to induce any
Protected Customer of Bankshares, the Bank or any Subsidiary other than the Bank to transfer any part of such Protected Customer’s business from Bankshares, the Bank or any Subsidiary other than the Bank to a competing depository institution.

 (d) Non-Disclosure: During the Term and for twelve (12) months after the end of the Restricted Period, Executive
shall hold in a fiduciary capacity for the benefit of Bankshares and its Subsidiaries all secret or confidential information, knowledge or data relating to Bankshares, the Bank and Subsidiaries other than the Bank and their respective businesses,
which shall have been obtained by Executive during Executive’s employment by the Bank and any Subsidiary other than the Bank and which shall not be or become public knowledge (other than by acts by Executive or representatives of Executive in
violation of this Agreement). During the Term and for twelve (12) months after the end of the Restricted Period, Executive shall not, without the prior written consent of as applicable, Bankshares, the Bank and such other Subsidiary or as may
otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than Bankshares, the Bank and such other Subsidiary and those designated by them. After the end of the Restricted Period,
the existence and identity of the customers and employees of Bankshares, the Bank and any Subsidiaries other than the Bank shall not constitute secret or confidential information, knowledge or data. 

(e) The provisions contained in Sections 9(a)-(c) shall not apply and shall have no force and effect at any time following a
Change of Control. During any period in which the provisions of Sections 9(a)-(c) are effective, those provisions shall not preclude Executive from holding any publicly traded stock provided Executive does not acquire any stock interest in
any one company in excess of one percent (1%) of the outstanding voting stock of that company. 
 (f) The parties agree
that the restrictions contained in this Section 9 are reasonable and fair. If Executive competes in violation of the terms of this Section 9, the parties agree that the Bank will be irreparably harmed without an adequate remedy at law.
Accordingly, Executive acknowledges that if he breaches or threatens to breach any provision of this Section 9, the Bank shall be entitled to an injunction, both preliminary and permanent, restraining Executive from such breach or threatened
breach, but such injunctive relief shall not preclude the Bank from pursuing all other legal or equitable remedies arising out of such a breach. 

  
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 10. REFORMATION: The parties have attempted to limit Executive’s right to
compete only to the extent necessary to protect the Bank, Bankshares and Subsidiaries other than the Bank from unfair competition. The parties recognize, however, that reasonable people may differ in making such a determination. Consequently, the
parties hereby agree that, if the scope or enforceability of a restrictive covenant set forth in Section 9 is in any way disputed at any time, a court or other trier of fact may modify and reform such provision to substitute such other terms as
are reasonable to protect the legitimate business interests of the Bank, Bankshares and Subsidiaries other than the Bank. 
 11.
CERTAIN REPAYMENTS REQUIRED: Anything herein to the contrary, Executive shall be obligated to repay to the Bank or Subsidiary other than the Bank for which Executive performs services, as applicable, any of the following amounts under the
enumerated circumstances: 
 (a) Any payments of Executive’s Base Salary made after Executive’s termination of
employment pursuant to Section 7(e) or Section 7(f) if prior to Executive’s termination of employment, Cause existed with respect to Executive, or if prior to or after Executive’s termination of employment, Executive violated or
violates any of the restrictions contained in Section 9 (other than any restriction that is inapplicable following a Change of Control pursuant to Section 9(e)). 
 (b) In the case of any bonus, incentive, commission or other compensation payment that was based in whole or in part on inaccurate data or factual assumptions (such as a performance bonus based on
inaccurate financial data), the portion of the payment that is equal to the excess amount that Executive would not have received except for the inaccuracy. 
 Any amount to be repaid to the Bank or any such Subsidiary by Executive pursuant to this Section 11 shall be paid in a single lump sum payment in immediately available funds not later than the
fifteenth (15th) business day immediately following the date notice and demand for payment is made in writing to Executive by the Bank or applicable Subsidiary. If any such amount is not so paid, in addition to any other remedies to which the
Bank or applicable Subsidiary may be entitled, Executive agrees to an offset of any unpaid amount against any amounts that may otherwise be due to him from the Bank or applicable Subsidiary. 

12. NOTICES: For the purposes of this Agreement, notices or other communications provided for in this Agreement shall be in
writing and shall be deemed to have been duly given when hand delivered to the party to whom directed or mailed by United States certified mail, return receipt requested, postage prepaid, addressed to such party at such party’s address last
known by the party giving such notice. Each party may, from time to time, and shall, upon request of another party, designate an address to which notices should be sent. Notices of change of address shall be effective only upon receipt. 

13. MODIFICATION - WAIVERS - APPLICABLE LAW: Subject to Section 23, no provisions of this Agreement may be modified, waived
or discharged unless such waiver, 

  
 12 

 
modification or discharge is agreed to in writing, signed by Executive and on behalf of the Bank by such officers as may be specifically designated by the Bank. No waiver of any breach, condition
or provision of this Agreement by any party hereto at any time shall be deemed a waiver of similar or dissimilar provisions 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 any 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. The parties hereby irrevocably submit to the venue of the Circuit Court of Norfolk, Virginia for any action arising out of or relating to this Agreement. 

14. INVALIDITY - ENFORCEABILITY: The invalidity or enforceability of any provision 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 in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. 
 15. SUCCESSOR RIGHTS: This Agreement shall inure to the benefit of and be enforceable by
Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees, and shall be binding upon the Bank and any successor to the Bank. If Executive should die while any amounts would
still be payable to Executive hereunder all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee or other designee or, if there is no such designee, to
Executive’s estate. 
 16. ATTORNEY’S FEES: Subject to Section 8(b)(3), in the event that either party
incurs costs and fees, including attorney’s fees, in enforcing its rights under this Agreement, the party substantially prevailing in such suit or action including any appeal shall be entitled to recover from the other all such costs and
reasonable attorney’s fees. 
 17. COMPLIANCE WITH FEDERAL STATUTES AND REGULATIONS: 

(a) If Executive is suspended and/or temporarily prohibited from participating in the conduct of the affairs of the Bank or any Bank
Subsidiary by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1818(e)(3) and (g)(1)), the Bank’s obligations to Executive under this Agreement shall be suspended as of the date
of service of any such notice unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its obligations under this
Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 
 (b) If
Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s or a Bank Subsidiary’s affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C.
Section 1818(e)(4) or (g)(1)), all obligations of the Bank under this Agreement pertaining to the Bank or applicable Bank Subsidiary shall terminate as of the effective date of the order, but vested rights of the parties hereto shall not be
affected. 

  
 13 

 (c) If the Bank or a Subsidiary other than the Bank for which Executive performs services is
in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act 12 U.S.C. Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but this Section 17(c) shall not affect any
vested rights of the parties hereto shall not be affected. 
 (d) All obligations under this Agreement pertaining to the Bank or
a Subsidiary other than the Bank for which Executive performs services shall be terminated, except to the extent that it is determined that continuation of the contract is necessary to the continued operation of the Bank or other Subsidiary
(i) by the appropriate federal banking agency, at the time the Federal Deposit Insurance Corporation enters into an agreement to provide assistance to or on behalf of the Bank or other Subsidiary under the authority contained in
Section 13(c) of the Federal Deposit Insurance Act (18 U.S.C. Section 1823(c)); or (ii) by the appropriate federal banking agency, at the time such agency approves a supervisory merger to resolve problems related to operation of the
Bank or other Subsidiary or when the Bank or other Subsidiary is determined by such agency to be in an unsafe or unsound condition; but vested rights of the parties hereto shall not be affected. 

18. HEADINGS: Descriptive headings contained in this Agreement are for convenience only and shall not control or affect the
meaning or construction of any provision hereof. 
 19. LEGAL CONFLICT: In the event of any conflict between any of the
provisions of this Agreement and the provisions of any applicable statutes or regulations, as such statutes or regulations are in effect as of the date of this Agreement, the provisions of such statutes or regulations in effect as of the date of
this Agreement shall control. 
 20. SUPERSESSION OF PRIOR AGREEMENTS: Except as provided in Section 22, this
Agreement supersedes all prior agreements, either expressed or implied, between the parties hereto with respect to the employment of Executive. 
 21. INTERNAL REVENUE CODE SECTION 409A/CONTINUATION OF BENEFITS/REIMBURSEMENTS: This Agreement is intended to and shall comply with Section 409A of the Code. All references to a termination of
employment and separation from service shall mean and be administered to comply with the definition of “separation from service” in Section 409A of the Code. 
 All reimbursements provided under this Agreement shall comply with Section 409A of the Code and shall be subject to the following requirements: 

(a) The amount of expenses eligible for reimbursement, during Executive’s taxable year may not affect the expenses eligible for
reimbursement to be provided in another taxable year, and 

  
 14 

 (b) The reimbursement of an eligible expense must be made by December 31 following the
taxable year in which the expense was incurred. 
 The right to reimbursement is not subject to liquidation or exchange for another benefit.

 If Executive is a “specified employee” (as defined under Section 409A of the Code) at the time of separation from service, to
the extent that any amount payable under this Agreement constitutes “deferred compensation” under Section 409A of the Code (and is not otherwise excepted from Section 409A of the Code coverage by virtue of being considered
“separation pay” or a “short term deferral” or otherwise) and is payable to Executive based upon a separation from service (other than death or “disability” as defined under Section 409A of the Code), such amount
shall not be paid until the first day following the six-month anniversary of the employee’s separation from service. 
 Any right to a
series of installment payments shall be treated as a right to a series of separate payments for purposes of Section 409A of the Code. 

Payment of any accrued and unused paid time off, unless expressly provided otherwise herein shall be made in a single lump sum within 30 days of
separation from service. 
 22. EESA RESTRICTIONS: Notwithstanding anything in this Agreement to the contrary, this
Agreement shall be subject to the RESTRICTIONS RELATING TO EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 attached hereto as Exhibit B. 
 23. ASSURANCE OF FUTURE COOPERATION/UNILATERAL AMENDMENT: Executive agrees that this Agreement is subject to amendment at any time in order to comply with laws that are applicable to the Bank and
Bankshares (including regulations and rules relating to any governmental program in which the Bank or Bankshares may participate), and agrees that the Bank may amend this Agreement unilaterally as it deems appropriate to ensure this compliance.

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

 

			
	EXECUTIVE
	
	 /s/ Leigh Keogh

	Leigh Keogh
	
	HERITAGE BANK
		
	By:	 	 /s/ Michael S. Ives

		 	Michael S. Ives
		 	President and Chief Executive Officer

  
 15 

 EXHIBIT A 
 EXECUTIVE RELEASE AGREEMENT 
 This EXECUTIVE RELEASE AGREEMENT
(“Release Agreement”) is made between Leigh Keogh (“Executive”) and Heritage Bank, a Virginia corporation, and its predecessors, successors and assigns (referred to herein, collectively and individually, as “the Bank”).

  

	A.	REASONS FOR AGREEMENT 

 1.
Executive is ending his employment relationship with the Bank following either his “Termination without Cause” or his “Resignation for Good Reason,” as these terms are described in Sections 7(e) and 7(f) of Executive’s
Employment Agreement. 
 2. Executive wants to receive the twelve (12) months of continued payments of his Base Salary, as
referenced in Section 7(e) or 7(f) of Executive’s Employment Agreement, and Executive understands that such payments are conditioned upon Executive’s execution of and compliance with this Release Agreement. 

 

	B.	AGREEMENT 

 NOW, THEREFORE, in
consideration of the mutual promises of the parties hereto and for other good and valuable consideration, the receipt and adequacy whereof each party hereby acknowledges, the Bank and Executive hereby agree as follows: 

1. Termination Benefit 
 The Bank agrees that it shall continue to pay Executive his Base Salary for twelve (12) months from the date of his termination as described in Section 7(e) or 7(f) of Executive’s
Employment Agreement. These continued payments are conditioned upon Executive’s continued compliance with his obligations under this Release Agreement. 
 2. General Release 
 Executive agrees, for himself and his heirs,
representatives, successors and assigns, that he waives, releases and forever discharges the Bank, Heritage Bankshares, Inc. (referred to herein as “Bankshares”) and their parents, subsidiaries, and affiliates as well as their directors,
officers, employees and agents, from any and all claims, known or unknown, that he has or may have relating to or arising out of his employment with the Bank and any affiliate of the Bank, and the termination thereof, including but not limited to
any claims of wrongful discharge, breach of express or implied contract, fraud, misrepresentation, defamation, liability in tort, claims of any kind that may be brought in any court or administrative agency, any claims under Title VII of the Civil
Rights Act of 1964, as amended, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Employee Retirement Income Security Act, the Family and Medical Leave Act, or any other federal, state or local law relating to
employment, employee benefits or the termination of employment, or any other claim arising out of or relating to Executive’s employment, excepting only the provisions of this Release Agreement. 

  
 A-1

 3. Special ADEA Waiver and Release Notification 

The General Release, paragraph B.2 above of this Release Agreement, includes a waiver and release of all claims under the Age
Discrimination in Employment Act (“ADEA”) and, therefore, pursuant to the requirements of the ADEA, Executive acknowledges that he has been (a) advised that this waiver and release includes, but is not limited to, all claims under the
ADEA arising up to and including the date of his execution of this waiver and release, (b) advised to consult with an attorney and/or other advisor of his choosing concerning the rights and obligations under this Release Agreement prior to his
execution of it, (c) given at least 21 days within which to consider this Release Agreement, and (d) advised that he has 7 days following the execution of this Release Agreement to revoke it by sending written notice to
                     at 150 Granby St., Suite 175, Norfolk, Virginia 23510, and that this Release Agreement shall not become effective and
enforceable until the revocation period has expired. 
 4. Return of Property 

Executive agrees to return to the Bank on or before
                     all property of the Bank in his possession or under his control. 

5. Cooperation and Non-Disparagement 
 Executive agrees that he will continue to cooperate with the Bank by projecting a positive attitude toward the Bank and its employees and services. Executive agrees not to disparage the Bank or its
employees, officers or directors. 
 6. Non-Competition  

(a) For a period of twelve months following the termination of his employment with the Bank, Executive agrees not to provide competitive
services in South Hampton Roads (that is, the cities of Norfolk, Portsmouth, Chesapeake, Virginia Beach and Suffolk, Virginia) to a competitor of the Bank or Bankshares if such competitor has at least one location in South Hampton Roads. 

(b) Executive understands and agrees that his continued salary payments are contingent upon his compliance with this Release Agreement,
including but not limited to compliance with this Paragraph 6. 
 (c) In addition to any other remedies to which the Bank
may be entitled as a result of Executive’s breach of this Release Agreement, (i) Executive shall forfeit the right to any further continuing salary payments beginning with the date that Executive first provided competitive services to a
competitor of the Bank or Bankshares, and (ii) Executive shall repay to the Bank all continued salary payments previously paid by the Bank to Executive after the date of his termination of employment. Any amount to be repaid to the Bank by
Executive pursuant to this paragraph 6(c) shall be paid in a single lump sum payment in immediately available funds not later than the fifteenth (15th) business day immediately following the date notice and demand for payment is made in
writing to Executive by the Bank. 

  
 A-2

 7. No Waiver of Breach or Remedy 

A waiver by the Bank of the breach of any of the provisions of this Release Agreement shall not be deemed a waiver by the Bank of any
subsequent breach, nor shall recourse to any remedy hereunder be deemed a waiver of any other or further relief or remedy provided for herein. 
 8. Entire Agreement 
 (a) The parties understand and agree that all terms
of this Release Agreement are contractual and are not a mere recital, and represent and warrant that they are competent and possess the full and complete authority to covenant and agree as herein provided. 

(b) Executive understands, agrees, and represents that the covenants made herein and the releases herein executed may affect rights and
liabilities of substantial extent and agrees that the Release Agreement is in his best interest. Executive represents and warrants that, in negotiating and executing this Release Agreement, he has had an adequate opportunity to consult with
competent counsel or other representatives of his choosing concerning the meaning and effect of each term and provision hereof, and that there are no representations, promises or agreements other than those expressly set forth in writing herein.

 (c) The parties have carefully read this Release Agreement in its entirety; fully understand and agree to its terms and
provisions; intend and agree that it is final and binding and understand that, in the event of a breach, either party may seek relief, including damages, restitution and injunctive relief, at law or in equity, in a court of competent jurisdiction.

 9. Governing Law: This Release Agreement shall be governed by the laws of the Commonwealth of Virginia applicable to
agreements made, and to be performed, therein and without resort to Virginia’s conflict of law provisions or rules. The parties hereby irrevocably submit to the venue of the Circuit Court of Norfolk, Virginia for any action arising out of or
relating to this Release Agreement. 
 10. Severability: If any provision of this Release Agreement shall be held by any
court of competent jurisdiction to be unlawful, void or unenforceable for any reason as to person or circumstance, such provision or provisions shall be deemed severable from and shall in no way affect the enforceability and validity of the
remaining provisions of this Agreement. 

  
 A-3

 IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed the
foregoing Release Agreement this          day of                     ,
            . 
  

			
	EXECUTIVE
	
	  

	Leigh Keogh
	
	HERITAGE BANK
		
	By:	 	  

		 	Michael S. Ives
		 	President and Chief Executive Officer

  
 A-4

 EXHIBIT B 
 CERTAIN LIMITATIONS RELATING TO 
 EMERGENCY ECONOMIC STABILIZATION ACT OF
2008 
 WHEREAS, on September 25, 2009, Bankshares entered into a letter agreement with the United States Department of
the Treasury (the “UST”) pursuant to which Bankshares issued shares of preferred stock and the UST purchased from Bankshares the shares of preferred stock (the “Program”); and 

WHEREAS, Bankshares’ continued participation in the Program is subject to compliance with the Emergency Economic Stabilization Act
of 2008, as amended (“EESA”), and the rules, regulations, guidance or other requirements issued thereunder (collectively, along with the EESA, the “EESA Restrictions”), which among other things require that employment agreements
and other agreements with certain employees (the “Covered Employees”) of participants in the Program (such participants and certain of their subsidiaries are defined in, and for purposes of the EESA Restrictions constitute, “TARP
Recipients”) contain and otherwise remain subject to certain limitations in order to comply with the EESA Restrictions; and 
 WHEREAS, the limitations contemplated under the EESA Restrictions apply to certain employment, compensation, bonus, incentive, severance, retention and other employee benefit plans, arrangements, policies
and agreements (including so called “golden parachute” agreements), whether or not in writing, that Covered Employees may have with Bankshares and/or the Bank (each of which constitutes a TARP Recipient under the EESA Restrictions) or in
which Covered Employees participate and as they relate to the period during which the UST holds any equity or debt securities of Bankshares acquired through the Program (collectively, along with the Agreement, the “Benefit Plans”); and

 WHEREAS, Executive currently is, and/or from time to time during the period in which the UST holds any equity or debt
securities of Bankshares acquired through the Program may be, a Covered Employee subject to the EESA Restrictions; 
 NOW,
THEREFORE, in consideration of the mutual covenants and obligations set forth herein, and as consideration for the benefits that Executive has received and will receive as a result of Bankshares’ participation in the Program, the Bank and
Executive agree that the following limitations on the Benefit Plans set forth in this Exhibit B (collectively, the “Specified Benefit Limitations”) shall apply during any period that both Executive is a Covered Employee and
Bankshares is subject to the EESA Restrictions: 
  

	 	1.	Executive shall not receive any golden parachute payment or other payment, accrual or benefit, whether under the Agreement, any Incentive Stock Option Agreement to
which Executive is a party or otherwise pursuant to any Benefit Plans, that is prohibited by the EESA Restrictions. Without limiting the generality of the foregoing, and notwithstanding anything in the Benefit Plans to the contrary, 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. 

  
 B-1

  

	 	2.	If either the Bank or Bankshares notifies Executive in writing that Executive has received payments from it in violation of the EESA Restrictions, Executive hereby
agrees to repay to the applicable company the aggregate amount of such payments 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.	These Specified Benefit Limitations are 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 these provisions.) 

 These Specified Benefit Limitations shall be effective during any and all period(s) (but only during such period(s)) that both Bankshares and Executive are subject to the EESA Restrictions. (Without
limiting the generality of the foregoing, and for purposes of clarity, Executive acknowledges and agrees that (i) at certain times during which Bankshares is subject to the EESA Restrictions, Executive will be or may be a Covered Employee and
likewise subject to the EESA Restrictions, while at other times during which Bankshares is subject to the EESA Restrictions, Executive will not or may not be a Covered Employee subject to the EESA Restrictions; but (ii) any payment, accrual or
benefit to or for the benefit of Executive shall be prohibited by or otherwise subject to these Specified Benefit Limitations if at the applicable time thereof Executive is a Covered Employee subject to the EESA Restrictions, regardless of whether
the Executive has not in the past been and/or may not in the future be a Covered Employee subject to the EESA Restrictions.) Further, to the extent permitted by the EESA Restrictions and applicable law, Executive’s benefits under the Agreement
and any other Benefit Plans shall accrue and shall be paid to Executive at a future date when and if so permitted by the EESA Restrictions and applicable law (“Accrued Payments”), provided, that any such Accrued Payments will not accrue
interest. 
 To the extent not subject to federal law, these Specified Benefit Limitations will be governed by and construed in
accordance with the law of the Commonwealth of Virginia. Except as amended herein, the Benefit Plans shall remain in full force and effect. 

  
 B-2First Amendment dated as of November 17, 2010, to the Note Purchase Agreement

 Exhibit 10.4 
 FAMILY DOLLAR STORES, INC. 
 FAMILY DOLLAR, INC. 
  

 
 FIRST
AMENDMENT 
  
  

Dated as of November 17, 2010 
 to 
 NOTE PURCHASE AGREEMENT

 Dated as of September 27, 2005 
 and to the 
 NOTES described below 

$169,000,000 5.41% Series 2005-A Senior Notes, Tranche A, due September 27, 2015 

$81,000,000 5.24% Series 2005-A Senior Notes, Tranche B, due September 27, 2015 

 
  
  

 

 FIRST AMENDMENT TO NOTE
PURCHASE AGREEMENT AND NOTES 
 This First Amendment dated as of
November 17, 2010 (the or this “First Amendment”) to the Note Purchase Agreement dated as of September 27, 2005 and to the Notes (as such term is defined below) is between Family Dollar Stores, Inc., a Delaware corporation
(“FDSI”), Family Dollar, Inc. (“FDI”, and, together with FDSI, the “Obligors”), and each of the institutions which is a signatory to this First Amendment (collectively, the
“Noteholders”). 
 R E C I T A
L S: 
 A. The Obligors and each of the Noteholders have heretofore entered into the Note
Purchase Agreement dated as of September 27, 2005 (the “Note Agreement”). The Obligors have heretofore issued the $169,000,000 5.41% Series 2005-A Senior Notes, Tranche A, due September 27, 2015 and 5.24% Series 2005-A
Senior Notes, Tranche B due September 27, 2015 (the “Notes”) dated September 27, 2005 pursuant to the Note Agreement. 
 B. The Obligors and the Noteholders now desire to amend the Note Agreement and the Notes in the respects, but only in the respects, hereinafter set forth. 

C. Capitalized terms used herein shall have the respective meanings ascribed thereto in the Note Agreement unless herein defined or the
context shall otherwise require. 
 D. All requirements of law have been fully complied with and all other acts and things
necessary to make this First Amendment a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed. 
 NOW, THEREFORE, upon the full and complete satisfaction of the conditions precedent to the effectiveness of this First Amendment set forth in Section 4.1 hereof, and in
consideration of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Obligors and the Noteholders do hereby agree as follows: 
 SECTION 1. AMENDMENTS. 
 Section 1.1.
The Note Agreement and Notes shall be and are hereby amended by deleting the words “Obligor”, “Obligors”, “an Obligor”, “any Obligor” and “FDI” from the Note Agreement and the Notes and replacing
them with the word “FDSI”. 
 Section 1.2. Section 1.2 of the Note Agreement shall be and hereby is
amended by the adding the following new sentences at the end of such Section 1.2: 
 “If on any date a rating issued by
S&P or Moody’s, as the case may be, evidenced by either a confidential rating letter, and addressed to FDSI, or the public credit rating of FDSI’s long-term unsecured debt (each such rating, a “Rating”) is less than
(a) BBB- or its equivalent but equal to or greater than BB- or its equivalent as rated 

  
 -1-

 
by S&P, or (b) Baa3 or its equivalent but equal to greater than Ba3 or its equivalent as rated by Moody’s, then from and including such date interest on the Notes shall accrue at a
per annum interest rate equal to 1.00% per annum above the interest rate otherwise applicable with respect to such Notes. If (a) on any date a Rating is less than (i) BB- or its equivalent as rated by S&P, or (ii) Ba3 or
its equivalent as rated by Moody’s, or (b) on any date following ninety (90) days after the date hereof, no Rating has been assigned, then from and including such date interest on the Notes shall accrue at a per annum interest rate
equal to 2.00% per annum above the interest rate otherwise applicable with respect to such Notes. FDSI shall ensure that (a) the applicable rating agency continuously monitors and evaluates the Rating on a maintenance basis to
determine whether the Rating should be upgraded, downgraded or remain static, and (b) that such rating agency provides FDSI with prompt notice of any upgrade or downgrade in the Rating. FDSI shall promptly, but in any event within five
(5) Business Days following its receipt of a confidential rating letter, public credit rating or similar document relating to the Rating required be maintained hereunder or any change in such Rating, forward a copy of such confidential rating
letter, public credit rating or similar document to each holder of Notes in accordance with the terms of Section 18.” 

Section 1.3. Section 10.1 of the Note Agreement shall be and is hereby amended by deleting “60%” as used
therein and replacing it with “50%”. 
 Section 1.4. Section 10.3 of the Note Agreement shall be and
is hereby amended by deleting “20%” as used therein and replacing it with “10%”. 
 Section 1.5.
Section 10.4(j) of the Note Agreement shall be and is hereby amended in its entirety to read as follows: 
 “(j) in addition to the Liens described above, any other Liens securing Debt or other obligations not permitted above, including Liens securing Priority Debt of FDSI or any Restricted Subsidiary,
provided that such Priority Debt does not exceed the limitations set forth in Section 10.3, and, provided further that, no such Liens under this Section 10.4(j) may secure any obligations under any Parity Debt
Agreement unless the obligations under this Agreement and the Notes are equally and ratably secured pursuant to an agreement reasonably satisfactory to the Required Holders.” 

Section 1.6. Section 10.7 of the Note Agreement shall be and is hereby amended by deleting “75%” as used
therein and replacing it in each place where it occurs in such section with “90%”. 

  
 -2-

 Section 1.7. The following new Section 10.11 shall be inserted immediately
following Section 10.10 of the Note Agreement: 
 Section 10.11. Additional Restrictions. In
addition to and not in limitation of any of the restrictions to which FDSI or any of its Subsidiaries is subject pursuant to this Agreement, FDSI agrees that if FDSI or any of its Subsidiaries is or becomes subject to any covenant, agreement or
similar restriction, including without limitation those which may be expressed as “events of default” (together with the relevant definitions, an “Additional Covenant”), for the benefit of any bank, institutional lender,
or any other holder thereof, whether in an existing Debt agreement, through an amendment to an existing Debt agreement (including through an amendment of the definitions used in a covenant) or through FDSI or any of its Subsidiaries entering into a
new Debt agreement (each, an “Other Debt Agreement,” which in all cases shall include all Parity Debt Agreements), which Additional Covenant is in addition to, or more restrictive than, the covenants, agreements and restrictions to
which FDSI and its Subsidiaries are subject pursuant to this Agreement, then promptly upon the effectiveness of such Additional Covenant this Agreement shall be deemed to have been amended and such Additional Covenant (together with all relevant
definitions) will be deemed to be incorporated herein. Notwithstanding the foregoing, provided that no Default or Event of Default is then in existence, any amendment, waiver or elimination of any Additional Covenant in accordance with the terms of
the relevant Other Debt Agreement, or the termination of such Other Debt Agreement, shall, at the written request of FDSI, constitute an amendment, waiver, elimination or termination, as the case may be, of such Additional Covenant incorporated
herein pursuant to this Section 10.11; provided, however, if FDSI has requested such amendment, waiver, elimination or termination, as the case may be, then if any fee or other form of consideration (other than the payment of contracted
principal, interest, break-funding payments and prepayment premiums or similar charges) is given to any bank or institutional lender under the Other Debt Agreement for the purpose of such amendment, waiver, elimination or termination, as the case
may be, the holders of the Notes shall receive equivalent consideration (on a pro rata basis), substantially concurrently with such bank or institutional lender. Upon the written request of FDSI or the Required Holders, FDSI and the holders of the
Notes shall enter into a written agreement memorializing and acknowledging such incorporation of such Additional Covenant (and related definitions) or the amendment, waiver, elimination or termination thereof, as the case may be.

  
 -3-

 
FDSI shall provide to the holders of Notes a certified copy of the Other Debt Agreement containing the addition of such Additional Covenant thereto, or the amendment, waiver, elimination or
termination thereof, as the case may be. 
 Section 1.8. Section 22.3 of the Note Agreement shall be and is
hereby amended by adding the following sentence at the end of Section 22.3: 
 “For purposes of determining compliance
with the covenants set out in this Agreement, any election by FDSI to measure an item of indebtedness using fair value (as permitted by Statement of Financial Accounting Standards Nos. 157 or 159) shall be disregarded and such determination
shall be made by valuing indebtedness at 100% of the outstanding principal thereof.” 
 Section 1.9. Schedule B
of the Note Agreement shall be and is hereby amended by: 
 (a) deleting subclause (z) of the definition of “Priority
Debt”, deleting the word “and” immediately following subclause (y) in the definition of “Priority Debt”, and by amending subclause (y) of the definition of “Priority Debt” in its entirety to read as
follows: 
 “(y) all Debt of any Restricted Subsidiary which has guaranteed, or is otherwise obligated
as a co-borrower or co-obligor under, the Notes,”; 
 (b) adding the following definition of the term “Parity Debt
Agreement” in alphabetical order to such Schedule B: 
 “Parity Debt Agreement” means
(a) the Bank Credit Agreement, and (b) any other agreement or instrument, entered into individually or in concert or in connection with any other agreement or instrument, creating, evidencing or having borrowing capacity of Debt
outstanding of FDSI and/or any Subsidiary equal to or greater than $50,000,000 in the aggregate. 
 ; and 

(c) amending the definition of the term “Bank Credit Agreement” as follows: 

“Bank Credit Agreement” means (i) the Credit Agreement dated as of August 24, 2006 by and among
FDSI, certain Subsidiaries of FDSI named therein, Wells Fargo Bank, National Association (as successor by merger to Wachovia Bank, National Association), as Administrative Agent, Swingline Lender and Fronting Bank, and various other lenders named
therein and (ii) the 

  
 -4-

 
Credit Agreement dated as of November 17, 2010 by and among FDSI, Wells Fargo Bank, National Association, as administrative agent, and various other lenders named therein, each as amended,
restated, joined, supplemented or otherwise modified from time to time, and any renewals, extensions or replacements thereof, which constitute the primary bank credit facilities of FDSI and its Subsidiaries. 

Section 1.10. Each Note shall be amended by adding the following sentence to the end of the first paragraph of such Note:

 “The per annum interest rate applicable on this Note is subject to adjustment in accordance with Section 1.2 of the
Note Purchase Agreement.” 
 SECTION 2. RELEASE OF FDI. 

From and after the effectiveness of this First Amendment, (a) FDI shall be released as a co-obligor under the Notes and the Note
Agreement and (b) all Subsidiary Guarantors shall be released under the Notes and the Note Agreement; provided that the Obligor has satisfied the conditions set forth in Section 2.3(b) of the Note Agreement. 

SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE
OBLIGORS. 
 Section 3.1. To induce the Noteholders to execute and deliver this First Amendment (which
representations shall survive the execution and delivery of this First Amendment), each Obligor represents and warrants to the Noteholders that: 
 (a) this First Amendment has been duly authorized, executed and delivered by it and this First Amendment constitutes the legal, valid and binding obligation, contract and agreement of the Obligors
enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally;

 (b) the Note Agreement, as amended by this First Amendment, constitutes the legal, valid and binding
obligations, contracts and agreement of FDSI enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or
limiting creditors’ rights generally; 
 (c) the execution, delivery and performance by it of this First
Amendment (i) has been duly authorized by all requisite corporate action and, if required, shareholder action, (ii) does not require the consent or approval of any governmental or regulatory body or agency, and (iii) will not
(A) violate (1) any provision of law, statute, rule or regulation or its certificate of incorporation or bylaws, (2) any order of any court or any 

  
 -5-

 
rule, regulation or order of any other agency or government binding upon it, or (3) any provision of any material indenture, agreement or other instrument to which it is a party or by which
its properties or assets are or may be bound, including, without limitation, the Bank Credit Agreement or (B) result in a breach or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other
instrument; 
 (d) as of the date hereof and after giving effect to this First Amendment, no Default or Event of
Default has occurred which is continuing; and 
 (e) it has received and is in possession of an indicative rating
of its long-term unsecured debt of BBB- or greater from S&P and Baa3 or greater from Moody’s, and such letters from each of Moody’s and S&P confirming such ratings remain in full force and effect. 

SECTION 4. CONDITIONS TO EFFECTIVENESS OF THIS
FIRST AMENDMENT. 
 Section 4.1. This First Amendment shall not become effective until,
and shall become effective when, each and every one of the following conditions shall have been satisfied: 
 (a)
executed counterparts of this First Amendment, duly executed by the Obligors and the holders of 100% of the outstanding principal of the Notes, shall have been delivered to the Noteholders; 

(c) the representations and warranties of each Obligor set forth in Section 3 hereof are true and correct on and with
respect to the date hereof; 
 (d) FDSI shall have paid the reasonable fees and expenses of Chapman and Cutler
LLP, counsel to the Noteholders, in connection with the negotiation, preparation, approval, execution and delivery of this First Amendment; 
 (e) FDI shall have been released from its obligations as a co-obligor under the Bank Credit Agreement; 
 (f) If any Subsidiary, including without limitation FDI, is at such time a party to the Bank Credit Agreement as a guarantor, borrower, or otherwise as an obligor, such Subsidiary shall have become a
Subsidiary Guarantor by satisfying all of the conditions contained in Section 9.8 of the Note Agreement; and 
 (g) each of the Noteholders shall have received a non-refundable amendment fee equal to 0.25% of the outstanding principal amount of the Notes (the “Amendment Fee”) held by such holder,
with such Amendment Fee to be paid by the Obligors to each Noteholder’s account specified in Schedule A to the Note Purchase Agreement (or otherwise as shall have specified to the Obligors in writing prior to the date hereof). 

  
 -6-

 Upon satisfaction of all of the foregoing conditions, this First Amendment shall become
automatically effective. 
 SECTION 5. MISCELLANEOUS. 

Section 5.1. This First Amendment shall be construed in connection with and as part of each of the Notes and the Note
Agreement, and except as modified and expressly amended by this First Amendment, all terms, conditions and covenants contained in the Note Agreement and the Notes are hereby ratified and shall be and remain in full force and effect. 

Section 5.2. Any and all notices, requests, certificates and other instruments executed and delivered after the execution and
delivery of this First Amendment may refer to the Note Agreement without making specific reference to this First Amendment but nevertheless all such references shall include this First Amendment unless the context otherwise requires. 

Section 5.3. The descriptive headings of the various Sections or parts of this First Amendment are for convenience only and
shall not affect the meaning or construction of any of the provisions hereof. 
 Section 5.4. This First Amendment
shall be governed by and construed in accordance with New York law. 
 Section 5.5. The execution hereof by you
shall constitute a contract between us for the uses and purposes hereinabove set forth, and this First Amendment may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement.

 [Signature pages immediately follow.] 

  
 -7-

 IN WITNESS WHEREOF, the parties hereto have
executed and delivered this First Amendment as of the date first written above. 
  

			
	FAMILY DOLLAR STORES, INC.
		
	By	 	 /s/ Kenneth T. Smith

		 	Name: Kenneth T. Smith
		 	Title: Senior Vice President – Chief Financial Officer
	
	FAMILY DOLLAR, INC.
		
	By	 	 /s/ Kenneth T. Smith

		 	Name: Kenneth T. Smith
		 	Title: Senior Vice President – Chief Financial Officer

  
 Family
Dollar Stores, Inc. 
 First Amendment to Note Purchase Agreement and Notes 

Signature Page 

  

					
	ACCEPTED AND AGREED TO:
	  
 THE
PRUDENTIAL INSURANCE COMPANY OF AMERICA

		
	By:	 	 /s/ Jay White

		 	Vice President
	
	GIBRALTAR LIFE INSURANCE CO., LTD.
		
	By:	 	Prudential Investment Management (Japan), Inc., as Investment Manager
		
	By:	 	 Prudential Investment Management, Inc.,
 as Sub-Adviser

			
		 	By:	 	 /s/ Jay White

		 		 	Vice President
	  
 AMERICAN
BANKERS INSURANCE COMPANY OF FLORIDA, INC.

		
	By:	 	Prudential Private Placement Investors, L.P.
		 	(as Investment Advisor)
		
	By:	 	Prudential Private Placement Investors, Inc.
		 	(as its General Partner)
			
		 	By:	 	 /s/ Jay White

		 		 	Vice President

  
 Family
Dollar Stores, Inc. 
 First Amendment to Note Purchase Agreement and Notes 

Signature Page 

  

					
	 AMERICAN MEMORIAL LIFE INSURANCE COMPANY

		
	By:	 	Prudential Private Placement Investors,
		 	L.P. (as Investment Advisor)
		
	By:	 	Prudential Private Placement Investors, Inc.
		 	(as its General Partner)
			
		 	By:	 	 /s/ Jay White

		 		 	Vice President
	
	TIME INSURANCE COMPANY
		
	By:	 	Prudential Private Placement Investors,
		 	L.P. (as Investment Advisor)
		
	By:	 	Prudential Private Placement Investors, Inc.
		 	(as its General Partner)
			
		 	By:	 	 /s/ Jay White

		 		 	Vice President
	
	UNION SECURITY INSURANCE COMPANY
		
	By:	 	Prudential Private Placement Investors,
		 	L.P. (as Investment Advisor)
		
	By:	 	Prudential Private Placement Investors, Inc.
		 	(as its General Partner)
			
		 	By:	 	 /s/ Jay White

		 		 	Vice President

  
 -2-

  

					
	 ING USA ANNUITY AND LIFE INSURANCE COMPANY

	 RELIASTAR LIFE INSURANCE COMPANY

	 ING LIFE INSURANCE AND ANNUITY COMPANY

	 SECURITY LIFE OF DENVER INSURANCE COMPANY

		
	By:	 	ING Investment Management LLC, as Agent
			
		 	By:	 	 /s/ Paul Aronson

		 	Name: Paul Aronson
		 	Title: Vice President
	
	 We acknowledge that ING USA Annuity and Life Insurance Company holds $12,000,000 5.41% Series 2005-A
Senior Notes, Tranche A, due September 27, 2015.

	
	 We acknowledge that ReliaStar Life Insurance Company holds $12,000,000 5.41% Series 2005-A Senior Notes,
Tranche A, due September 27, 2015.

	
	 We acknowledge that ING Life Insurance and Annuity Company holds $12,000,000 5.41% Series 2005-A Senior Notes,
Tranche A, due September 27, 2015.

	
	 We acknowledge that Security Life of Denver Insurance Company holds $4,000,000 5.41% Series 2005-A Senior
Notes, Tranche A, due September 27, 2015.

  
 Family
Dollar Stores, Inc. 
 First Amendment to Note Purchase Agreement and Notes 

Signature Page 

  

			
	MIDLAND NATIONAL LIFE INSURANCE COMPANY
	 BY: GUGGENHEIM PARTNERS ASSET MANAGEMENT, LLC

		 	
	By:	 	 /s/ Anne B. Walsh

		 	Name: Anne. B. Walsh
		 	Title: Senior Managing Director
	
	 We acknowledge that Midland National Life Insurance Company holds $35,000,000 5.41% Series 2005-A Senior
Notes, Tranche A, due September 27, 2015.

	
	 NORTH AMERICAN COMPANY FOR LIFE AND HEALTH INSURANCE

	 BY: GUGGENHEIM PARTNERS ASSET MANAGEMENT, LLC

		
	By:	 	 /s/ Anne B. Walsh

		 	Name: Anne. B. Walsh
		 	Title: Senior Managing Director
	
	 We acknowledge that North American Company for Life and Health Insurance holds $9,000,000 5.41% Series 2005-A
Senior Notes, Tranche A, due September 27, 2015.

  
 Family
Dollar Stores, Inc. 
 First Amendment to Note Purchase Agreement and Notes 

Signature Page 

  

			
	ALLSTATE LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Mark Cloghessy

		 	Name: Mark Cloghessy
		
	By:	 	 /s/ Jerry D. Zinkula

		 	Name: Jerry D. Zinkula
		 	Authorized Signatories
	
	 We acknowledge that Allstate Life Insurance Company holds $12,400,000 5.41% Series 2005-A Senior Notes,
Tranche A, due September 27, 2015.

	
	 We acknowledge that Allstate Life Insurance Company holds $15,600,000 5.24% Series 2005-A Senior Notes,
Tranche B, due September 27, 2015.

	
	ALLSTATE INSURANCE COMPANY
		
	By:	 	 /s/ Mark Cloghessy

		 	Name: Mark Cloghessy
		
	By:	 	 /s/ Jerry D. Zinkula

		 	Name: Jerry D. Zinkula
		 	Authorized Signatories
	
	 We acknowledge that Allstate Insurance Company holds $2,600,000 5.41% Series 2005-A Senior Notes, Tranche A,
due September 27, 2015.

	
	 We acknowledge that Allstate Insurance Company holds $4,400,000 5.24% Series 2005-A Senior Notes, Tranche B,
due September 27, 2015.

  
 Family
Dollar Stores, Inc. 
 First Amendment to Note Purchase Agreement and Notes 

Signature Page 

  

			
	 ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK

		
	By:	 	 /s/ Mark Cloghessy

		 	Name: Mark Cloghessy
		
	By:	 	 /s/ Jerry D. Zinkula

		 	Name: Jerry D. Zinkula
		 	Authorized Signatories
	
	 We acknowledge that Allstate Life Insurance Company of New York holds $5,000,000 5.24% Series 2005-A Senior
Notes, Tranche B, due September 27, 2015.

  
 Family
Dollar Stores, Inc. 
 First Amendment to Note Purchase Agreement and Notes 

Signature Page 

  

			
	TRANSAMERICA LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Debra R. Thompson

		 	Name: Debra R. Thompson
		 	Title: Vice-President
	
	 We acknowledge that Transamerica Life Insurance Company holds $30,000,000 5.41% Series 2005-A Senior Notes,
Tranche A, due September 27, 2015.

	
	TRANSAMERICA LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Debra R. Thompson

		 	Name: Debra R. Thompson
		 	Title: Vice-President
	
	 We acknowledge that Transamerica Life Insurance Company holds $5,000,000 5.24% Series 2005-A Senior Notes,
Tranche B, due September 27, 2015.

  
 Family
Dollar Stores, Inc. 
 First Amendment to Note Purchase Agreement and Notes 

Signature Page 

  

			
	THRIVENT FINANCIAL FOR LUTHERANS
		
	By:	 	 /s/ Alan D. Onstad

		 	Name: Alan D. Onstad
		 	Title: Senior Director
	
	 We acknowledge that Thrivent Financial for Lutherans holds $15,000,000 5.41% Series 2005-A Senior Notes,
Tranche A, due September 27, 2015.

	
	 We acknowledge that Thrivent Financial for Lutherans holds $5,000,000 5.24% Series 2005-A Senior Notes,
Tranche B, due September 27, 2015.

  
 Family
Dollar Stores, Inc. 
 First Amendment to Note Purchase Agreement and Notes 

Signature Page 

  

			
	UNITED OF OMAHA LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Justin P. Kavan

		 	Name: Justin P. Kavan
		 	Title: Vice President
	
	 We acknowledge that United of Omaha Life Insurance Company holds $16,000,000 5.41% Series 2005-A Senior Notes,
Tranche A, due September 27, 2015.

  
 Family
Dollar Stores, Inc. 
 First Amendment to Note Purchase Agreement and Notes 

Signature Page 

  

			
	MODERN WOODMEN OF AMERICA
		
	By:	 	 /s/ Douglas A. Pannier

		 	Name: Douglas A. Pannier
		 	Title: Portfolio Manager – Private Placements
	
	 We acknowledge that Modern Woodmen of America holds $6,000,000 5.41% Series 2005-A Senior Notes, Tranche A,
due September 27, 2015.

  
 Family
Dollar Stores, Inc. 
 First Amendment to Note Purchase Agreement and Notes 

Signature Page 

  

			
	 ASSURITY LIFE INSURANCE COMPANY (SUCCESSOR IN INTEREST TO SECURITY FINANCIAL LIFE INSURANCE CO.)

		
	By:	 	 /s/ Victor Weber

		 	Name: Victor Weber
		 	Title: Senior Director - Investments
	
	 We acknowledge that ASSURITY LIFE INSURANCE COMPANY (SUCCESSOR IN INTEREST TO Security Financial Life Insurance
Co.) holds $2,000,000 5.41% Series 2005-A Senior Notes, Tranche A, due September 27, 2015.

	
	ASSURITY LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Victor Weber

		 	Name: Victor Weber
		 	Title: Senior Director - Investments
	
	 We acknowledge that Assurity Life Insurance Company holds $1,000,000 5.41% Series 2005-A Senior Notes, Tranche
A, due September 27, 2015.

	
	 We acknowledge that Assurity Life Insurance Company holds $1,000,000 5.24% Series 2005-A Senior Notes, Tranche
B, due September 27, 2015.

  
 Family
Dollar Stores, Inc. 
 First Amendment to Note Purchase Agreement and Notes 

Signature Page

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