SEC Contract Filing

Filing Date: 2018-02-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.35
<SEQUENCE>3
<FILENAME>exhibit1035_201710k.htm
<DESCRIPTION>EXHIBIT 10.35
<TEXT>
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<div><a name="s3739042795CD83BF7F78D34A0E0A7CC7"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.35</font></div></div><div><br></div><div style="line-height:120%;padding-top:4px;text-align:center;padding-left:157px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">UNION BANKSHARES CORPORATION PERFORMANCE SHARE UNIT AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:100%;text-align:left;padding-left:8px;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Granted %%OPTION_DATE,&#8217;Month DD, YYYY&#8217;%-%</font></div><div style="line-height:100%;text-align:left;padding-left:8px;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;"><br></font></div><div style="line-height:126%;padding-top:5px;text-align:justify;padding-left:10px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This Performance Share Unit Agreement (this &#8220;Agreement&#8221;) is entered into as of</font></div><div style="line-height:120%;text-align:justify;padding-left:10px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">%%OPTION_DATE,&#8217;Month DD, YYYY&#8217;%-% pursuant to Article X of the Union Bankshares Corporation Stock and Incentive Plan as amended and restated effective April 21, 2015 (the &#8220;Plan&#8221;) and evidences the grant, and the terms, conditions and restrictions pertaining thereto, of Performance Share Units to %%FIRST_NAME%-% %%MIDDLE_NAME%-% %%LAST_NAME%-% (the &#8220;Participant&#8221;).</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:10px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, Union Bankshares Corporation (the &#8220;Company&#8221;) maintains the Plan under which the Committee or the Board may, among other things, award Performance Share Units to such key employees of the Company and its Subsidiaries as the Committee or the Board may determine, subject to terms, conditions and restrictions as it may deem appropriate;</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:10px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, pursuant to the Plan, the Committee or the Board has awarded to the Participant a certain number of Performance Share Units, ultimately payable in shares of the Company&#8217;s common stock (&#8220;Common Stock&#8221;), which the Participant will have an opportunity to earn over a Performance Period (as defined below) if certain performance goals and additional period of service requirements are met, conditioned upon the execution by the Company and the Participant of this Agreement setting forth all the terms and conditions applicable to such award;</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:10px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, in consideration of the benefits which the Company expects to be derived from the services rendered to it and its subsidiaries by the Participant and of the covenants contained herein, the parties hereby agree as follows:</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:58px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:10px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Award of Performance Share Units</font><font style="font-family:inherit;font-size:11pt;">. Subject to the terms and conditions of the Plan, the Committee or the Board has awarded to the Participant as of %%OPTION_DATE,&#8217;Month DD, YYYY&#8217;%-% (&#8220;Award Date&#8221;) a certain number of Performance Share Units (the &#8220;Performance Share Units&#8221;) which the Participant will have an opportunity to earn over the Performance Period (as defined below) if certain performance goals are met in accordance with Section 4, and certain vesting requirements are met in accordance with Section 5, subject to the terms, conditions and restrictions set forth in this Agreement. Each Performance Share Unit represents the right to receive one share of Common Stock upon satisfaction of the performance, vesting and other conditions set forth in this Agreement.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:11pt;"><font st