Exhibit 10.19
AMENDMENT TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT
AGREEMENT is entered into as of January 28, 2009, by and
between Heritage Bankshares, Inc., a Virginia corporation
(hereinafter referred to as “Bankshares”), Heritage
Bank, a Virginia corporation, and Michael S. Ives (the
“Executive”).
RECITALS
Bankshares and Executive previously
entered into an Employment Agreement as of February 7, 2005
(“Employment Agreement”), which has been amended
subsequently; and
Bankshares and Executive desire to
amend the Employment Agreement as further provided
herein.
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, Bankshares and Executive hereby agree that
effective January 28, 2009, Sections 3 and 4 of the Employment
Agreement are amended, and Section 5 is added to the
Employment Agreement, to read as follows:
3. TERM . The amended Term of
this Agreement shall begin on January 1, 2009 and end on
December 31, 2013. Executive and Bankshares shall commence
confidential discussions in 2011 for the purpose of determining
whether, and if so, for what period and on what terms, to renew
this Agreement for a period following the end of the amended
Term.
4. BASE SALARY . Executive
shall receive Base Salary at the rate of $200,000 per year during
2009 and at the rate of $250,000 per year beginning January 1,
2010, 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 after
2009, Bankshares shall review and, in its sole discretion, may
increase Executive’s Base Salary. If Executive’s
Base
Salary is increased by Bankshares, 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. ANNUAL INCENTIVE BONUS .
Executive shall have the opportunity to earn an annual incentive
bon
