Exhibits 10.2

 

AMENDMENT NO. 4
TO

 

EMPLOYMENT AGREEMENT

 

This Amendment No. 4 to the Employment Agreement (the “Amendment”) is effective
as of the 10th day of February, 2016, and is made by and among Hampton Roads
Bankshares, Inc., a Virginia corporation having its principal place of business
at 641 Lynnhaven Parkway, Virginia Beach, VA 23452 (“HRB”), Bank of Hampton
Roads, a corporation organized under the laws of, and authorized by statute to
accept deposits and hold itself out to the public as engaged in the banking
business in, the Commonwealth of Virginia, having its principal place of
business at 641 Lynnhaven Parkway, Virginia Beach, VA 23452 (“BHR” and together
with HRB the “Employer”), and Donna W. Richards (the “Executive”).

 

WITNESSETH:

 

WHEREAS, on May 22, 2013, the Executive and the Employer entered into an
employment agreement (the “Agreement”) whereby the Executive agreed to serve as
President of BHR, which Agreement was amended on August 21, 2014 (“Amendment
No. 1”);

 

WHEREAS, on September 23, 2015, the Executive and the Employer entered into
Amendment No. 2 of the Agreement (“Amendment No. 2”);

 

WHEREAS, on December 10, 2015, the Executive and the Employer entered into
Amendment No. 3 of the Agreement (“Amendment No. 3”);

 

WHEREAS, the parties now desire to further amend the Agreement to correct a
scrivener’s error in Amendment No. 2 as set forth herein; and

 

WHEREAS, the parties now desire to further amend the Agreement as set forth
herein; and

 

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WHEREAS, capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to such terms in the Agreement.

 

NOW THEREFORE, in an effort to retain experienced and talented management
personnel, and in consideration of the Executive’s loyal and dedicated service,
the promises and mutual covenants contained herein, intending to be legally
bound hereby, the parties hereto agree as follows:

 

1.             Subparagraph (i) of Section 5(d)(1) of the Agreement, as amended
in Amendment No. 2, is deleted in its entirety and replaced with the following:

 

(i)            An amount equal to three times the sum of (A) her current rate of
Annual Base Salary in effect immediately preceding such termination, and (B) the
average of her last two years’ annual bonus(es) earned (whether paid or unpaid
due to restrictions under the TARP Capital Purchase Program); provided that such
amount will be paid in a single lump sum cash payment on the date described in
Section 5(i), below;

 

2.             Except as expressly modified and amended, Section 5(d)(1) of the
Agreement  will remain in full force and effect.

 

3.             This Amendment No. 4 may be executed in counterparts, each of
which shall, for all purposes, be deemed an original, and all of such
counterparts will together constitute one and the same amendment.

 

4.             This Amendment No. 4 will be binding upon and inure to the
benefit of the parties hereto, their respective heirs, legal representatives and
assigns.

 

5.             This Amendment No. 4 is effective as of the Effective Date.

 

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

 

 

 

 

 

 

HAMPTON ROADS BANKSHARES, INC.

 

 

 

 

 

 

 

 

 

 

By:

/s/ Charles M. Johnston

 

 

Name:

Charles M. Johnston

 

 

Its:

Chairman and Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

BANK OF HAMPTON ROADS

 

 

 

 

 

 

 

 

 

 

By:

/s/ Charles M. Johnston

 

 

Name:

Charles M. Johnston

 

 

Its:

Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

EXECUTIVE:

 

 

 

 

 

 

 

 

 

 

/s/ Donna W. Richards

 

 

Donna W. Richards

 

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