Document:

Exhibit 10.22

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT, effective November
20, 2014, is made and entered by and between Eastern Virginia Bankshares, inc., a Virginia corporation ("Corporation"),
and Mark C. Hanna ("Employee"). This Employment Agreement provides as follows:

 

RECITALS

 

WHEREAS, the Corporation is a bank holding company engaged
in the operation of banks; and

 

WHEREAS, Employee is involved in the management
of the business and affairs of the Corporation and, therefore, possesses managerial experience, knowledge, skills and expertise
in such type of business; and

 

WHEREAS, the continued
employment of Employee by the Corporation is in the best interests of the Corporation and Employee; and

 

WHEREAS, the parties have
mutually agreed upon the terms and conditions of Employee's employment by the Corporation as hereinafter set forth;

 

TERMS OF AGREEMENT

 

NOW, THEREFORE, for and in consideration of
the premises and of the mutual promises and undertakings of the parties as hereinafter set forth, the parties covenant and agree
as follows:

 

Section 1.            Employment.
(a) Employee shall be employed as an executive officer of the Corporation with the title of Executive Vice President and President,
Tidewater Region or such other title agreed upon by the parties. Employee shall be a member of the Executive Management Team. He
shall perform such services for the Corporation and/or one or more Affiliates as may be assigned to Employee by the Corporation
from time to time and that are commensurate with such status and his training and experience upon the terms and conditions hereinafter
set forth.

 

(b)          References
in this Agreement to services rendered for the Corporation and compensation and benefits payable or provided by the Corporation
shall include services rendered for and compensation and benefits payable or provided by any Affiliate. References in this Agreement
to the "Corporation" also shall mean and refer to each Affiliate for which Employee performs services. Subject to Section
15 to the extent applicable, references in this Agreement to "Affiliate" shall mean any business entity that, directly
or indirectly, through one or more intermediaries, is controlled by the Corporation.

 

Section 2.            Term
and Renewal. The initial term of this Agreement shall end December 31, 2016. However, on each December 31, beginning with December
31, 2016, the term of this Agreement shall be renewed and extended by one year unless Employee or the Corporation gives prior notice
to the other in writing at least thirty days prior to the end of the term that the term shall not be renewed and extended.

 

Section 3.            Exclusive
Service. Employee shall devote his best efforts and full business time to rendering services on behalf of the Corporation in
furtherance of its best interests. Employee shall comply with all policies, standards and regulations of the Corporation now or
hereafter promulgated, and shall perform his duties under this Agreement to the best of his abilities and in accordance with standards
of conduct applicable to officers of banks.

 

Section 4.            Salary.
(a) As compensation while employed hereunder, Employee, during his faithful performance of this Agreement, in whatever capacity
rendered, shall receive an annual base salary of $225,000, payable on such terms and in such equal installments as the parties
may from time to time mutually agree upon but in no event less frequently than monthly. The Board of Directors, in its discretion,
may increase Employee's base salary during the term of this Agreement.

 

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(b)          The
Corporation shall withhold state and federal income taxes, social security taxes and such other payroll deductions as may from
time to time be required by law or agreed upon in writing by Employee and the Corporation. The Corporation shall also withhold
and remit to the proper party any amounts agreed to in writing by the Corporation and Employee for participation in any corporate
sponsored benefit plans for which a contribution is required.

 

(c)          Except
as otherwise expressly set forth hereunder, no compensation shall be paid pursuant to this Agreement in respect of any month or
portion thereof subsequent to any termination of Employee's employment by the Corporation.

 

Section 5.            Corporate
Benefit Plans. Employee shall be entitled to participate in or become a participant in any employee benefit plan maintained
by the Corporation for other members of the Executive Management Team and for which he is or will become eligible on such terms
as the Board of Directors may, in its discretion, establish, modify or otherwise change. The Corporation shall amend its supplemental
executive retirement plan ("SERP") to provide for Employee's participation therein with the following terms: (a) the
benefit under the SERP shall be $3,333 per month for 200 months payable upon a separation from service on or after normal retirement
age (age 65); (b) if Employee's employment terminates prior to reaching normal retirement age, Employee shall receive the vested
portion of the accrued Liability for his normal retirement age benefit; and (c) the current vesting schedule in the SERP shall
apply to Employee's benefit except that vesting shall begin immediately and Employee shall be fully vested at normal retirement
age.

 

Section 6.            Bonuses.
(a) Except as provided below in (b) and (c), Employee shall receive only such bonuses as the Board of Directors, in its discretion,
decides to pay to Employee.

 

(b)          The
Corporation shall grant to Employee, within thirty (30) days of the date of this Agreement, a signing bonus in the form of a restricted
stock grant under the Corporation's equity plan with a value on the date of grant of $20,000 and vesting in equal annual installments
over two (2) years.

 

(c)          Employee
shall receive a retention bonus equal to $150,000, payable in three (3) equal installments of $50,000 on November 15, 2015, November
15, 2016, and November 15, 2017, provided, with respect to an installment, Employee remains an employee of the Corporation on the
applicable payment date.

 

Section 7.            Expense
Account. The Corporation shall reimburse Employee for reasonable and customary business expenses incurred in the conduct of
the Corporation's business. Such expenses will include business meals, out-of-town lodging, travel expenses and cellular phone
expenses. Employee agrees to timely submit records and receipts of reimbursable items and agrees that the Corporation can adopt
reasonable rules and policies regarding such reimbursement. The Corporation agrees to make prompt payment to Employee following
receipt and verification of such reports.

 

Section 8.            Country
Club Dues. The Corporation shall reimburse Employee for annual membership dues at Kingsmill Golf and Country Club provided
such dues are submitted for reimbursement by the end of the calendar year in which they are incurred.

 

Section 9.            Personal
Time Off. Employee shall be entitled to thirty one (31) days of paid time off ("PTO") each year which shall be taken
in accordance with the Corporation's PTO policy.

 

Section
10.           Termination. (a) Notwithstanding the expiration of this Agreement
or the termination of Employee's employment pursuant to any provision of this Agreement, the parties shall be required to carry
out any provisions of this Agreement which contemplate performance by them subsequent to such expiration or termination. In addition,
no expiration of this Agreement or termination of employment shall affect any liability or other obligation of either party which
shall have accrued prior to such expiration or termination, including, but not  limited to, any liability, loss or damage on account
of breach. No expiration of this Agreement or termination of employment shall terminate the obligation of the Corporation to make
payments of any vested benefits provided hereunder or the obligations of Employee under Sections 11, 12 and 13.

 

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(b)          Employee's
employment hereunder may be terminated at any time by mutual agreement in writing.

 

(c)          This
Agreement shall terminate upon death of Employee; provided, however, that in such event the Corporation shall pay to the estate
of Employee within thirty (30) days of Employee's death the compensation including salary and accrued bonus, if any, which otherwise
would be payable to Employee through the end of the month in which his death occurs.

 

(d)(1) The Corporation may terminate Employee's
employment other than for "Cause", as defined in Section 10(e), at any time upon written notice to Employee, which termination
shall be effective immediately. Employee may resign thirty (30) days after notice to the Corporation for "Good Reason",
as hereafter defined. In the event Employee's employment terminates pursuant to this Section 10(d), subject to the requirements
of Section 15(b) to the extent applicable, Employee shall receive a monthly amount equal to one-twelfth (1/12) his rate of annual
base salary plus bonus, if any, in effect immediately preceding such termination ("Termination Compensation") in each
month for the remainder of the term of this Agreement. Payments of the Termination Compensation shall be made at the times such
payments would have been made in accordance with Section 4(a). Notwithstanding the foregoing, bonus amounts shall be included in
the calculation of Termination Compensation only to the extent it is the Corporation's practice to do so for terminated members
of the Executive Management Team at the time of Employee's termination.

 

(2)         Notwithstanding
anything in this Agreement to the contrary:

 

(i)          If
Employee breaches Section 11 or 12, Employee will not thereafter be entitled to receive any further compensation or benefits pursuant
to this Section 10(d); and

 

(ii)         If,
while he is receiving payments under this Section 10(d), Employee engages in a Competitive Business within the area described in
Section 12(1), such payments will cease and he will not thereafter be entitled to receive any compensation or benefits pursuant
to this Section 10(d) even though such conduct occurs after the covenants contained in Section 12 have expired.

 

(3)         The
Corporation shall not be required to make payment of the Termination Compensation or any portion thereof to the extent such payment
is prohibited by the terms of the regulations presently found at 12 C.F.R. part 359 or to the extent that any other governmental
approval of the payment required by law is not received.

 

(4)         Except
as set forth in Sections 10(d)(2} and 10(d)(3), the Corporation's obligation to pay Employee the compensation provided in Section
10(d)(I) shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any
set-off, counterclaim, recoupment, defense or other right which the Corporation may have against him or anyone else. All amounts
payable by the Corporation hereunder shall be paid without notice or demand. Each and every payment made hereunder by the Corporation
shall be final and the Corporation will not seek to recover all or any part of such payment from Employee or from whosoever may
be entitled thereto, for any reason whatsoever. The Employee shall not be required to mitigate the amount of any payment provided
for in this Agreement by seeking other employment or otherwise.

 

(5)         For
purposes of this Agreement, "Good Reason" shall mean:

 

(i)          The
assignment of duties to Employee by the Corporation which result in Employee not being a member of the Executive Management
Team and/or having materially less authority or responsibility than he has on the date hereof, without his express written
consent;

 

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(ii)         Requiring Employee to maintain his principal office outside
of Newport News, Virginia and any contiguous counties unless the Corporation moves its regional operations center to a place to
which Employee is required to move;

 

(iii)        A
material reduction by the Corporation of Employee's base salary, as the same may have been increased from time to time; or

 

(iv)        The
Corporation's failure to comply with any material term of this Agreement.

 

The Employee is required to provide notice
to the Corporation of the existence of any condition above within a ninety (90) day period of the initial existence of the condition,
and the Corporation shall have thirty (30) days from such notice to remedy the condition without having to pay the amounts described
in this section, in which event the right to terminate for Good Reason shall be negated.

 

(e)          The
Corporation shall have the right to terminate Employee's employment under this Agreement at any time for Cause, which termination
shall be effective immediately. Termination for "Cause" shall mean termination for Employee's personal dishonesty, gross
negligence, willful misconduct, breach of a fiduciary duty involving personal profit, intentional failure to perform stated duties,
willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease and desist
order which would be, in the case of each willful violation of the law, rule, regulation or final cease and desist order, materially
injurious to the Corporation if known to the public, conviction of a felony or of a misdemeanor involving moral turpitude, misappropriation
of the Corporation's assets (determined on a reasonable basis) or those of its Affiliates, or material breach of any other provision
of this Agreement, In the event Employee's employment under this Agreement is terminated for Cause, Employee shall thereafter have
no right to receive any compensation or other benefits under this Agreement. In regard to an intentional failure to perform stated
duties or a material breach of this Agreement, the Corporation will provide notice to Employee of the existence of such failure
or breach within ninety (90) days of the Corporation becoming aware of either, and the Employee shall have thirty (30) days from
such notice to remedy such failure or breach, in which event the right to terminate for Cause shall be negated.

 

(f)          The
Corporation may terminate Employee's employment under this Agreement, after having established Employee's disability by giving
to Employee written notice of its intention to terminate his employment for disability, and his employment with the Corporation
shall terminate effective on the ninetieth (90th) day after receipt of such notice if within ninety (90) days after
such receipt Employee shall fail to return to the full-time performance of the essential functions of his position (and if Employee's
disability has been established pursuant to the definition of "disability" set forth below). For purposes of this Agreement,
"disability" means either (i) disability which after the expiration of more than thirteen (13) consecutive weeks after
its commencement is determined to be total and permanent by a physician selected and paid for by the Corporation or its insurers,
and acceptable to Employee or his legal representative, which consent shall not be unreasonably withheld or (ii) disability as
defined in the policy of disability insurance maintained by the Corporation or its Affiliates for the benefit of Employee, whichever
shall be more favorable to Employee. Notwithstanding any other provision of this Agreement, the Corporation shall comply with all
requirements of the Americans with Disabilities Act, 42 U.S.C. § 12101 et. seq.

 

(g)          If
Employee is suspended and/or temporarily prohibited from participating in the conduct of the Corporation's affairs by a notice
served pursuant to the Federal Deposit Insurance Act, the Corporation's obligations under this Employment Agreement shall be suspended
as of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Corporation
shall (i) pay Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate
(in whole or in part) any of its obligations which were suspended.

 

(h)          If
Employee is removed and/or permanently prohibited from participating in the conduct of the Corporation's affairs by an order issued
under the Federal Deposit Insurance Act or the Code of Virginia, all obligations of the Corporation under this Employment Agreement
shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected.

 

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(i)(1)    If
Employee's employment is terminated without Cause or if he resigns for Good Reason within one year after a Change of Control shall
have occurred, then on Employee's last day of employment with the Corporation, subject to the requirements of Section 15(b) to
the extent applicable, the Corporation shall pay to Employee as compensation for services rendered to the Corporation and its Affiliates
a cash amount in one lump sum (subject to any applicable payroll or other taxes required to be withheld) equal to two (2) times
Employee's annual base salary and most recent annual bonus, if any on the date of termination or, if higher, the date immediately
prior to a Change of Control. Notwithstanding the foregoing, bonus amounts shall be included in this calculation only to the extent
it is the Corporation's practice to do so for terminated members of the Executive Management Team at the time of the Change in
Control.

 

(2)         For
purposes of this Agreement, a Change of Control occurs if, after the date of this Agreement, (i) any person, including a "group"
as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, becomes the owner or beneficial owner of Corporation securities
having 50% or more of the combined voting power of the then outstanding Corporation securities that may be cast for the election
of the Corporation's directors other than a result of an issuance of securities initiated by the Corporation, or open market purchases
approved by the Board of Directors, as long as the majority of the Board of Directors approving the purchases is a majority at
the time the purchases are made; or (ii) as the direct or indirect result of, or in connection with, a tender or exchange offer,
a merger or other business combination, a sale of assets, a contested election of directors, or any combination of these events,
the persons who were directors of the Corporation before such events cease to constitute a majority of the Corporation's Board,
or any successor's board, within two years of the last of such transactions. For purposes of this Agreement, a Change of Control
occurs on the date on which an event described in (i) or (ii) occurs. If a Change of Control occurs on account of a series of transactions
or events, the Change of Control occurs on the date of the Fast of such transactions or events. Notwithstanding the above, a Change
of Control will be deemed to have occurred with respect to Employee only if an event relating to the Change of Control constitutes
a change in ownership or effective control of the Corporation or a change in the ownership of a substantial portion of the assets
of the Corporation within the meaning of Treasury Regulation section 1.409A-3(i)(5). For the avoidance of any doubt, a Change of
Control shall not include a change in ownership or effective control related to the Agreement and Plan of Reorganization among
Eastern Virginia Bankshares, inc., Eastern Virginia Bank and Virginia Company Bank dated May 29, 2014.

 

(3)         It
is the intention of the parties that no payment be made or benefit provided to Employee pursuant to this Agreement that would constitute
an "excess parachute payment" within the meaning of Section 280G of the Code and any regulations thereunder, thereby
resulting in a loss of an income tax deduction by the Corporation or the imposition of an excise tax on Employee under Section
4999 of the Code. If the independent accountants serving as auditors for the Corporation on the date of a Change of Control (or
any other accounting firm designated by the Corporation) determine that some or all of the payments or benefits scheduled under
this Agreement, as well as any other payments or benefits on a Change of Control (collectively, the "Total Payments"),
would be nondeductible by the Corporation under Section 280G of the Code, then the payments scheduled under this Agreement will
be reduced to one dollar less than the maximum amount which may be paid without causing any such payment or benefit to be nondeductible.
The determination made as to the reduction of benefits or payments required hereunder by the independent accountants shall be binding
on the parties. In the event the Total Payments are to be reduced, the Corporation shall reduce or eliminate the payments or benefits
to Employee by first reducing or eliminating those payments or benefits which are not payable in cash and then by reducing or eliminating
cash payments, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time from
the date of the Change of Control. Any reduction pursuant to the preceding sentence shall take precedence over the provisions of
any other plan, arrangement or agreement governing Employee's rights and entitlements to any benefits or compensation.

 

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Section 11.           Confidentiality/Nondisclosure.
Employee covenants and agrees that any and all information concerning the customers, businesses and services of the Corporation
of which he has knowledge or access as a result of his association with the Corporation in any capacity, shall be deemed confidential
in nature and shall not, without the proper written consent of the Corporation, be directly or indirectly used, disseminated, disclosed
or published by Employee to third parties other than in connection with the usual conduct of the business of the Corporation. Such
information shall expressly include, but shall not be limited to, information concerning the Corporation's trade secrets, business
operations, business records, customer lists or other customer information. Upon termination of employment Employee shall deliver
to the Corporation all originals and copies of documents, forms, records or other information, in whatever form it may exist, concerning
the Corporation or its business, customers, products or services. In construing this provision it is agreed that it shall be interpreted
broadly so as to provide the Corporation with the maximum lawful protection. This Section 11 shall not be applicable to any information
which, through no misconduct or negligence of Employee, is in the public domain or has previously been disclosed to the public
by anyone other than Employee. The restrictions in this Section 11 shall apply for a period of five years from the date Employee's
employment ceases, for whatever reason, or however long the information is deemed a trade secret under the Uniform Trade Secrets
Act, whichever is longer.

 

Section
12.           Covenant Not to Compete. During the term of this
Agreement and throughout any further period that he is an officer or employee of the Corporation, and for a period of twelve
(12) months from and after the date that Employee is (for any reason) no longer employed by the Corporation, Employee
covenants and agrees that he will not, directly or indirectly, either as a principal, agent, employee, employer, stockholder,
co partner or in any other individual or representative capacity whatsoever: (1) own, manage or control, or perform services
that are the same as or substantially similar to the services performed by Employee for the Corporation within the
twenty-four (24) months prior to the cessation of employment, for a Competitive Business anywhere within a ten (10) mile
radius of the Corporation's location within the city of Newport News out of which Employee principally worked during the
twelve (12) months prior to the date Employee's employment ceases; or (ii) solicit, or assist any other person or business
entity in soliciting, any depositors or other customers of the Corporation at the time Employee's employment ceases to make
deposits in or to become customers of any other financial institution conducting a Competitive Business for the purpose of
providing such customer with banking or financial products or services that are the same as or substantially similar to, and
competitive with, those offered by the Corporation at the time Employee's employment ceases; or (iii) induce any individuals
to terminate their employment with the Corporation or its Affiliates. As used in this Agreement, the term "Competitive
Business" means all banking and financial products and services that are substantially similar to those offered by the
Corporation on the date that Employee's employment ceases. Employee's obligations under this Section 12 shall terminate on
the date a Change of Control occurs.

 

Section 13.           Injunctive
Relief, Damages, Etc. Employee agrees that given the nature of the positions held by Employee with the Corporation, that each
and every one of the covenants and restrictions set forth in Sections 11 and 12 above are reasonable in scope, length of time and
geographic area and are necessary for the protection of the significant investment of the Corporation in developing, maintaining
and expanding its business. Accordingly, the parties hereto agree that in the event of any breach by Employee of any of the provisions
of Sections 11 or 12 that monetary damages alone will not adequately compensate the Corporation for its losses and, therefore,
that it may seek any and all legal or equitable relief available to it, specifically including, but not limited to, injunctive
relief and Employee shall be liable for all damages, including actual and consequential damages, costs and expenses, including
legal costs and actual attorneys' fees, incurred by the Corporation as a result of taking action to enforce, or recover for any
breach of, Section 11 or Section 12 but only if the Corporation prevails in obtaining legal or equitable relief. The covenants
contained in Sections 11 and 12 shall be construed and interpreted in any judicial proceeding to permit their enforcement to the
maximum extent permitted by law. Should a court of competent jurisdiction determine that any provision of the covenants and restrictions
set forth in Section 12 above is unenforceable as being overbroad as to time, area or scope, the court may strike the offending
provision or reform such provision to substitute such other terms as are reasonable to protect the Corporation's legitimate business
interests. Employee further agrees that the breach of any provision of this Agreement by the Corporation shall not excuse his performance
of Sections 11 and 12 of this Agreement or his obligations for the attendant remedies associated therewith.

 

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Section 14.           Binding
Effect/Assignability. This Employment Agreement shall be binding upon and inure to the benefit of the Corporation and Employee
and their respective heirs, legal representatives, executors, administrators, successors and assigns, but neither this Agreement,
nor any of the rights hereunder, shall be assignable by Employee or any beneficiary or beneficiaries designated by Employee. The
Corporation will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business, stock or assets of the Corporation, by agreement in form and substance reasonably satisfactory
to Employee, to expressly assume and agree to perform this Agreement in its entirety. Failure of the Corporation to obtain such
agreement prior to the effectiveness of any such succession shall be a breach of this Agreement. As used in this Agreement, "Corporation"
shall include any successor to its business, stock or assets as aforesaid which executes and delivers the agreement provided for
in this Section 14 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.

 

Section 15.           Code
Section 409A Compliance. (a) The intent of the parties is that payments and benefits under this Agreement comply with Section
409A of the Code and applicable guidance issued thereunder ("Code Section 409A") or comply with an exemption from the
application of Code Section 409A and, accordingly, all provisions of this Agreement shall be construed in a manner consistent with
the requirements for avoiding taxes or penalties under Code Section 409A.

 

(b)          A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
form or timing of payment of any amounts or benefits that are subject to Code Section 409A and that are paid upon or following
a termination of employment unless such termination is also a "separation from service" (within the meaning of Code Section
409A) and, for purposes of any such provision of this Agreement under which (and to the extent) deferred compensation subject to
Code Section 409A is paid, references to a "termination" or "termination of employment" or "resign"
or "resignation" or like references shall mean separation from service. A separation from service shall not occur under
Code Section 409A unless Employee has completely severed his employment or contractor relationship with the Corporation or Employee
has permanently decreased his services (via his employment relationship or his consulting relationship) to twenty percent (20%)
or less of the average level of bona fide services over the immediately preceding thirty six (36)-month period (or the full
period if Employee has been providing services for less than thirty six (36) months). A leave of absence shall only trigger a termination
of employment that constitutes a separation from service at the time required under Code Section 409A. If Employee is deemed on
the date of separation from service with the Corporation to be a "specified employee", within the meaning of that term
under Code Section 409A(a)(2)(B) and using the identification methodology selected by the Corporation from time to time, or if
none, the default methodology, then with regard to any payment or benefit that is required to be delayed in compliance with Code
Section 409A(a)(2)(B), such payment or benefit shall not be made or provided prior to the earlier of (i) the expiration of the
six(6)-month period measured from the date of Employee's separation from service or (ii) the date of Employee's death. In the case
of benefits that are subject to Code Section 409A, however, Employee may pay the cost of benefit coverage, and thereby obtain benefits,
during such six (6) month delay period and then be reimbursed by the Corporation thereafter when delayed payments are made pursuant
to the next sentence. On the first day of the seventh (7th) month following the date of Employee's separation from service
or, if earlier, on the date of Employee's death, all payments delayed pursuant to this Section 15(b) (whether they would have otherwise
been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Employee in a lump
sum, with interest, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with
the normal payment dates specified for them herein. The amount of interest paid shall be based on the prime rate of interest in
effect on the first day of the month following Employee's separation from service as reported in the Wall Street Journal.

 

(c)          With
regard to any provision herein that provides for reimbursement of expenses or in-kind benefits that are subject to Code Section
409A, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation
or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during
any taxable year of Employee shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any
other taxable year of Employee, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed
under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the
period the arrangement is in effect. All reimbursements shall be reimbursed in accordance with the Corporation's reimbursement
policies but in no event later than the calendar year following the calendar year in which the related expense is incurred,

 

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(d)          If
under this Agreement, an amount is to be paid in two or more installments, for purposes of Code Section 409A, each installment
shall be treated as a separate payment.

 

(e)          Notwithstanding
any of the provisions of this Agreement, the Corporation shall not be liable to Employee if any payment or benefit which is to
be provided pursuant to this Agreement and which is considered deferred compensation subject to Code Section 409A otherwise fails
to comply with, or be exempt from, the requirements of Code Section 409A.

 

Section 16.           Governing
Law. This Employment Agreement shall be subject to and construed in accordance with the laws of Virginia.

 

Section 17.           Invalid
Provisions. The invalidity or unenforceability of any particular provision of this Employment Agreement shall not affect the
validity or enforceability of any other provisions hereof, and this Employment Agreement shall be construed in all respects as
if such invalid or unenforceable provisions were omitted.

 

Section 18.           Notices.
Any and all notices, designations, consents, offers, acceptance or any other communications provided for herein shall be given
in writing and shall be deemed properly delivered on the date of receipt if delivered in person or by registered or certified mail,
return receipt requested, addressed in the case of the Corporation to its registered office or in the case of Employee to his last
known address.

 

Section 19.           Entire
Agreement. (a) This Employment Agreement constitutes the entire agreement among the parties with respect to the subject matter
hereof and supersedes any and all other agreements, either oral or in writing, among the parties hereto with respect to the subject
matter hereof.

 

(b)          This
Employment Agreement may be executed in one or more counterparts, each of which shall be considered an original copy of this Agreement,
but all of which together shall evidence only one agreement.

 

Section 20.           Amendment
and Waiver. This Employment Agreement may not be amended except by an instrument in writing signed by or on behalf of each
of the parties hereto. No waiver of any provision of this Employment Agreement shall be valid unless in writing and signed by the
person or party to be charged.

 

Section 21.           Case
and Gender. Wherever required by the context of this Employment Agreement, the singular or plural case and the masculine, feminine
and neuter genders shall be interchangeable.

 

Section 21           Captions.
The captions used in this Employment Agreement are intended for descriptive and reference purposes only and are not intended to
affect the meaning of any Section hereunder.

 

IN WITNESS WHEREOF, the Corporation has caused
this Employment Agreement to be signed by its duly authorized officer and Employee has hereunto set his hand, effective on the
first date written above.

 

	 	 	EASTERN VIRGINIA BANKSHARES, INC.
	Attest:	 	By:	/s/ Joe A. Shearin
	/s/ Cheryl Wood	 	Title:	President and CEO
	 	 	Date:	November 20, 2014
	 	 	 	 
	 	 	EMPLOYEE
	 	 	 	 
	Attest:	 	 	/s/ Mark C. Hanna
	/s/ Robin G. Weaver	 	 	Mark C. Hanna
	 	 	Date: 	December 1, 2014

 

    	8Exhibit 10.23

 

FORM OF

SPLIT DOLLAR INSURANCE AGREEMENT

 

THIS AGREEMENT made and entered into this first
day of _____________, ____, by and between EVB, a Virginia corporation, with principal offices and place of business in the Commonwealth
of Virginia (hereinafter referred to as the “Corporation”), and ______________________________, an individual residing
in the Commonwealth of Virginia (hereinafter referred to as the “Employee”), recites and provides as follows:

 

RECITALS:

 

WHEREAS, the Employee is employed by the Corporation;
and

 

WHEREAS, the Employee wishes to provide life
insurance protection for his family in the event of his death, under one or more policies of life insurance insuring his life (hereinafter
referred to as the “Policies” or individually as a “Policy”), which are described in Exhibit A attached
hereto and by this reference made a part hereof, and which is being issued by _____________________________________________ (hereinafter
referred to as the “Insurer”); and

 

WHEREAS, the Corporation is willing to pay the
premiums due on the Policies as an additional employment benefit for the Employee, on the terms and conditions hereinafter set
forth; and

 

WHEREAS, the Corporation is the owner of the
Policies and, as such, possesses all incidents of ownership in and to the Policies; and

 

WHEREAS, the Corporation wishes to retain such
ownership rights, in order to secure the repayment of the amounts which it will pay toward the premiums on the Policies;

 

AGREEMENT:

 

NOW, THEREFORE, in consideration of the premises
and of the mutual promises contained herein, the parties hereto agree as follows:

 

1.          Purchase
of Policies. The Corporation shall contemporaneously purchase the Policies from the Insurer in the total face amount of [$__________].
The parties hereto agree that they will take all necessary action to cause the Insurer to issue the Policies, and shall take any
further action which may be necessary to cause the Policies to conform to the provisions of this Agreement. The parties hereto
agree that the Policies shall be subject to the terms and conditions of this Agreement and of the endorsement to the Policies filed
with the Insurer.

 

2.          Ownership
of Policies. The Corporation shall be the sole and absolute owner of the Policies, and may exercise all ownership rights granted
to the owner thereof by the terms of the Policies, except as may otherwise be provided herein.

 

    	 

    	 

    

  

3.          Election
of Settlement Option and Beneficiary. The Employee may select the settlement option for payment of the death benefit provided
under the Policies and the beneficiary or beneficiaries to receive the portion of Policies proceeds to which the Employee is entitled
hereunder, by specifying the same in a written notice to the Corporation. Upon receipt of such notice, the Corporation shall execute
and deliver to the Insurer the forms necessary to elect the requested settlement option and to designate the requested person,
persons or entity as the beneficiary or beneficiaries to receive the death proceeds of the Policies in excess of the amount to
which the Corporation is entitled hereunder. The parties hereto agree to take all action necessary to cause the beneficiary designation
and settlement election provisions of the Policies to conform to the provisions hereof. The Corporation shall not terminate, alter
or amend such designation or election without the express written consent of the Employee.

 

4.          Dividends.
Any dividend declared on the Policies shall be applied to purchase paid-up additional insurance on the life of the Employee. The
parties hereto agree that the dividend election provisions of the Policies shall conform to the provisions hereof.

 

5.          Payment
of Premiums. On or before the due date of each Policy’s premium, or within the grace period provided therein, the Corporation
shall pay the full amount of the premium to the Insurer, and shall, upon request, promptly furnish the Employee evidence of timely
payment of such premium. The Corporation shall annually furnish the Employee a statement of the amount of income reportable by
the Employee for federal and state income tax purposes as a result of the insurance protection provided under the Policies and
this Agreement.

 

6.          Designation
of Policies Beneficiary/Endorsement. Contemporaneously with the execution of this Agreement, the Corporation has executed a
beneficiary designation for and/or an endorsement to the Policies, under the form used by the Insurer for such designations, in
order to secure the Corporation’s recovery of the amount of the premiums on the Policies paid by the Corporation hereunder.
Such beneficiary designation or endorsement shall not be terminated, altered or amended by the Corporation, without the express
written consent of the Employee. The parties hereto agree to take all action necessary to cause such beneficiary designation or
endorsement to conform to the provisions of this Agreement.

 

7.          Limitations
on Corporation’s Rights in Policies. Except as otherwise provided herein, the Corporation may sell, assign, transfer,
surrender or cancel the Policies, change the beneficiary designation provision thereof, or terminate the dividend election thereof
without, in any such case, the express written consent of the Employee. In the event the Policies are sold, assigned, transferred,
surrendered or cancelled, or the beneficiary designation is changed, or the dividend election is terminated, the Employee’s
and his beneficiary or beneficiaries’ rights under this Agreement may be limited or may terminate.

 

8.          Loans.
The Corporation may pledge or assign the Policies, subject to the terms and conditions of this Agreement, for the sole purpose
of securing a loan from the Insurer or from a third party. The amount of such loan, including accumulated interest thereon, shall
not exceed the lesser of (i) the amount of the premiums on the Policies paid by the Corporation hereunder, or (ii) the cash surrender
value of the Policies (as defined therein) as of the date to which premiums have been paid. Interest charges on such loan shall
be paid by the Corporation. If the Corporation so encumbers the Policies, other than by a Policy’s loan from the Insurer,
then, upon the death of the Employee, the Corporation shall promptly take all action necessary to secure the release or discharge
of such encumbrance.

 

    	Page 2

    	 

    

 

9.           Collection
of Death Proceeds.

 

a.           Upon
the death of the Employee, the Corporation shall cooperate with the beneficiary or beneficiaries designated by the Employee to
take whatever action is necessary to collect the death benefit provided under the Policies; when such benefit has been collected
and paid as provided herein, this Agreement shall thereupon terminate.

 

b.           Upon
the death of the Employee, an amount equal to four times the Employee’s annual base salary at the time of death, less [$___________],
shall be paid directly to the beneficiary or beneficiaries designated by the Corporation at the direction of the Employee, in the
manner and in the amount or amounts provided in the beneficiary designation provision of the Policies. The Corporation shall have
the unqualified right to receive the balance of the death benefit provided under the Policies, if any. In no event shall the amount
payable to the beneficiary or beneficiaries designated by the Corporation at the direction of the Employee hereunder exceed the
sum of life insurance proceeds on all life insurance policies (not limited to the Policies) owned by the Corporation insuring the
Employee, less the cash surrender value of those policies at the time of the Employee’s death. In the event no proceeds are
payable for any reason, including because the Policies (and/or other policies referred to in the preceding sentence) have been
surrendered or cancelled, no amount shall be payable to such beneficiary or beneficiaries. No amount shall be paid to the Corporation
from such death benefit until the full amount due the beneficiary or beneficiaries designated by the Corporation at the direction
of the Employee has been paid. The parties hereto agree that the beneficiary designation provision of the Policies shall conform
to the provisions hereof.

 

10.         Termination
of the Agreement During the Employee’s Lifetime.

 

a.           This
Agreement shall terminate, during the Employee’s lifetime, without notice, upon the occurrence of any of the following events:
(i) total cessation of the Corporation’s business; (ii) bankruptcy, receivership or dissolution of the Corporation; or (iii)
termination of Employee’s employment with the Corporation (other than by reason of his death), including the retirement as
an employee of the Corporation.

 

b.           In
addition, the Employee may terminate this Agreement, while no premium under the Policies is overdue, by written notice to the Corporation.
Such termination shall be effective as of the date of such notice.

 

11.         Disposition
of the Policies on Termination of the Agreement During the Employee’s Lifetime. Upon termination of this Agreement during
the Employee’s lifetime, the Corporation shall have the right to be repaid for the total sum of premiums which it paid hereunder
and may enforce its right to be repaid for the premiums which it paid hereunder by surrendering or canceling the Policies for its
cash surrender value, or it may change the beneficiary designation provisions of the Policies, naming itself or any other person
or entity as revocable beneficiary thereof, or exercise any other ownership rights in and to the Policies, without regard to the
provisions hereof Upon termination of this Agreement during the Employee’s lifetime, neither the Employee, his assignee,
nor their heirs, assigns or beneficiaries, shall have any further interest in and to the Policies, either under the terms thereof
or under this Agreement.

 

    	Page 3

    	 

    

  

12.         Insurer
Not a Party. The Insurer shall be fully discharged from its obligations under the Policies by payment of the Policies death
benefit to the beneficiary or beneficiaries named in the Policies, subject to the terms and conditions of the Policies. In no event
shall the Insurer be considered a party to this Agreement, or any modification or amendment hereof. No provision of this Agreement,
nor of any modification or amendment hereof, shall in any way be construed as enlarging, changing, varying or in any other way
affecting the obligations of the Insurer as expressly provided in the Policies, except insofar as the provisions hereof are made
a part of the Policies by the beneficiary designation executed by the Corporation and filed with the Insurer in connection herewith.

 

13.         Named
Fiduciary, Determination of Benefits, Claims Procedure and Administration.

 

a.           The
Corporation is hereby designated as the named fiduciary under this Agreement. The named fiduciary shall have authority to control
and manage the operation and administration of this Agreement, and it shall be responsible for establishing and carrying out a
funding Policies and method consistent with the objectives of this Agreement.

 

b.           A
person who believes that he or she is being denied a benefit to which he or she is entitled under this Agreement (hereinafter referred
to as a “Claimant”) may file a written request for such benefit with the Corporation, setting forth his or her claim.
The request must be addressed to the President of the Corporation at its then principal place of business. Upon receipt of a claim,
the Corporation shall advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver
such reply within such period. The Corporation may, however, extend the reply period for an additional ninety (90) days for reasonable
cause.

 

c.           If
the claim is denied in whole or in part, the Corporation shall adopt a written opinion, using language calculated to be understood
by the Claimant, setting forth: (a) the specific reason or reasons for such denial; (b) the specific reference to pertinent provisions
of this Agreement on which such denial is based; (c) a description of any additional material or information necessary for the
Claimant to perfect his or her claim and an explanation why such material or such information is necessary; (d) appropriate information
as to the steps to be taken if the Claimant wishes to submit the claim for review; and (e) the time limits for requesting a review
under subsection (d) hereof.

 

d.           Within
sixty (60) days after the receipt by the Claimant of the written opinion described above, the Claimant may request in writing that
the Secretary of the Corporation review the determination of the Corporation. Such request must be addressed to the Secretary of
the Corporation, at its then principal place of business. The Claimant or his or her duly authorized representative may, but need
not, review the pertinent documents and submit issues and comments in writing for consideration by the Corporation. If the Claimant
does not request a review of the Corporation’s determination by the Secretary of the Corporation within such sixty (60) day
period, he or she shall be barred and estopped from challenging the Corporation’s determination.

 

    	Page 4

    	 

    

  

e.           Within
sixty (60) days after the Secretary’s receipt of a request for review, he or she will review the Corporation’s determination.
After considering all materials presented by the Claimant, the Secretary will render a written opinion, written in a manner calculated
to be understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the
pertinent provisions of this Agreement on which the decision is based. If special circumstances require that the sixty (60) day
time period be extended, the Secretary will so notify the Claimant and will render the decision as soon as possible, but no later
than one hundred twenty (120) days after receipt of the request for review.

 

f.            No
benefit will be paid under this Agreement unless the Corporation or the Secretary, as applicable, determines in its discretion
that a payment is due hereunder.

 

14.         Amendment.
This Agreement may not be amended, altered or modified, except by a written instrument signed by the parties hereto, or their respective
successors or assigns, and may not be otherwise terminated except as provided herein.

 

15.         Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Corporation and its successors and assigns, and
the Employee, his successors, assigns, heirs, executors, administrators and beneficiaries.

 

16.         Notices.
Any notice, consent or demand required or permitted to be given under the provisions of this Agreement shall be in writing, and
shall be signed by the party giving or making the same. If such notice, consent or demand is mailed to a party hereto, it shall
be sent by United States certified mail, postage prepaid, addressed to such party’s last known address as shown on the records
of the Corporation. The date of such mailing shall be deemed the date of notice, consent or demand.

 

17.         Governing
Law. This Agreement and the rights of the parties hereunder, shall be governed by and construed in accordance with the laws
of the Commonwealth of Virginia.

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement, in duplicate, as of the day and year first above written.

 

	 	Corporation
	 	 
	 	EVB
	 	 
	 	BY:_________________________
	 	 
	 	TITLE:_______________________
	 	 
	 	[Name of Employee]
	 	 
	 	______________________________

 

    	Page 5

    	 

    

  

EXHIBIT A

 

The following life insurance policies are subject
to the attached Split-Dollar Agreement:

 

	Insurer	[__________________________]
	 	 
	Insured	[_______________________]

 

	Policies Number	[____________]
	 	 
	Face Amount	[$___________]
	 	 
	Date of Issue	[____________]

 

	Insurer	[__________________________]
	 	 
	Insured	[_______________________]

 

	Policies Number	[____________]
	 	 
	Face Amount	[$___________]
	 	 
	Date of Issue	[____________]

 

    	Page 6

    	 

    

 

CONSENT TO ASSIGNMENT: 

 

The undersigned Corporation hereby consents
to the foregoing assignment of all of the right, title and interest of the Assignor in and to the Agreement, by and between the
Assignor and the Corporation, to the Assignee designated therein. The undersigned Corporation hereby agrees that, from and after
the date hereof, the undersigned Corporation shall look solely to such Assignee for the performance of all obligations under said
Agreement which were heretofore the responsibility of the Assignor, shall allow all rights and benefits provided therein to the
Assignor to be exercised only by said Assignee, and shall hereafter treat said Assignee in all respects as if the original employee
party thereto.

 

	 	EVB
	 	 
	 	BY: __________________________
	 	 
	 	TITLE:________________________
	 	 
	 	[Name of Employee]

 

    	 

    	 

    

  

BENEFICIARY DESIGNATION FORM

 

FOR EVB SPLIT DOLLAR INSURANCE AGREEMENT

 

PRIMARY DESIGNATION:

	Name	 	Address	 	Relationship
	 	 	 	 	 

	 
	 
	 
	 
	 

 

SECONDARY (CONTINGENT) DESIGNATION:

 

	 
	 
	 

 

All sums payable under the Split Dollar Insurance
Agreement by reason of my death shall be paid to the Primary Beneficiary, if he or she survives me, and if no Primary Beneficiary
shall survive me, then to the Secondary (Contingent) Beneficiary.

 

	 	 	 	 
	Signature	 	Date	 
	 	 	 	 
	 	 	 	 
	Print Name

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