Document:

Employment Agreement

 Exhibit 10.25 
  
 THIRD AMENDMENT TO EMPLOYMENT AGREEMENT 
  
 THIS THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (“Amended Agreement”) is made and entered into as of this
24th day of June, 2003, by and between BANK OF HAMPTON ROADS, INC., a banking corporation organized under the
laws of the Commonwealth of Virginia (the “Bank”) and TIFFANY K. GLENN, (the “Executive”). 
  
 RECITALS: 
  
 WHEREAS, the Bank and the Executive entered into an Employment Agreement (the “Agreement”) dated the 9th day of March, 1999; and 
  
 WHEREAS, that Agreement provided for compensation and benefits arrangements in the event the Executive resigns for good reason following a Change of
Control; and 
  
 WHEREAS, the Board of Directors has decided that
a Gross-Up Payment shall also be paid to or for the benefit of the Executive in the event the Executive resigns as a result of such Change of Control and in the event payment of said compensation and benefits are subject to the excise tax imposed
under Section 4999 of the Internal Revenue Code; and 
  
 WHEREAS,
the Board also desires that the Bank absorb and pay all costs and expenses incurred by the Executive in defending any provision to the Employment Agreement and Amendments thereto; 
  
 NOW, THEREFORE, in consideration of the terms and conditions herein contained and for other good and valuable consideration,
the receipt and sufficiency of which are acknowledged by each party to this Amended Agreement, the Bank and the Executive hereby agree as follows: 
  
 Section 4999 Gross-Up Payment 
  
 Gross -Up Payment. In the event it shall be determined that any payments and benefits called for under the Agreement and any Amendments
thereto, together with any other payments and benefits (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this
Amended Agreement (a “Payment”) would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, or any successor statute (the “Code”) or any interest or penalties are incurred by the Executive
with respect to such excise tax (collectively, 

 the “Excise Tax”), then the Executive shall be entitled to receive an additional payment (a “Gross-Up
Payment”) in an amount such that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with
respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the payments. 
  
 (a) Gross -Up Determination. Subject to the provision of Section (b) herein, all determinations required to be
made under this Amended Agreement, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by KPMG LLP or such other
independent certified accounting firm (the “Accounting Firm”) selected by mutual consent of the Bank and the Executive, which shall provide detailed supporting calculations both to the Bank and the Executive within 15 business days of the
receipt of notice from the Executive that there has been a Payment, or such earlier time as is requested by the Bank. The calculations under this Amended Agreement will be made in a manner consistent with the requirements of Code Sections 280G and
4999 and any applicable related regulations and any related Internal Revenue Service rulings. All fees and expenses of the Accounting Firm for such determination shall be borne solely by the Bank. Any determination by the Accounting Firm shall be
binding upon the Bank and the Executive. 
  
 Any Gross-Up Payment, as determined
pursuant to this Amended Agreement shall be paid by the Bank to the Executive within five days of the receipt of determination by the Accounting Firm that such payment is due. If it is determined that no Excise Tax is payable to the Executive, it
shall so indicate to the Executive in writing. 
  
 (b)
Notification to Bank. The Executive shall notify the Bank in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Bank of the Gross-Up Payment. Such notice shall be given as soon as
practicable but no later than ten business days after the Executive is informed in writing of such claim and said notice shall advise the Bank of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall
not pay such claim prior to the expiration of the 30-day period following the date on which it gives such notice to the Bank (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). 
  
 If the Bank notifies the Executive in writing prior to the expiration of such
period that it desires to contest such claim, the Executive shall: 
  

	 	(1)	give the Bank any information reasonably requested by the Bank relating to such claim, 

  

	 	(2)	take such action in connection with contesting such claim as the Bank shall reasonably request in writing from time to time, including, without limitation, accepting legal
representation with respect to such claim by an attorney reasonable selected by the Bank, 

  

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	 	(iii)	cooperate with the Bank in good faith in order to effectively contest such claim, and 

  
 (iv) permit the Bank to participate in any proceedings relating to such claim; 
  
 provided, however, that the Bank shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with any contest of a claim for payment of the Excise Taxes and the Bank shall indemnify and hold the Executive harmless, on an after tax basis, for any Excise Tax or income tax
(including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. 
  
 Without limitation on the foregoing provisions of this Amended Agreement, the Bank shall control all proceedings taken in connection with such contest and, at its sole
option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a
refund or contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Bank
shall determine; provided, however, that if the Bank directs the Executive to pay such claim and sue for a refund, the Bank shall advance the amount of such payment to the Executive, on an interest-free basis and shall indemnify and hold the
Executive harmless, on an after-tax-basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further
provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore,
the Bank’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority. 
  
 (c) Underpayment of Gross-Up Payment. In the event there is an underpayment of the Gross-Up Payment due to the uncertainty in the application of Section 4999 of the Code at the time of the initial determination the Accounting
Firm, and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm will determine the amount of any such underpayment that has occurred and such amount will be promptly paid by the Bank to or for the benefit of
the Executive. 
  
 (d) Refund of Gross-Up Payment.
If, after the receipt by the Executive of an amount advanced by the Bank pursuant to this Amended Agreement, the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Bank’s complying
with the requirements of Section (b) above), promptly pay to the Bank the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, 
  

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 after the receipt by the Executive of an amount advanced by the Bank pursuant to Section (b) above; a determination is
made that the Executive shall not be entitled to any refund with respect to such claim and the Bank does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination,
then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  
 Litigation Expenses 
  
 (a) The Bank agrees to pay promptly as incurred, to the full extent permitted
by law, all the legal fees and expenses which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof unless a court of competent jurisdiction determines that the Executive acted in bad faith in initiating
the contest) by the Bank, the Executive or others of the validity or enforceability of, or liability under, any provision of the Employment Agreement or Amendments thereto, or any guarantee of performance thereof (including as a result of any
contest by the Executive about the amount of any payment pursuant to the Agreement or its Amendments), plus in each case interest on any delayed payment at the applicable Federal rate provided for in Code Section 7872(f)(2)(A); provided however,
that the reasonableness of the fees and expenses must be determined by an independent arbitrator, using standard legal principles, mutually agreed upon by the Bank and the Executive in accordance with rules set forth by the American Arbitration
Association. 
  
 (2) If there is any dispute between the Bank and
the Executive in the event of any termination of the Executive’s employment by the Bank or by the Executive, then unless and until there is a final, nonappealable judgment by a court of competent jurisdiction declaring that the Executive is not
entitled to benefits under the Employment Agreement and Amendments thereto, the Bank will pay all amounts, and provide all benefits to the Executive and/or the Executive’s family or other beneficiaries, as the case may be, that the Bank would
be required to pay or provide pursuant to the Employment Agreement and its Amendments. The Bank will not be required to pay any disputed amounts pursuant to this paragraph except upon receipt of an undertaking (which may be unsecured) by or on
behalf of the Executive to repay all such amounts to which the Executive is ultimately adjudged by such court not to be entitled. 
  

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 Except as modified above, the parties ratify and reaffirm the Agreement. 
  
 WITNESS the following signatures and seals as of the day and year first
written above. 
  

			
	 BANK OF HAMPTON ROADS, INC.

		
	 BY:
	 	 /s/ Emil A. Viola (SEAL)

	 	 	 Emil A. Viola, Chairman of the Board

		
	 	 	 /s/ Tiffany K. Glenn (SEAL)

	 	 	 Tiffany K. Glenn, Executive

  
  

 5Employment Agreement

 Exhibit 10.26-1 
  
 EMPLOYMENT AGREEMENT 
  

THIS EMPLOYMENT AGREEMENT, (“Agreement”), made this 16th day of, July, 2003, by and between THE BANK OF HAMPTON ROADS, INC., a banking association organized under the laws of the Commonwealth of Virginia (the “Bank” or
“Employer”), and DONALD W. FULTON, JR. (the “Executive”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Executive currently is rendering valuable services to the Employer and it is the desire of the Employer to have the benefit of the Executive’s continued loyalty, service and counsel; and 
  
 WHEREAS, the Executive wishes to continue in the employ of the Employer;

  
 NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein set forth, the parties covenant and agree as follows: 
  
 1. EMPLOYMENT: The Employer agrees to continue to employ the Executive to perform services for the Employer and the Executive agrees to continue to serve the Employer upon the terms and conditions herein
provided. The Executive agrees to perform such managerial duties and responsibilities as shall be assigned to him by the Board of Directors of the Employer, which duties and responsibilities shall be substantially those functions of the Executive on
the date of this Agreement and the commencement date hereof. The Executive shall devote his time and attention on a full-time basis to the discharge of the duties undertaken by him hereunder. 
  
 2. TERMS AND COMPENSATION: 
  
 (a) Term of Employment. The term of employment hereunder shall
commence as of the date of this agreement and shall continue to the first to occur of (i) except as otherwise provided in Section 3 hereof, the end of the sixtieth consecutive month, following the commencement date aforesaid (ii) the
Executive’s death, or (iii) except as provided in Paragraph (d) of this Section 2, the Executive’s disability. In the event the Executive is not informed, in writing, prior to the last day of the forty-eighth consecutive month following
the commencement date of employment as aforesaid that this Agreement will not be renewed, this Agreement will automatically renew itself for an additional period of sixty months from the anniversary date established by the commencement of employment
as aforesaid. 

 (b) Compensation. During the term of employment hereunder, the Executive shall receive for his
services a base salary and incentive or bonus compensation in amounts determined by the Board of Directors or an appropriate committee of the Employer in accordance with the salary administration program of the Employer as the same may from time to
time be in effect, but in no event shall such base salary be less than the Executive’s base salary at the date hereof. 
  
 (c) Benefits. The Executive shall be eligible for participation in any additional plans, programs or forms of compensation or benefits that the
Employer’s Board of Directors might hereinafter provide to the class of employees that includes the Executive. 
  
 (d) Disability. In the event of the physical or mental disability of the Executive by reason of which the Executive is unable to perform the duties
of his employment hereunder, the Employer shall continue to pay or provide to the Executive the compensation and benefits provided under Paragraphs (b) and (c) of this Section 2 for the first six months of such disability. If, however, the
disability continues beyond such six-month period, the Employer may, at its election, terminate the Executive’s employment under this Agreement, in which case the Executive shall receive any disability benefits payable under the Employer’s
plans in effect at that time. 
  
 (e) Death. In the event
that the Executive’s death should occur during the term of this Agreement, this Agreement shall terminate and the Executive or his estate or beneficiaries, as the case may be, shall be entitled only to any and all retirement or death benefits
payable under the Employer’s plans in effect at that time and no further compensation will be paid under this Agreement. 
  
 3. TERMINATION: 
  
 (a) Termination by the Employer. Nothing herein contained shall prevent the Employer from terminating the services of the Executive at any time
prior to the expiration of this Agreement. 
  
 (1) If such
termination is effective prior to the time “a change in control” (as defined in part (b) of this Paragraph (3) occurs with respect to the Bank, and prior to the time the Employer enters into negotiations which result in such change of
control, then unless the termination is “for good cause “ as hereinafter defined, the Employer shall pay the Executive a termination allowance in 12 equal monthly payments commencing on the last day of the month in which the date of actual
termination occurs, the total amount of which will equal the base salary plus director’s fees, if any, but not including any bonuses paid to the Executive by the Bank in the 12 months next preceding the Notice of Termination. Except as provided
in this Paragraph 3(a)(1), upon the termination herein described, the compensation and benefits of the Executive will cease as of the Date of Termination as defined in Paragraph 3(d). 
  

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 (2) Termination of employment “for good cause” means a dismissal of the Executive because of
(i) the material failure of the Executive, after written notice, for reasons other than disability, to render services to the Employer as provided herein, (ii) the Executive’s gross or willful neglect of duty, or (iii) illegal or intentional
acts by the Executive demonstrating bad faith toward the Employer. If the Employer shall terminate the Executive’s employment for good cause, the Executive shall be entitled only to receive his basic salary in respect of services performed
through the Date of Termination. 
  
 (b) Termination by the
Executive. The Executive shall be entitled to terminate his employment for good reason, in which event the Employer shall be obligated to pay the Executive and furnish him the benefits provided in Section 4 hereof. By way of illustration and not
limitation, the following circumstances shall constitute “good reason” and shall be deemed to be a breach of this Agreement by the Employer: 
  
 (i) the Executive is assigned any duties or responsibilities that are inconsistent with his positions, duties, responsibilities and status with the
Employer in effect at the date of this Agreement; or 
  
 (ii) a
change in control occurs with respect to the Bank. 
  
 For
purposes of this Agreement, the term “a change in control” shall mean (a) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934) who is, or who has entered into a definite agreement
with the Bank to become, the beneficial owner, directly or indirectly, of securities of the Bank representing more than 50% of the combined voting power of the then outstanding securities of the Bank; or (b) a change in the composition of a majority
of the Board of Directors of the Bank within twelve months after any person (as defined above) is or becomes the beneficial owner, directly or indirectly, of securities of the Bank representing 25% of the combined voting power of the then
outstanding securities of the Bank. The right herein conferred upon the Executive to terminate his employment for good reason may be exercised by the Executive at any time during the terms of this Agreement at his sole discretion, and any failure by
the Executive to exercise this right after he has “good reason” to do so shall not be deemed a waiver of the right. 
  
 In the event the Executive terminates his employment without “good reason” then he shall be entitled to no termination allowance and no
severance allowance and no further compensation after the “Date of Termination” as defined in part (d) of this Paragraph 3. 
  
 (c) Notice of Termination. Any termination of the Executive’s employment by the Employer or by 
  

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 the Executive shall be communicated by a written Notice of Termination to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination. 
  
 (d) Date of Termination. “Date of
Termination” shall mean (i) if the Agreement is terminated by the Executive, the date on which the Notice of Termination is delivered, (ii) if the Agreement is terminated by the Employer because of the Executive’s disability, thirty days
after the Notice of Termination is given, or (iii) if the Executive’s employment is terminated by the Employer for any other reason, the date on which a Notice of Termination is given, unless within thirty days thereafter the Executive notifies
the Employer that a dispute exists concerning the termination, in which case the Date of Termination shall be the date on which the dispute is finally determined, whether by mutual written agreement of the parties or by a final judgement, order or
decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected). 
  
 4. Compensation Upon Termination. Except as provided in Paragraph 3(a)(1) above, if, without good cause, the Employer terminates the services of
the Executive prior to the expiration of this Agreement or if the Executive terminates his employment for good reason, then: 
  
 (a) Accrued But Unpaid Compensation. The Employer shall pay the Executive’s full base salary through the Date of Actual Termination at the
rate then in effect and the amount, if any, of awards theretofore made which have not yet been paid. 
  
 (b) Severance Allowance. The Employer shall pay the Executive a severance allowance in 60 equal monthly payments commencing on the last day of the
month in which the date of actual termination occurs, the total amount of which will equal and will not exceed the present value of three times the base amount minus $1.00 plus the present value of any other payments in the nature of compensation
within the meaning of Section 280G(b)(2)(A)(ii) of the Internal Revenue Code of 1954, as amended (Code). 
  
 For purposes of this Paragraph 4(b), the following definitions shall apply: 
  
 (i) Base Amount - The term “base amount” means the Executive’s average annualized includible compensation for the base period. 

 
 (ii) Annualized Includible Compensation for the Base Period - The term
“annualized includible compensation for the base period” means the average annual compensation paid by the Bank, which was includible in the gross income of the executive for federal income tax purposes for taxable years in the base
period. 
  

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 (iii) Base Period - The term “base period” means the period consisting of the most recent five
taxable years ending before the date on which termination occurs, except for termination as a result of the operation of Paragraph 3(b)(ii) above in which case the date of termination shall be deemed to be the date a change in control occurs with
respect to the Bank. 
  
 (iv) Present Value - Present value shall
be determined in accordance with Section 1274(b)(2) of the Code. 
  
 (c) Employee Benefits. The Employer shall maintain in full force and effect, for the Executive’s continued benefit until the earlier of the third anniversary of the Date of Termination or the date the Executive becomes a
participant in similar plans, programs or arrangements provided by a subsequent employer, all life, accident, medical and dental insurance benefit plans and programs or arrangements in which the Executive was entitled to participate immediately
prior to the Date of Termination, provided that the Executive’s continued participation is possible under the general terms and provisions of such plans and programs. In the event that the Executive’s participation in any such plan or
program is barred, the Employer shall arrange to provide the Executive with benefits substantially similar to those which the Executive is entitled to receive under such plans and programs. At the end of the period of coverage, the Executive shall
have the option to have assigned to him at no cost and with no apportionment of prepaid premiums, any assignable insurance policy owned by the Employer, or any one of them, and relating specifically to the Executive. 
  
 (d) No Duty to Mitigate. The Executive shall not be required to
mitigate the amount of any payment provided for in this Section 4 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 4 be reduced by any compensation earned by the Executive as the result of
employment by another employer after the Date of Termination, or otherwise. 
  
 5. MISCELLANEOUS:  
  
 (a)
Waiver. A waiver by any party of any of the terms and conditions of this Agreement in any instance shall not be deemed or construed to be a waiver of such terms and conditions for the future, or of any subsequent breach thereof. 

 
 (b) Severability. If any provision of this Agreement, as applied to
any circumstances, shall be adjudged by a court to be void and unenforceable, the same shall in no way affect any other provision of this Agreement or the applicability of such provision to any other circumstances. 
  
 (c) Amendment. This Agreement may not be varied, altered, modified,
changed, or in any way amended except by an instrument in writing, executed by the parties hereto or their legal representatives. 
  

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 (d) Nonassignability. Neither the Executive nor his estate shall have any right to commute, sell,
assign, transfer or otherwise convey the right to receive any payments hereunder, which payments and the right thereto are expressly declared to be nonassignable and nontransferable. 
  
 (e) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Executive (and his personal
representative), the Bank and any successor organization or organizations which shall succeed to substantially all of the business and property of the Bank, whether by means of merger, consolidation, acquisition of all or substantially all of the
assets of the Bank or otherwise, including by operation of law. 
  
 (f) Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the Commonwealth of Virginia, whether statutory or decisional, applicable to agreements made and entirely to be performed within such
state and such provisions of federal law as may be applicable. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. 
  

			
	 The Bank of Hampton Roads, Inc.

		
	 By:
	 	 /s/ Emil A. Viola

	 	 	 Emil A. Viola, Chairman of the Board

		
	 	 	 /s/ Donald W. Fulton, Jr.

	 	 	 Donald W. Fulton, Jr., Executive

  

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