SEC Contract Filing

Filing Date: 2016-02-16

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>7
<FILENAME>a16-3998_3ex10d4.htm
<DESCRIPTION>EX-10.4
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibits 10.4</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS EMPLOYMENT AGREEMENT (this &#147;Agreement&#148;) is made and entered into on this&#160; 10</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160; day of February, 2016 among Hampton Roads Bankshares,&nbsp;Inc., a Virginia corporation having its principal place of business at 641 Lynnhaven Parkway, Virginia Beach, VA 23452 (&#147;HRB&#148;), 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 (&#147;BHR&#148;) and Donna W. Richards (the &#147;Executive&#148;).</p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITNESSETH:</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, HRB intends to acquire Xenith Bankshares,&nbsp;Inc. according to that certain Agreement and Plan of Reorganization dated February&nbsp;10, 2016 whereby Xenith Bankshares,&nbsp;Inc. will be acquired and merged into HRB and Xenith Bank, a wholly owned subsidiary of Xenith Bankshares,&nbsp;Inc., will be merged into HRB&#146;s wholly owned subsidiary, BHR, with HRB and BHR as the surviving entities, whose names will change to Xenith Bankshares (&#147;HoldCo&#148;) and Xenith Bank (&#147;Xenith&#148;) respectively, if the change in name is approved by the shareholders of Holdco (the &#147;Acquisition&#148;)(1).</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Executive&#160; is currently employed as President of BHR and President and Chief Operating Officer of HRB.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, <b>effective upon the closing of the Acquisition (the &#147;Effective Date&#148;)</b>, Xenith and HoldCo (collectively &#147;Employer&#148;) desire to provide for the continued employment of the Executive and to make certain changes in the Executive&#146;s pre-Acquisition employment arrangements which the Employer has determined will reinforce and encourage the continued dedication of the Executive to the Employer.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the premises and the mutual covenants contained in this Agreement, the Employer and the Executive, intending to be legally bound hereby, mutually agree, conditioned upon the closing of the Acquisition, as follows:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Employment</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Employer and Executive agree that, upon the Effective Date,&#160; Executive shall be employed as President and Chief Operating Officer (&#147;COO&#148;) of Xenith and President and COO of HoldCo, and shall perform such services for each as may be assigned to Executive by the Chief Executive Officer of Xenith or HoldCo, or the Board of Directors of Xenith or HoldCo (collectively, the &#147;Board&#148;) from time to time in accordance with the terms and conditions set forth in this Agreement.</p>
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