SEC Contract Filing

Filing Date: 2021-02-01

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>d124286dex103.htm
<DESCRIPTION>EX-10.3
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<TITLE>EX-10.3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amended and Restated Employment Agreement (this &#147;Agreement&#148;) is dated as of August&nbsp;12, 2020, by and among Blue Ridge Bank,
National Association, a national banking association (the &#147;<U>Bank</U>&#148;), and Susan Pittman (the &#147;<U>Executive</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Bank is the wholly-owned national banking association subsidiary of Blue Ridge Bankshares, Inc., a Virginia corporation (the
&#147;<U>Company</U>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and Bay Banks of Virginia, Inc. (&#147;<U>BAYK</U>&#148;) have entered into that certain
Agreement and Plan of Reorganization dated as of August&nbsp;12, 2020 (the &#147;<U>Reorganization Agreement</U>&#148;), under which BAYK will merge with and into the Company (the &#147;<U>Merger</U>&#148;) and Virginia Commonwealth Bank
(&#147;<U>VCB</U>&#148;), the wholly-owned Virginia-chartered commercial bank subsidiary of BAYK, shall merge with and into the Bank (&#147;<U>Subsidiary Bank Merger</U>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive is an employee of BAYK and VCB pursuant to a contract of employment dated July&nbsp;1, 2019 (&#147;<U>Employment
Agreement</U>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, as of the Effective Date of the Merger and Subsidiary Bank Merger, the Bank shall assume Executive&#146;s
employment and become the successor-in-interest to the Employment Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, based on Executive&#146;s position as a key
executive officer of BAYK and VCB, and as a material inducement for the Company to enter into the Reorganization Agreement, Executive and the Bank have agreed that upon the consummation of the Merger and the Subsidiary Bank Merger, Executive&#146;s
Employment Agreement shall be amended and restated under the terms and conditions set forth herein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Bank desires to provide
substantial benefits to Executive to which Executive would not be otherwise entitled and to obtain from Executive covenants protecting the Company and Bank&#146;s customer relationships, confidential information and trade secrets, and Executive
desires to obtain such benefits and is willing to enter into such covenants; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive is willing to make her services
available to the Bank after the Merger and Subsidiary Bank Merger on the terms and subject to the conditions set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW,
THEREFORE, the parties, intending to be legally bound, agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Employment and Acceptance</U>. Conditional upon
consummation of the Merger and the Subsidiary Bank Merger and Executive continuing in the employ of BAYK and VCB until the effective date and time of the Merger and Subsidiary Bank Merger (the &#147;<U>Effective Date</U>&#148;), and further
conditioned upon Executive&#146;s execution and return of the Waiver and Release Agreement attached hereto as<U> Exhibit A</U>, which execution and return shall occur no sooner than the Effective Date, Executive shall continue Executive&#146;s
employment as Executive Vice President, Northern Neck Market of the Bank. Executive shall have the duties and </P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">responsibilities that are commensurate with such positions and shall also render such other services and
duties as may be reasonably assigned Executive from time to time by the Bank, consistent with Executive&#146;s positions with the Bank. Executive accepts and agrees to the continuation of Executive&#146;s employment and agrees to carry out her
duties and responsibilities to the best of her ability in a competent, efficient and businesslike manner. Executive further agrees to comply with all the policies, standards and codes of conduct of the Bank now or hereafter adopted. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Term</U>. This Agreement is effective on the Effective Date and shall end on the second anniversary of the date thereof and will be
automatically exten