Exhibit 10.28
BANK OF HAMPTON ROADS
DIRECTORS RETIREMENT PLAN AGREEMENT
This Directors Retirement Plan Agreement (the “ Agreement ”) is entered into as of the day of , 200
, by and between The Bank of Hampton Roads , a Virginia banking corporation, (“ BHR ” or the “ Bank ”), with a
principal address of 999 Waterside Drive, Suite 200, Norfolk, Virginia (23510), and ( Print Name ) (“ Participant ”), with an
address of in the City/County of , Virginia ( ) ( Zip Code ).
R E C I T A L S
Whereas, BHR’s Board of Directors (the “ Board ”) did unanimously approve at its meeting on March 31, 2001, a certain
“Directors Retirement Plan” (the “ Plan ”) as formulated and recommended by the Executive Committee of the Board providing
for retirement compensation to a retiring Director based upon a Director’s term of service to the Bank;
Whereas, the Plan was adopted in recognition of the fact that Board Members who become eligible for benefits under the
Plan have served on the Board for a significant period of time and will have developed a keen understanding of the Bank, its
business, the competitive environment in which the Bank operates and the elements of effective corporate governance;
Whereas, for those retiring Directors who want to leave the Board but remain associated with the Bank, the Plan allows
former Board Members who have distinguished themselves in service to the Bank to continue to make meaningful contributions
to the Board and the Bank;
Whereas, the Plan requires that Board Members have a significant investment in the Bank, maintain enthusiasm about the
Bank and its services, and be active in the business community;
Whereas, the Plan as adopted affects BHR Directors who have served on the Board for six (6) or more years and provides
certain benefits in consideration of certain continued services to the Bank, the terms and conditions of which are more fully
described