Directors' Compensation Policy for The Old Point National Bank of Phoebus and Old Point Trust & Financial Services, N.A.

All non-employee directors of The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services, N.A. (the Trust Company) receive $600 and $350, respectively, for each board meeting they attend. The non-employee directors of the Bank and Trust Company receive $200 for each committee meeting they attend except for the Bank's Investment Committee and Nominating and Corporate Governance Committee and the Trust Company's Marketing Committee meetings, for which members receive $150 for attendance, and the Bank's Directors Loan Committee, Compensation and Benefits Committee and Audit Committee meetings, for which members receive $200 for attendance.

In addition, non-employee directors of the Bank and Trust Company receive an annual retainer fee of $12,000 and $4,000, respectively.  In addition, the chairman of the Audit Committee receives an additional $3,000 annual retainer, the chairman of the Trust Company Board receive an additional $2,000 annual retainer, the Lead Director of the Bank Board receives an additional $10,000 annual retainer, and the chairman of the Directors Loan Committee receives an additional $1,000 annual retainer.

All directors of Old Point Financial Corporation (the Company) have been elected as directors of the Bank, but there is no assurance that this practice will continue. However, not all Company directors serve as directors of the Trust Company. There are no additional fees paid for being a Company director.

The Company reimburses travel, lodging and meal expense for all directors living outside of Virginia to attend board and committee meetings. The Company also pays for all directors and their spouses to attend regular director seminars.

Non-employee directors are eligible to receive equity compensation awards under the Company’s 2016 Incentive Stock Plan.