Terms of Employment Arrangement between Bay National Bank and Richard J. Oppitz
EXHIBIT
10.3
Terms of
Employment Arrangement
between
Bay National Bank
and
Xxxxxxx X. Xxxxxx
Xx.
Xxxxxx was employed on an at-will basis at a rate of pay of $157,500 as of
September 5, 2008 until his termination effective January 7,
2009. While employed, Xx. Xxxxxx was also eligible for incentive
bonuses at the discretion of the Compensation Committee of the Board of
Directors, and was entitled to all benefits available to full time employees of
Bay National Bank.
No
discretionary bonuses were paid to Xx. Xxxxxx for the period ended December 31,
2008.
