Terms of Employment Arrangement between Bay National Bank and Richard J. Oppitz
EXHIBIT
10.3
between
Bay National Bank
and
Xxxxxxx X. Xxxxxx
Xx.
Xxxxxx is employed on an at will basis at a rate of pay of $175,000 as of
January 1, 2008. Xx. Xxxxxx is also eligible for incentive bonuses at the
discretion of the Compensation Committee of the Board of Directors, and is
entitled to all benefits available to full time employees of Bay National
Bank.
The
Compensation Committee of the Board of Directors of the Bank approved
discretionary bonuses to Xx. Xxxxxx of $10,000 in December 2007 and $56,000 in
December 2006. These bonuses were paid in the subsequent calendar
year.
