Terms of Employment Arrangement between Bay National Bank and David E. Borowy
Exhibit
10.3
between
Bay National Bank
and Xxxxx
X. Xxxxxx
Xx.
Xxxxxx was retained effective November 17, 2008 and is employed on an at-will
basis at a rate of pay of $150,000 as of November 2009. 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.
No
discretionary bonuses were paid to Xx. Xxxxxx for the period ended December 31,
2008.
