Terms of Employment Arrangement between Bay National Bank and Jill Moraniec
EXHIBIT
10.4
between
Bay National Bank
and Xxxx
Xxxxxxxx
Xx.
Xxxxxxxx was retained effective June 25, 2007 and was promoted to Chief Credit
Officer, pending regulatory approval, in February 2009 (which approval was
received June 30, 2009). Xx. Xxxxxxxx is employed on an at-will basis
at a rate of pay of $105,000 as of October 17, 2009. Xx. Xxxxxxxx is
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. Xxxxxxxx for the period ended December
31, 2009.
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