Terms of Employment Arrangement between Bay National Bank and Mark A. Semanie
EXHIBIT
10.4
Terms
of
Employment Arrangement
between
Bay National Bank
and
Xxxx
X. Xxxxxxx
Xx.
Xxxxxxx is employed on an at will basis at a rate of pay of $180,000 as of
January 1, 2006. Xx. Xxxxxxx 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. Xxxxxxx of $30,000 in December 2003,
$40,000
in December 2004 and $60,000 in December 2005, respectively. These bonuses
were
paid in the subsequent calendar year.
