0000950159-05-000358 Sample Contracts

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EXHIBIT 10.3
Bay National Corp • March 29th, 2005 • National commercial banks

Mr. Semanie is employed on an at will basis at a rate of pay of $165,000 as of January 1, 2005. Mr. Semanie 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.

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