Terms of Employment Arrangement between Bay National Bank and Mark A. SemanieTerms of Employment Arrangement • March 28th, 2008 • Bay National Corp • National commercial banks
Mr. Semanie is employed on an at will basis at a rate of pay of $200,000 as of January 1, 2008. 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.
Terms of Employment Arrangement between Bay National Bank and Richard J. OppitzTerms of Employment Arrangement • March 31st, 2009 • Bay National Corp • National commercial banks
Mr. Oppitz was employed on an at-will basis at a rate of pay of $157,500 as of September 5, 2008 until his termination effective January 7, 2009. While employed, Mr. Oppitz was 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.
Terms of Employment Arrangement between Slavie Federal Savings Bank and Philip E. LoganTerms of Employment Arrangement • March 31st, 2009 • SFSB, Inc. • Savings institution, federally chartered
Mr. Logan is employed on an at-will basis at a rate of pay of $125,840.00 as of January 1, 2009. Mr. Logan is also eligible to receive annual salary increases as determined by the Compensation Committee of the Board of Directors and an annual bonus as determined by the Compensation Committee of the Board of Directors. He is also entitled to all benefits available to full-time employees of Slavie Federal Savings Bank. Mr. Logan received a bonus of $46,453.67 for 2008, which was paid in March, 2009.
EXHIBIT 10.3Terms of Employment Arrangement • March 29th, 2005 • Bay National Corp • 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.
Terms of Employment Arrangement between Bay National Bank and Richard J. OppitzTerms of Employment Arrangement • March 28th, 2008 • Bay National Corp • National commercial banks
Mr. Oppitz is employed on an at will basis at a rate of pay of $175,000 as of January 1, 2008. Mr. Oppitz 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.
Terms of Employment Arrangement between Bay National Bank and David E. BorowyTerms of Employment Arrangement • December 22nd, 2009 • Bay National Corp • National commercial banks
Mr. Borowy 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. Mr. Borowy 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.
Terms of Employment Arrangement between Bay National Bank and Jill MoraniecTerms of Employment Arrangement • March 31st, 2010 • Bay National Corp • National commercial banks
Ms. Moraniec 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). Ms. Moraniec is employed on an at-will basis at a rate of pay of $105,000 as of October 17, 2009. Ms. Moraniec 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.
