Avidbank Holdings Employment Offer Letter to Victor DeMarco (Senior Vice President, Executive Administration, Head of Advisory Services)
Avidbank Holdings offers Victor DeMarco the position of Senior Vice President, Executive Administration, and Head of Advisory Services, with a $225,000 annual salary, 10,800 restricted stock shares vesting after three years, and eligibility for incentive compensation. The role is full-time, exempt, and includes unlimited paid time off and standard benefits. Employment is at-will and contingent on a successful background check. The offer expires August 28, 2020, with a start date of October 1, 2020 or as agreed.
Exhibit 10.5
August 24, 2020
Mr. Victor DeMarco
Dear Victor:
We are pleased to make the following offer of employment to you:
| Job Title: | Senior Vice President, Executive Administration, Head of Advisory Services | |
| Status: | Regular Full-Time | |
| Annual Base Salary: | $225,000 | |
| Restricted Stock: | 10,800 shares, 100% vesting 3 years after grant date | |
| FLSA Classification: | Exempt | |
| Start Date: | October 1, 2020 or TBD | |
| Offer Expiration Date: | August 28, 2020 | |
| Reports to: | Chairman and Chief Executive Officer | |
| PTO: | Unlimited | |
| Benefits: | Medical, dental, vision, life/disability insurance, and 401K plan | |
| Other: | Eligible to participate in incentive compensation plans |
Employment with the Bank is an “at will” basis. This offer is contingent upon the Bank obtaining favorable results of a background search.
Should you have any questions, please feel free to contact me at [_____________].
Sincerely,
/s/ Mark D. Mordell | |
Mark D. Mordell Chairman and Chief Executive Officer | |
| AGREED AND ACCEPTED: | |
| /s/ Victor DeMarco | |
| Victor DeMarco |
1732 North 1st Street, 6th Floor, San Jose, CA 95112 | Telephone ###-###-#### Fax ###-###-#### |
