Employment Arrangement between Bay National Bank and David E. Borowy
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Summary
Bay National Bank has hired David E. Borowy as an at-will employee starting November 17, 2008, with an annual salary of $150,000 as of November 2009. He is eligible for incentive bonuses at the discretion of the Board's Compensation Committee and receives all benefits available to full-time employees. No discretionary bonuses were paid to him for the period ending December 31, 2008.
EX-10.3 5 ex10-3.htm EXHIBIT 10.3 Unassociated Document
Exhibit 10.3
Terms of Employment Arrangement
between Bay National Bank
and David E. Borowy
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.
No discretionary bonuses were paid to Mr. Borowy for the period ended December 31, 2008.
