Terms of Employment Arrangement between Bay National Bank and Mark A. Semanie
EXHIBIT
10.4
Terms of
Employment Arrangement
between
Bay National Bank
and ▇▇▇▇
▇. ▇▇▇▇▇▇▇
▇▇.
▇▇▇▇▇▇▇ was employed on an at-will basis at a rate of pay of $180,000 as of
September 5, 2008 until his resignation effective December 31, 2008. While
employed, ▇▇. ▇▇▇▇▇▇▇ 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.
No
discretionary bonuses were paid to ▇▇. ▇▇▇▇▇▇▇ for the period ended December 31,
2008.