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 408.200.7390 Fax 408.200.7399 |