EX-10.5 9 avidbankholdings_ex10-5.htm EXHIBIT 10.5

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