Vineyard National Bancorp (fka VNBCQ)

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8-k from 1-9-09

On January 7, 2009, Vineyard Bank, N.A. (“Vineyard”), the wholly-owned subsidiary of Vineyard National Bancorp (the “Company”) entered into an Employee Retention Agreement (the “Agreement”) with certain employees of Vineyard, including named executive officer, Donald Pelgrim, Executive Vice President and Chief Administrative Officer of Vineyard and the Company.



Under the terms of his Agreement, Mr. Pelgrim will receive an aggregate cash retention bonus of $37,500, payable in three equal installments during the first quarter of 2009. Payment of each installment is subject to certain terms and conditions, which include Mr. Pelgrim’s continued employment with the Company.

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