Schedule A to Supplemental Executive Retirement Plan for Michael D. Peduzzi
Contract Categories:
Human Resources
- Retirement Agreements
EX-10.7 5 d505314dex107.htm EX-10.7 EX-10.7
Exhibit 10.7
SCHEDULE A
CNB FINANCIAL CORPORATION
Supplemental Executive Retirement Plan
Benefit Schedule for Michael D. Peduzzi
This Schedule replaces in its entirety, and supersedes in all respects, the previous Schedule A dated December 28, 2021
| Normal Retirement Benefit (payable annually) | $ | 120,000 | ||
| Term for Payment of Normal Retirement Benefit | 20 Years | |||
| Normal Retirement Age | 62 |
Calculation of Accrued Benefit1:
| Plan Year | December 31 Accrued Benefit | |||
| Plan Years Ending on December 31, 2023 | $ | 240,000.00 | ||
| January 1 – December 31, 2024 | $ | 960,000.00 | ||
| January 1 – December 31, 2025 | $ | 1,680,000.00 | ||
| January 1 – December 31, 2026 and all subsequent Plan years | $ | 2,400,000.00 | ||
| MICHAEL D. PEDUZZI | ||
| By: | /s/ Michael D. Peduzzi | |
| Date: | October 1, 2023 | |
| CNB FINANCIAL CORPORATION | ||
| By: | /s/ Peter F. Smith | |
| Name: | Peter F. Smith | |
| Title: | Chairman of the Board | |
| Date: | October 1, 2023 | |
| 1 | Accrued Benefit (calculated as set forth herein) to be divided by twenty (20) and paid over a term of twenty (20) years. |
