CNB Financial Corporation Supplemental Executive Retirement Plan Benefit Schedule for Tito Lima
This agreement outlines the supplemental executive retirement benefits for Tito Lima from CNB Financial Corporation. Upon reaching the normal retirement age of 62, Mr. Lima will receive an annual benefit of $83,425, paid over 20 years. The schedule details the accrued benefit amounts for each plan year, with payments beginning after December 31, 2026, reaching a maximum accrued benefit of $1,668,502. Both Mr. Lima and the company's President & CEO have signed the agreement, confirming its terms as of October 1, 2023.
Exhibit 10.8
SCHEDULE A
CNB FINANCIAL CORPORATION
Supplemental Executive Retirement Plan
Benefit Schedule for Tito Lima
| Normal Retirement Benefit (payable annually) | $ | 83,425 | ||
| 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 | $ | 63,099.00 | ||
| January 1 – December 31, 2024 | $ | 598,423.00 | ||
| January 1 – December 31, 2025 | $ | 1,133,560.00 | ||
| January 1 – December 31, 2026 and all subsequent Plan years | $ | 1,668,502.00 | ||
| TITO LIMA | ||
| By: | /s/ Tito Lima | |
| Date: | October 1, 2023 | |
| CNB FINANCIAL CORPORATION | ||
| By: | /s/ Michael D. Peduzzi | |
| Name: | Michael D. Peduzzi | |
| Title: | President & CEO | |
| 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. |
