Supplemental Executive Retirement Plan Benefit Schedule for Martin T. Griffith – CNB Financial Corporation
This agreement between CNB Financial Corporation and Martin T. Griffith outlines the terms of a supplemental executive retirement plan. Mr. Griffith will receive an annual retirement benefit of $90,000, payable over 20 years, starting at age 63. The schedule details the accrued benefit amounts for each plan year, with the total benefit to be divided and paid out over the specified term. Both parties signed the agreement on October 1, 2023.
Exhibit 10.10
SCHEDULE A
CNB FINANCIAL CORPORATION
Supplemental Executive Retirement Plan
Benefit Schedule for Martin T. Griffith
| Normal Retirement Benefit (payable annually) | $ | 90,000 | ||
| Term for Payment of Normal Retirement Benefit | 20 Years | |||
| Normal Retirement Age | 63 |
Calculation of Accrued Benefit1:
| Plan Year | December 31 Accrued Benefit | |||
| Plan Years Ending on December 31, 2023 | $ | 180,000.00 | ||
| January 1 – December 31, 2024 | $ | 720,000.00 | ||
| January 1 – December 31, 2025 | $ | 1,260,000.00 | ||
| January 1 – December 31, 2026 and all subsequent Plan years | $ | 1,800,000.00 | ||
| MARTIN T. GRIFFITH | ||
| By: | /s/ Martin T. Griffith | |
| 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. |
