Document:

Form of employment contract

 EXHIBIT 10(B) 
  
 CNB FINANCIAL CORPORATION 
 Form 10-K For The Year Ended December 31, 2003 
 Material Contracts 
  
 FORM OF EXECUTIVE EMPLOYMENT CONTRACT 
  
 MADE this
             day of August 2001, by and between CNB FINANCIAL CORPORATION, a Pennsylvania business corporation and COUNTY NATIONAL BANK, a national banking institution,
with principal office at One South Second Street, P.O. Box 42, Clearfield, Pennsylvania, 16830, (hereinafter collectively referred to as “CNB”); 
  
 A    N    D 
  
 JOSEPH B. BOWER, JR., an adult individual, residing at RD 2, Box 45b, Clearfield, Pennsylvania, 16830, (hereinafter “MR. BOWER”).

  
 WHEREAS, MR. BOWER has been employed by CNB as a Senior
Executive for some time; and 
  
 WHEREAS, MR. BOWER currently
serves as CNB Financial Corporation’s Treasurer and as the Senior Vice President and CFO of CNB; 
  
 WHEREAS, the parties desire to memorialize their contractual relation in writing. 
  
 NOW WITNESSETH: 
  
 The parties for themselves, their heirs, successors and assigns, in consideration of their mutual promises contained herein, intending to be legally
bound, hereby agree to the following terms and conditions. 
  
 1.
EMPLOYMENT: CNB will employ MR. BOWER as its Treasurer and Senior Vice President and CFO, and MR. BOWER agrees to serve in those capacities. MR. BOWER promises that during the term of this Agreement he shall dedicate his full time, attention
and energies to his employment with CNB. MR. BOWER further promises that he will report to CNB’s President & CEO and its Executive Vice President & Cashier and COO, carry out their and the Board of Directors’ decisions and
otherwise abide by and enforce the policies of CNB. 
  
 MR. BOWER
shall also perform such other reasonable duties as may hereafter be assigned to him by CNB consistent with his abilities and position, including but not limited to services to CNB’s parent CNB Financial Corporation and its other subsidiaries.

  
 MR. BOWER will not engage in any other employment during the
term of this Agreement, nor shall he engage in self-employed activities. 
  
 MR. BOWER also recognizes that CNB’s success and recognition depend on his involvement with charitable and social organizations. In this regard, MR. BOWER agrees to engage in such social and charitable activities
or organizations as are consistent with his personal responsibilities and with his position with CNB. 
  
 MR. BOWER shall also comply with all other CNB procedures and polices now or hereafter in effect. 
  
 MR. BOWER further agrees that he and the members of his family shall comport
themselves at all times in a manner that reflects upon CNB in a positive fashion. 
  
 2. TERM: The term of this Agreement shall be for three (3) years commencing on January 1, 2001, and ending on December 31, 2003, unless terminated sooner pursuant to the other provisions of this Agreement.

  
 CNB, at its option, may extend this contract for additional
terms of one (1) year by giving written notice of its intent within thirty (30) days of each annual anniversary of this agreement. MR. BOWER will then have thirty (30) days to accept or reject said extension in writing. 
  
 3. COMPENSATION: MR. BOWER shall be paid a base salary to be
established annually by the Board of Directors. MR. BOWER shall also receive such annual increases, stock, stock options and bonuses as may from time to time be awarded by the Board of Directors. 
  
 CNB will also provide MR. BOWER with a family membership at the
Clearfield-Curwensville Country Club. 
  
 4. OTHER
BENEFITS: MR. BOWER shall also participate in CNB’s retirement plan, health insurance plan, life insurance plan and receive such other benefits as CNB from time to time may provide to its employees. 
  
 MR. BOWER shall also be entitled to vacation, leave for illness and so forth
as now or hereafter granted by CNB’s personnel policies. 

 5. CONFIDENTIAL INFORMATION: MR. BOWER acknowledges and agrees that as an inducement to CNB to
employ him and enter this written contract with him, that he shall not disclose, directly or indirectly, intentionally or unintentionally, during the term of this contract or at any time after its termination, any of CNB’s proprietary
information, account information, customer lists, customer information, policies, pricing, strategy, codes, strategic plan, plans for expansion or business development or other information of a confidential nature (hereinafter referred to as
“Confidential Information”), whatsoever regarding CNB without first obtaining the prior, written consent from CNB’s President & CEO that such disclosure is authorized. Communications with CNB’s employees, customers and
business relations are excepted from the foregoing prohibition during the term of this Agreement to the extent that such communications are consistent with MR. BOWER’s duties. 
  
 Confidential Information shall include all information recorded, memorialized or communicated in any form whether written,
printed, verbal, video, electronic, magnetic, digital or otherwise. 
  
 Upon termination of this contract for any reason, MR. BOWER promises that he shall promptly return to CNB or its designated representative any Confidential Information, keys, credit cards, or other property, in his possession. 

 
 MR. BOWER further promises that he will not take, keep, or record copies,
duplications or reproductions of the Confidential Information or other property subject to this Agreement after termination of this Agreement. 
  
 6. COVENANT NOT TO COMPETE: As additional consideration to CNB for entering this Agreement, and for granting the severance benefits described in
paragraph 7 below which are a new benefit, MR. BOWER covenants that he shall not compete against CNB, its parent, affiliates or subsidiaries, either directly or indirectly, by taking employment, gratuitously assisting or serving as an independent
contractor, consultant, partner, director or officer with a competitor of CNB, or starting his own business which would compete directly or indirectly with CNB, or have a material interest in any business, corporation, partnership, LLC, savings and
loan, bank or other venture which competes directly or indirectly with CNB either while he is employed by CNB or for a period of three (3) years following the date on which MR. BOWER is last employed by CNB. For the purpose of defining and enforcing
this covenant, CNB’s competitors will be identified at the time it seeks enforcement of this covenant. This determination shall be based on CNB’s market area and CNB’s plans for expansion or acquisition into other market areas at the
time enforcement of this covenant is sought. 
  
 The parties also
agree that indirect competition shall include the instances stated above but involving MR. BOWER’s spouse, children or in-laws. 
  
 The parties further agree that MR. BOWER’s covenant not to compete shall apply in the event of his regular retirement or voluntary termination of his
employment hereunder. MR. BOWER agrees in this regard that the security provided by this agreement is adequate consideration for his covenant not to compete. 
  
 7. SEVERANCE PAY: If MR. BOWER’s employment is terminated without cause, whether or not a change in control of CNB has occurred, MR. BOWER
shall be entitled to severance benefits equal to 2.99 times his base salary for the year in which his employment ends. “Base Salary” does not include bonuses, options and so forth. This severance pay shall be tendered to MR. BOWER in cash
within 30 days following the end of his employment with CNB. MR. BOWER shall also be entitled to this severance pay if he voluntarily terminates his employment with CNB after a change in control for any of the following reasons: 
  
 A. Reduction in title or responsibilities; 
  
 B. Assignment of duties or responsibilities inconsistent with MR.
BOWER’s status as Treasure, Senior Vice President & CFO; 
  
 C. A reduction in salary or other benefits; and, or, 
  
 D. Reassignment to a location greater than 25 miles from the location of MR. BOWER’s office on the date of change and control. 
  
 For the purposes of this Agreement, a “change in control” shall include but not be limited to the following: 
  
 1. Sale of all or substantially all of CNB’s or CNB Financial
Corporation’s stock; 
  
 2. Sale of all or substantially all
of CNB’s or CNB Financial Corporation’s assets; 
  
 3.
Acquisition by a third party or group acting in concert of stock sufficient to elect a majority of directors to the Board of CNB or CNB Financial Corporation; or, 
  
 4. Ownership of more than 50% of CNB Financial Corporation stock by a single person or entity or more than one person or
entity acting as a group. 
  

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 8. TERMINATION: This Agreement may be terminated on the occurrence of any of the following events
and if terminated under this paragraph, MR. BOWER shall not be entitled to severance benefits under Paragraph 7: 
  
 A. The execution of a written agreement between CNB and MR. BOWER to terminate this Agreement; 
  
 B. MR. BOWER’s death; 
  
 C. MR. BOWER’s breach of any term or condition of this Agreement;

  
 D. MR. BOWER’s failure or refusal to comply with such
reasonable policies, directions, standards and regulations that CNB may establish from time to time; 
  
 E. MR. BOWER’s inability to fully and competently perform his duties hereunder for a period of 180 continuous days due to physical, mental or
psychological illness, injury or condition; or, 
  
 F. MR. BOWER
ceases to qualify for his offices and responsibilities under this Agreement pursuant to any statute or regulation, now or hereafter issued by the United States of America, the Federal Reserve, the Office of the Comptroller of Currency or other
regulatory agency or body duly invested with authority over CNB, its parent or affiliate(s). 
  
 9. NOTICES: All notices or communications required by or bearing upon this Agreement or between the parties shall be in writing and sent by First Class Mail to the parties as follows unless otherwise specified
above: 
  

			
	 CNB Financial Corporation
	 	Joseph B. Bower, Jr.
	 County National Bank
	 	RD 2, Box 45b
	 Attention: Chairman of the Board
	 	Clearfield, PA 16830
	 One South Second Street, P.O. Box 42
	 	 
	 Clearfield, PA 16830
	 	 

  
 10.
NON-ASSIGNMENT: The parties acknowledge the unique nature of services to be provided by MR. BOWER under this Agreement, the high degree of responsibility borne by him and the personal nature of his relationship to CNB’s Board of
Directors and customers. Therefore, the parties agree that MR. BOWER may not assign this Agreement. 
  
 11. ARBITRATION: The parties agree that all disputes or questions arising under this Agreement or because of their employment relationship shall be
submitted to arbitration by three (3) arbitrators. Each party shall select one (1) arbitrator, and then those two (2) arbitrators shall select a third (3) arbitrator. The arbitrators’ decision need not be unanimous. Arbitration shall be
conducted at a private location in Clearfield County convenient to the parties. The arbitrators must reach and give notice of their decision within five (5) days after completion of an arbitration. The Pennsylvania Uniform Arbitration Act, 42
Pa.C.S.A. §§7301 et sec. shall govern arbitrations hereunder. CNB shall compensate the arbitrators and stenographer if used. CNB shall also pay for the arbitration room. Each party shall pay their attorney fees and other
costs. 
  
 12. GENERAL PROVISIONS: 
  
 A. This Agreement shall be governed by the laws of Pennsylvania; 

 
 B. In construing or interpreting this Agreement, “CNB” and
“MR. BOWER” shall mean, wherever applicable, the singular or plural, the masculine or the feminine, individual, individuals, partnership or corporation, as the case may be; 
  
 C. This Agreement represents the sole agreement of the parties on these subjects and supersedes all prior communications,
representations and negotiations, whether oral or written; 
  
 D.
This Agreement can only be modified or amended by the prior written consent of both parties hereto; 
  
 E. Jurisdiction and venue shall rest in the Court of Common Pleas of Clearfield, Pennsylvania, for all suits, claims and causes of action whatsoever;

  
 F. Failure by either party to pursue remedies or assert
rights under this Agreement shall not be construed as waiver of that party’s rights or remedies, nor shall a party’s failure to demand strict compliance with the terms and conditions of this Agreement prohibit or estop that party from
insisting upon strict compliance in the future; and 
  

 3 

 G. The parties deem that the terms of this Agreement are unique, and in addition to their other rights
and remedies at law, and at equity, either party shall have the right to specifically enforce the terms of this Agreement. 
  
 H. This Agreement shall bind the parties’ heirs, successors, representatives, related corporations and assigns. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement on the date
written above for the purposes herein contained. 
  

							
	CNB FINANCIAL CORPORATION	 	 	 	MR. BOWER
				
	By:	 	  

	 	 	 	  

	 	 	President	 	 	 	Joseph B. Bower, Jr.
	 	 	  

 Secretary
	 	 	 	 
			
	COUNTY NATIONAL BANK	 	 	 	 
				
	BY:	 	  

	 	 	 	 
	 	 	President	 	 	 	 
	 	 	  

 Secretary
	 	 	 	 

  

 4Credit Agreement

 EXHIBIT NO. 10.20 – AMENDMENT DATED NOVEMBER 28, 2003, OF THE CREDIT 
 AGREEMENT DATED AS OF NOVEMBER 30, 2001, AS AMENDED, BETWEEN MAF 
 BANCORP, INC. AND HARRIS TRUST AND SAVINGS BANK 
  

 SECOND AMENDMENT TO CREDIT
AGREEMENT 
  
 Harris Trust and Savings Bank 
 Chicago, Illinois 
  
 Ladies and Gentlemen: 
  
 Reference is hereby made to that certain Credit Agreement dated as of November 30, 2001 (the Credit Agreement, as the same has been amended prior to the date hereof, being referred to herein as the “Credit Agreement”),
between the undersigned, MAF Bancorp, Inc., a Delaware corporation (the “Company”) and you (the “Lender”). All capitalized terms used herein without definition shall have the same meanings herein as such terms have
in the Credit Agreement. 
  
 The Company has requested the Lender
amend the Credit Agreement by (a) extending the Revolving Credit Termination Date to November 26, 2004, (b) increase the Revolving Credit Commitment to $55,000,000, and (c) amend certain other provisions of the Credit Agreement, and the Lender is
willing to do so under the terms and conditions set forth in this agreement (herein, the “Amendment”). 
  
 1. AMENDMENTS. 
  
 Upon satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended as follows: 
  
 1.1. Subsection (a) of Section 1.3 of the Credit Agreement
(Letters of Credit) shall be amended and restated in its entirety to read as follows: 
  
 (a) General Terms. Subject to the terms and conditions hereof, the Revolving Credit may be availed of by the Company in the form of
standby letters of credit issued by the Lender for the account of the Company or, at the Company’s option, for the account of the Company and MAF Developments (and any joint venture in which MAF Developments is a partner), jointly and severally
(individually a “Letter of Credit” and collectively the “Letters of Credit”), provided that the aggregate amount of Letters of Credit issued and outstanding hereunder shall not at any time exceed $27,500,000. For
purposes of this Agreement, a Letter of Credit shall be deemed outstanding as of any time in an amount equal to the maximum amount which could be drawn thereunder under any circumstances and over any period of time plus any unreimbursed drawings
then outstanding with respect thereto. If and to the extent any Letter of Credit expires or otherwise terminates without having been drawn upon, the availability under 

  

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the Revolving Credit Commitment shall to such extent be reinstated. 
  

1.2. The definitions of “Revolving Credit Commitment” and “Revolving Credit Termination Date”
appearing in Section 4.1 of the Credit Agreement (Definition) shall each be amended and restated in their entirety to read as follows: 
  
 “Revolving Credit Commitment” means $55,000,000, as such amount may be reduced pursuant hereto. 
  
 “Revolving Credit Termination Date” means
November 26, 2004, or such earlier date on which the Revolving Credit Commitment is terminated in whole pursuant to Section 3.3, 3.4, 8.2, or 8.3 hereof. 
  
 1.3. Section 7.9 of the Credit Agreement (Adjusted Net Worth) is hereby amended and restated in its entirety to read as follows:

  
 Section 7.9. Adjusted Net Worth. The
Company shall, as of the last day of each fiscal quarter of the Company, maintain Adjusted Net Worth of the Company and its Subsidiaries determined on a consolidated basis in an amount not less than $450,000,000. 
  
 1.4. Section 7.10 of the Credit Agreement (Adjusted New
Income) is hereby amended and restated in its entirety to read as follows: 
  
 Section 7.10. Adjusted Net Income. As of the last day of each fiscal year of the Company, the Company shall have Adjusted Net Income for the year then ended of not less than $80,000,000. 
  
 1.5. Subsections (e) and (j) of Section 7.11 of the Credit
Agreement (Indebtedness for Borrowed Money) shall each be amended and restated in their entirety to read as set forth below: 
  
 (e) obligations of the Company or MAF Developments arising under or in connection with letters of credit issued by or for the
benefit of the Company or MAF Developments (and any joint venture in which MAF Development is a partner) relating to land development activities of the Company or MAF Developments (and any joint venture in which MAF Developments is a partner) in an
aggregate amount not to exceed $40,000,000 at any one time outstanding; 
  

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 (j) unsecured indebtedness of the Company or any Subsidiary not otherwise
permitted under this Section in an aggregate amount not to exceed $15,000,000 at any one time outstanding, except that, in the event the Revolving Credit Commitment is terminated in whole either at the Revolving Credit Termination Date or otherwise
(except by virtue of an Event of Default), the limitation on additional indebtedness imposed by this Section 7.11(j) shall be increased to $55,000,000 in the aggregate at any one time outstanding; and 
  
 2. CONDITIONS PRECEDENT. 
  
 The effectiveness of this Amendment is subject to the satisfaction of all of
the following conditions precedent: 
  
 2.1. The
Company and the Lender shall have executed and delivered this Amendment, and the Company shall have executed and delivered a replacement Revolving Credit Note to the Bank in the form attached hereto as Exhibit A. 
  
 2.2. Legal matters incident to the execution and delivery of
this Amendment shall be satisfactory to the Lender and its counsel. 
  
 3.
MISCELLANEOUS. 
  
 3.1 Except as specifically
amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms. Reference to this Amendment need not be made in the Credit Agreement, the Notes, or any other instrument or document executed in
connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as
amended hereby. 
  
 3.2 The Company agrees to pay on demand all
costs and expenses of or incurred by the Lender in connection with the negotiation, preparation, execution, and delivery of this Amendment, including the fees and expenses of counsel for the Lender. 
  
 3.3 This Amendment may be executed in any number of counterparts, and by the
different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts
shall for all purposes be deemed to be an original. This Amendment shall be governed by the internal laws of the State of Illinois. 
  
 [SIGNATURE PAGE TO FOLLOW] 
  

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 This Second Amendment to Credit Agreement is entered into and effective as of November 28, 2003.

  

					
	 MAF Bancorp, Inc.

		
	By	 	/s/ Jerry Weberling
	 	 	

	 	 	 Name
	 	 Jerry Weberling

	 	 	 	 	

	 	 	 Title
	 	 Executive Vice President

	 	 	 	 	

  
 Accepted and
agreed to in Chicago, Illinois, as of the date and year last above written. 
  

					
	 HARRIS TRUST AND SAVINGS BANK

		
	By	 	 /s/ Michael S. Cameli

	 	 	

	 	 	 Name
	 	 Michael S. Cameli

	 	 	 	 	

	 	 	 Title
	 	Vice President
	 	 	 	 	

  

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 EXHIBIT A 
  
 MAF BANCORP, INC. 
 REVOLVING CREDIT NOTE 
  

			
	 	 	Chicago, Illinois
	 $55,000,000
	 	November 28, 2003

  
 On the Revolving
Credit Termination Date, for value received, the undersigned, MAF BANCORP, INC., a Delaware corporation (the “Company”), hereby promises to pay to the order of HARRIS TRUST
AND SAVINGS BANK (the “Lender”), at the principal office of the Lender in Chicago, Illinois, the principal sum of (i) Fifty-Five Million Dollars ($55,000,000), or (ii) such lesser amount
as may at the time of the maturity hereof, whether by acceleration or otherwise, be the aggregate unpaid principal amount of all Revolving Credit Loans owing from the Company to the Lender under the Revolving Credit provided for in the Credit
Agreement hereinafter mentioned. 
  
 This Note evidences loans
constituting part of a “Base Rate Portion” and “LIBOR Portions” as such terms are defined in that certain Credit Agreement dated as of November 30, 2001, as amended, between the Company and the Lender (said Credit
Agreement, as the same may be amended, modified or restated from time to time, being referred to herein as the “Credit Agreement”) made and to be made to the Company by the Lender under the Revolving Credit provided for under the
Credit Agreement, and the Company hereby promises to pay interest at the office described above on each loan evidenced hereby at the rates and at the times and in the manner specified therefor in the Credit Agreement. 
  
 Each loan made under the Revolving Credit against this Note, any repayment of
principal hereon, the status of each such loan from time to time as part of the Base Rate Portion or a LIBOR Portion and, in the case of any LIBOR Portion, the interest rate and Interest Period applicable thereto shall be endorsed by the holder
hereof on a schedule to this Note or recorded on the books and records of the holder hereof (provided that such entries shall be endorsed on a schedule to this Note prior to any negotiation hereof). The Company agrees that in any action or
proceeding instituted to collect or enforce collection of this Note, the entries so endorsed on a schedule to this Note or recorded on the books and records of the holder hereof shall be prima facie evidence (absent manifest error) of the unpaid
principal balance of this Note, the status of each such loan from time to time as part of the Base Rate Portion or a LIBOR Portion, and, in the case of any LIBOR Portion, the interest rate and Interest Period applicable thereto. 
  
 This Note is issued by the Company under the terms and provisions of the
Credit Agreement, and this Note and the holder hereof are entitled to all of the benefits and security provided for thereby or referred to therein, to which reference is hereby made for a statement thereof. This Note may be declared to be, or be and
become, due prior to its expressed maturity, voluntary prepayments may be made hereon, and certain prepayments are required to be made hereon, all in the events, on the terms and with the effects provided in the Credit Agreement. All capitalized
terms used herein without definition shall have the same meanings herein as such terms are defined in the Credit Agreement. 
  

 This Note is issued in substitution and replacement for, and evidences the indebtedness currently
evidenced by, the Revolving Credit Note of the Company dated November 30, 2001, heretofore issued to the Bank and, in addition, evidences additional loans to be made available to the Company by the Lender under the Credit Agreement referred to
above. 
  
 The Company hereby promises to pay all costs and
expenses (including attorneys’ fees) suffered or incurred by the holder hereof in collecting this Note or enforcing any rights in any collateral therefor. The Company hereby waives presentment for payment and demand. THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE
INTERNAL LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAWS.  
  

							
	 MAF BANCORP, INC.
	 	 	 	 
				
	By	 	  

	 	 ,
	 	  

	 	 	 (Print or Type Name)
	 	 	 	(Title)

  

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