Document:

Executive Employment Contract

 EXHIBIT 10(iii)-2 
 CNB FINANCIAL CORPORATION 
 Form 10-K For The Year Ended December 31, 2005 
 Material Contracts 
 EXECUTIVE EMPLOYMENT
CONTRACT 
 MADE this 1st day of January 2005, 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”); 
 AND 
 JOSEPH B. BOWER, JR., an adult
individual, residing at 738 Weaver Street, 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
Secretary and Treasurer and as the Executive Vice President & Cashier and Chief Operating Officer of CNB; and, 
 WHEREAS, the
parties first entered a written Executive Employment Contract on August                     , 2001 which has subsequently been renewed; and,

 WHEREAS, the parties wish to amend certain provisions therein; and, 
 WHEREAS, the parties desire to memorialize their new 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 Secretary and Treasurer and Executive Vice President & Cashier and Chief Operating Officer, 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, carry out his 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, 2004, unless terminated sooner pursuant to the other provisions of this
Agreement. 

 The parties agree that this contract shall automatically renew itself for successive terms of one
(1) year unless either party gives the other ninety (90) days written notice of his or its intent not to renew the contract prior to the end of the then current term. 
 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 plus
2.99 times the average of MR. BOWER’s incentive pay bonuses for the three (3) years preceding the year in which his employment is terminated hereunder. 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 Secretary and Treasurer, Executive Vice President & Cashier and Chief Operating Officer; 

 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. 
 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	  	738 Weaver Street
	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 seq. 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 
 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.
					
	By:	 	  	 		 		 	
		 	Secretary	 		 		 	

  

			
	COUNTY NATIONAL BANK
		
	BY:	 	  
		 	President
		
	By:	 	  
		 	SecretaryOffer Letter dated September 7, 2004

 EXHIBIT 10.55 
 

 
 September 7, 2004 
 Dr. Michael Levy 
 Re: Offer of Employment 
 Dear Michael: 
 Nuvelo is pleased to make you the following offer of employment and we look forward to you joining our team! 
  

			
	Position:	  	Senior Vice President, Research and Development reporting to Ted Love.
		
	Salary: 	  	$375,000.00 per year, paid semi-monthly.
		
	Hiring Bonus	  	$15,000.00, this bonus will be repayable to Nuvelo if you should voluntarily leave the company prior to the first anniversary of your employment.
		
	Annual Bonus	  	You are eligible to participate in Nuvelo’s Management Incentive Plan. This plan provides for an annual bonus based upon the achievement of corporate and individual goals. The current
target payout is up to 25% of your base salary; your specific bonus will be approved by the Board of Directors. Since you are joining Nuvelo following January 1, your bonus payout may be pro-rated, at the discretion of the Board.
		
	Stock Options:	  	Option to purchase 175,000 shares of Nuvelo, Inc common stock at an exercise price equal to the approximate fair market value on the first day of your employment with Nuvelo. The stock
options will vest over 4 years, with 25% upon the first anniversary of your employment. The remaining 75% vest monthly, over the next three years. You may be eligible for additional stock options at the time of your annual review. The number of
shares and the exercise price per share, of any stock options that may be granted at the time of your annual review cannot be determined at this time.

 675 Almanor Avenue, Sunnyvale, CA 94085 tel: 408-215-4000 fax: 408-215-4001 www.nuvelo.com

 

 
  

			
	Benefits:	  	Medical (choice of Aetna HMO or PPO or Kaiser HMO), dental, vision and life insurance, short & long term disability, ESPP, and a 401K plan. Nuvelo currently also offers 4 weeks of paid
time off (PTO) and 10 paid holidays per year in accordance with the Employee Policy Manual, as amended from time to time. You may sign up for medical, dental, vision and life insurance on date of hire. Eligibility to participate in the 401K will
begin on the first payroll entry date following your hire date (see HR for details).
		
	Periodic Review:	  	You will be given annual reviews, and will be eligible for an annual performance related salary increase and stock option grant.
		
	Start Date:	  	We are looking forward to your joining us in the very near term.

 In addition to the information specified above, you will be required to sign an “at will” employment
agreement that contains confidentiality and other provisions that are fairly standard in the industry. Should you accept this offer, you will, like other employees at Nuvelo, be an employee “at will” and can be terminated at any time for
any or no reason. 
 As we discussed on the phone Friday, should there be a change in control and as a result your position is either eliminated or not
deemed to be equivalent, you will receive one (1) year pay, any accrued bonus to which you are entitled and health benefits. Your stock options will also fully vest as of the effective date of the change in control, subject to any single or
double trigger provisions to be determined at the September 14, 2004 board of directors meeting. Should your employment terminate for any reason other than for cause you will receive one (1) year pay, any accrued bonus to which you are
entitled and health benefits. Additionally, your stock options will continue to vest during the one (1) year of salary continuation. 
 This offer
letter supersedes any and all prior or contemporaneous agreements or representations regarding your potential employment at Nuvelo. Once employed, the Employment and Proprietary Information Agreement and the Employee Policy Manual will govern the
terms of your employment. This agreement is subject to verification of references. Please call Krista Giusti, if you have any questions, at (408) 215-4463. 
  

			
	 Sincerely, 
 

 Ted W. Love
 President and
CEO
	 	 I hereby accept the offer: 
 

 Michael Levy
  
 Date: Sept. 9TH,
2004

 675 Almanor Avenue, Sunnyvale, CA 94085 tel: 408-215-4000 fax: 408-215-4001 www.nuvelo.com

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