Exhibit 10.1

EXECUTIVE EMPLOYMENT CONTRACT

MADE this 1st day of January 2010, by and between CNB FINANCIAL CORPORATION, a Pennsylvania business corporation and CNB BANK, a state banking institution organized under the laws of the Commonwealth of Pennsylvania, 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 125 Zion View Drive, Clearfield, Pennsylvania, 16830, (hereinafter “MR. BOWER”).

WHEREAS, MR. BOWER became the President and CEO of both CNB Bank and CNB Financial Corporation, effective January 1, 2010; and,

WHEREAS, MR. BOWER previously served as CNB Financial Corporation’s Secretary and Treasurer, and as the Executive Vice-President & Cashier and Chief Operating Officer of CNB Bank; and,

WHEREAS, the parties entered previous Executive Employment Contracts on the basis of MR. BOWER’S preceding capacities with CNB; and,

WHEREAS, the parties wish to terminate their earlier agreements and replace them with this agreement, and to memorialize their contractual relationship.

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. PRIOR AGREEMENTS: The parties terminate all prior employment agreements between them. This termination is effective December 31,2009.

2. EMPLOYMENT: CNB will employ MR. BOWER as its President and CEO, MR. BOWER agrees to serve in those capacities. MR. BOWER promises that during the term of this

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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 Board of Directors’, carry out its 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.

3. TERM: The term of this Agreement shall be for three (3) years commencing on January 1, 2010, and ending on December 31, 2013, 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.

4. COMPENSATION: MR. BOWER’s base salary shall be Two Hundred Fifty Thousand Dollars ($250,000) for the first year of this contract. Thereafter, his base salary shall be established by the Board of Directors. MR. BOWER may also receive such annual increases, stock, stock rights 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. In addition MR. BOWER will also be provided an automobile, automobile insurance, fuel and maintenance for said vehicle.

5. 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.

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MR. BOWER shall also be entitled to vacation, leave for illness and so forth as now or hereafter granted by CNB’s personnel policies.

6. 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 Chairperson of the Board 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, photographic, 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, automobile, insurance cards, owner’s cards, keys, credit cards, or other CNB 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.

7. COVENANT NOT TO COMPETE: As additional consideration to CNB for entering this Agreement, and for granting the severance benefits described in paragraph 8 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, financial institution, brokerage, 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

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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 or children.

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.

8. 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:

For the purposes of this Agreement, a “change in control” shall include but not be limited to the following:

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9. 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 8:

10. 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:

11. 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.

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12. 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.

13. GENERAL PROVISIONS:

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IN WITNESS WHEREOF, the parties have executed this Agreement on the date written above for the purposes herein contained.

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