Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 116

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 116
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 of their respective job duties by providing a corporate-supported means to travel to the various banking divisions among CNB’s footprint, and opportunities to use club membership rights to develop and expand business contacts. The ECC believes that CNB’s continued success depends, to a significant degree, on the skills and competence of certain members of its executive management team. CNB and CNB Bank have entered into executive employment contracts with each NEO (collectively, the “Employment Contracts”). These Employment Contracts are intended to ensure that CNB and CNB Bank will continue to maintain and retain experienced executive management. CNB, CNB Bank and Mr. Peduzzi entered into an updated Employment Contract on November 27, 2023, with the initial term expiring on December 31, 2024. Thereafter, Mr. Peduzzi’s Employment Contract renews automatically for successive 36-monthperiods unless terminated by either party upon 120 days’ written notice. The Employment Contracts for Messrs. Lima, Griffith, Dixon and Ms. Wilcoxson shall automatically renew for successive terms of one year from the date of execution and each successive anniversary thereafter unless either party gives the other party one hundred and twenty days written notice of intent not to renew the contract prior to the end of the then-current term. The Employment Contracts provide for a base salary to be established annually by the CNB Board of Directors and for annual increases, stock, stock options/rights and bonuses as may from time to time be awarded by the CNB Board of Directors. Each Employment Contract contains a covenant not to compete against CNB and CNB 80

Bank, their parent, affiliates or subsidiaries during the term of employment and thereafter for a period of 24 months, in the case of Messrs. Peduzzi, Griffith, Dixon and Ms. Wilcoxson, and a period of 36 months, in the case of Mr. Lima. In addition, each Employment Contract contains a covenant to protect CNB’s and CNB Bank’s confidential information.

The Employment Contracts also provide for severance payments in the event an NEO is terminated without “cause” (as such term is defined in the Employment Contracts) regardless of whether such termination is in connection with a change in control, or voluntarily terminates employment under certain specific “good reason” circumstances following a change in control. Such “good reason” circumstances include a material reduction in authorities, duties or responsibilities or assignment of duties inconsistent with current responsibilities, a material reduction in salary or other benefits, and reassignment to a location greater than