Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 217

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 217
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 other ownership interests; |

| • |     | directly or indirectly redeem, retire, purchase or otherwise acquire any shares of their capital stock (except to the extent necessary to effect a cashless exercise of an option to purchase ESSA stock that was outstanding at the time of the merger agreement); |

| • |     | except for their regular quarterly dividends, make, declare, pay or set aside for payment any dividend on or in respect of, or declare or make any distribution on any shares of ESSA stock; |

| • |     | directly or indirectly adjust, split, combine, redeem, reclassify, purchase or otherwise acquire any shares of their capital stock; |

| • |     | enter into, amend or renew any employment, consulting, severance or similar agreement or arrangement with any director, officer, employee or individual service provider, or grant any salary or wage increase or increase any employee benefit or pay any incentive or bonus payments or grant any ESSA restricted stock or ESSA performance-based cash-settled awards or accelerate the vesting, payment or funding of any compensation or benefits, except for (i) normal increases in base salary or wages to employees in the ordinary course of business consistent with past practice not to exceed 4% with respect to any individual employee and all such increases in the aggregate not to exceed 3.5% of total compensation, (ii) as required under applicable law, the terms of the merger agreement or the terms of any ESSA benefit plan in effect on the date of the agreement, (iii) cash contributions to its 401(k) Plan and the ESSA Bank ESOP in the ordinary course of business consistent with past practice, (iv) payment of monthly, quarterly, and annual cash bonuses; and as to annual cash bonuses, payment on a pro rata quarterly basis through closing (with a partial quarter being counted as a completed quarter), based on an annualized aggregate cash bonus amount of $2 million; such that if the closing occurs in the second fiscal quarter of 2025, the aggregate annual cash bonus amount payable will be $1 million, and if the closing occurs in the third fiscal quarter of 2025, the aggregate annual cash bonus amount payable will be $1.5 million, and if the closing occurs in the fourth fiscal quarter of 2025, the aggregate annual cash bonus amount payable will be $2 million; |

| • |     | hire any person as an employee or promote any employee to a position of Vice President or