Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 130

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 130
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| (1) | The SERP is described below. The cost of these plans is effectively offset by tax-free earnings from CNB Bank-owned life insurance. |

Retirement Plan CNB maintains the CNB Bank Employee’s Savings and Profit Sharing Plan and Trust (the “Plan”). The Plan permits eligible employees to make pre-taxand Roth contributions up to 70% of their salary. Employees 21 years of age or over with a minimum of 90 days of service are eligible for matching contributions by CNB at 100% of elective contributions not to exceed 5% of plan salary. A profit-sharing discretionary non-contributorypension plan component is in place for employees 21 years of age or over with a minimum of one-yearwith 1,000 hours service and allows employer contributions in an amount equal to a percentage of eligible compensation plus 5.7% of the compensation for all employees in excess of $168,600, subject to a $345,000 salary limit. NEOs in CNB’s 2024 proxy statement report (other than Ms. Wilcoxson and Mr. Dixon who achieved NEO status for the first time in 2024) were not eligible to participate in the profit-sharing plan in 2024. NEOs are ineligible to receive profit-sharing contributions in the first year following their achievement of NEO status. Thus, Ms. Wilcoxson and Mr. Dixon will be ineligible for profit-sharing contributions for 2025. CNB’s total contributions to the Plan for all employees were approximately $2.4 million for the 401(k) savings plan component and $1.4 million for the profit sharing non-contributorypension plan component. 95

Supplemental Executive Retirement Plan The Code places certain limitations on pension benefits that may be paid from the trusts of tax-qualifiedplans. Because of these limitations and in order to provide certain executives with adequate retirement income, CNB Bank has entered into agreements that provide retirement benefits to certain executives in the manner discussed below. On January 1, 2022, CNB adopted a SERP, in which Mr. Peduzzi was the sole participant. As originally drafted, the SERP did not contemplate participation by additional executives with different vesting schedules. On October 1, 2023, CNB amended the SERP to grant CNB the flexibility necessary to permit participation by different executives with different benefit amounts and vesting schedules. In connection with the foregoing amendment to the SERP, CNB and Mr.