Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 238

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 238
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 being elected for staggered three-year terms.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |     | The ESSA Board of Directors is divided into three classes, with directors in each class being elected for staggered three-year terms.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Removal of Directors     |     | CNB’s articles of incorporation do not provide for removal by shareholder vote without cause.   The BCL provides that the entire board of directors, a class of the board, or any individual director may be removed from office by vote of the shareholders entitled to elect directors. If a board of directors is classified, such removal may be effected only for cause unless otherwise provided in the articles of incorporation by a specific and unambiguous statement to that effect.   Under CNB’s bylaws, the board of directors may declare vacant the office of a director who has been judicially declared of unsound mind or who has been convicted of an offense punishable by imprisonment |     | Under ESSA’s articles of incorporation, any director (including persons elected by directors to fill vacancies in the board of directors) may be removed from office by shareholders only for cause and only upon the affirmative vote of not less than sixty percent (60%) of the total votes eligible to be cast by shareholders at a duly constituted meeting of shareholders called expressly for such purpose. Cause for removal shall exist only if the director whose removal is proposed has been either declared of unsound mind by an order of a court of competent jurisdiction, convicted of a felony or of an offense punishable by imprisonment for a term of more than one year by a court of competent jurisdiction, or deemed liable by a |

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#### CNBESSAfor a term of more than one year or if, within 60 days after notice of his or her selection, the director does not accept the office either in writing or by attending a meeting of the board of directors. Additionally, CNB’s bylaws permit the board of directors to remove a fellow director upon atwo-thirds(2/3) majority vote for conduct or circumstances detrimental to the best interests of CNB.court of competent jurisdiction for gross negligence or misconduct in the performance of such director’s duties to ESSA.Filling Board VacanciesCNB’s bylaws provide that vacancies in the board of directors, including vacancies resulting from an increase in the number of directors, may be filled by a majority vote of the remaining members of the board of directors though less than a quorum, or by a sole remaining director, and each person so selected shall be a director