Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 33

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 33
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 Chief Financial Officer of ESSA and ESSA Bank, and (v) Thomas J. Grayuski, Senior Vice President and Chief Human Resource Officer of ESSA and ESSA Bank, that will be effective at the closing of the merger. The settlement and non-competition agreements will cancel Messrs. Olson, Gray, Grayuski, Hangen and Muto’s employment agreements with ESSA and ESSA Bank as of the effective time of the merger in exchange for a cash payment and the executive’s agreement to certain non-competition and non-solicitation restrictions; |

| • |     | Interests in a supplemental executive retirement plan with Messrs. Olson and Grayuski, which will be terminated as of the closing date of the merger, and Messrs. Olson and Grayuski will be paid their fully vested benefit, without any enhancement as a result of the merger; |

| • |     | At the closing of the merger, certain of ESSA’s directors and executive officers will continue to serve as directors or executive officers of the combined company; and |

| • |     | The rights of ESSA executive officers and directors under the merger agreement to continued indemnification coverage and continued coverage under directors’ and officers’ liability insurance policies. |

16

For a more complete description of these interests, see the section entitled “The Merger—Interests of Certain ESSA Directors and Executive Officers in the Merger” beginning on page 144. Boards of Directors of CNB and CNB Bank After the Merger(Page 156) At the effective time of the merger, each of CNB and CNB Bank will appoint Messrs. Olson, Selig and Henning (or, in the event of any such individual’s unavailability, such other person(s) as mutually agreed upon by ESSA and CNB) to serve as members of their respective boards of directors. Messrs. Olson, Selig and Henning must meet the qualifications for directors set forth in the bylaws of CNB and CNB Bank. Messrs. Olson, Selig and Henning will serve on the CNB and CNB Bank boards of directors until the next annual shareholder meeting following their appointment and, at such annual shareholder meeting, the CNB and CNB Bank boards of directors will each nominate Messrs. Olson, Selig and Henning for election to serve the following terms: (i) in the case of Mr. Olson, a three-year term, (ii)