Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 86

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 86
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icing of options or SARs without prior shareholder approval; |

| • |     | no vesting in dividends or dividend equivalent rights paid on unvested performance-based awards unless the underlying award vests; |

| • |     | no liberal share recycling; and |

| • |     | no reload or “evergreen” share replenishment features. |

Burn Rate The historical three-year average burn rate for fiscal years 2022, 2023, and 2024 was 0.5%. The burn rate is calculated by dividing (i) the number of shares granted subject to time-based equity awards and the number of shares earned subject to performance-based equity awards during the applicable fiscal year by (ii) the weighted average number of shares of common stock outstanding during the applicable fiscal year. 56

Summary of the Material Terms of the 2025 Plan A summary of the material terms of the 2025 Plan is set forth below. This summary is qualified in its entirety by the detailed provisions of the 2025 Plan, a copy of which is attached as Annex Dto this joint proxy statement/prospectus and which is incorporated by reference into this proposal. CNB encourages its shareholders to read and refer to the complete plan document in Annex Dfor a more complete description of the 2025 Plan. Effective Date; Term.The 2025 Plan was adopted by the CNB Board of Directors and became effective on January 21, 2025, subject to approval by the shareholders at the CNB annual meeting. Unless terminated sooner in accordance with the terms of the 2025 Plan or extended with shareholder approval, the 2025 Plan will terminate on the day before the tenth anniversary of the Effective Date, January 20, 2035. Administration of the 2025 Plan.The 2025 Plan generally will be administered by a committee (the “Committee”) consisting of two or more directors of CNB. Each such director will be required to qualify as a “non-employeedirector” within the meaning of Rule 16b-3under the Exchange Act, and for so long as CNB common stock is listed on NASDAQ, an “independent director” under the NASDAQ listing rules. The Committee initially will be the ECC and may be a subcommittee of the ECC that satisfies the foregoing requirements. The CNB Board of Directors will also be authorized to appoint one or more committees of the CNB Board of Directors consisting of one or more directors of CNB who need not satisfy the requirements for membership above