Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 89

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 89
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 SAR, (iii) deducted or delivered from payment of an award in connection with CNB’s tax withholding obligations, or (iv) purchased by CNB with proceeds from option exercises.

Adjustments. The number and kinds of shares of common stock for which awards may be made under the 2025 Plan, including the Share Limit described above, will be adjusted proportionately and accordingly by the Committee if the number of outstanding shares of CNB common stock is increased or decreased or the shares of CNB common stock are changed into or exchanged for a different number of shares or kind of capital stock or other securities of CNB on account of any recapitalization, reclassification, stock split, reverse stock split, spin-off, combination of stock, exchange of stock, stock dividend or other distribution payable in capital stock, or other increase or decrease in shares of common stock effected without receipt of consideration by CNB.

Fair Market Value Determination. For so long as CNB common stock remains listed on NASDAQ (or listed on any other established securities exchange or traded on any other securities market), the fair market value of a share of CNB common stock will be the closing price for a share as quoted on such exchange or market for such date. If there is no reported closing price on such date, the fair market value of a share of CNB common stock will be the closing price of the common stock on the next preceding date for which such quotation exists. If CNB common stock is not listed on an established securities exchange or traded on an established securities market, the Committee will determine the fair market value by the reasonable application of a reasonable valuation method, in a manner consistent with Section 409A of the Code. On , 2025, the last practicable trading day prior to the date of this joint proxy statement/prospectus, the closing price of CNB common stock as reported on NASDAQ was $ per share.

Options. The 2025 Plan authorizes the Committee to grant “incentive stock options” (as defined in Section 422 of the Code) and options that do not qualify as incentive stock options (“nonqualified options”). To the extent that

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the aggregate fair market value of shares of CNB common stock determined on the grant date with respect to which incentive stock options are exercisable for the first time during any calendar year exceeds $100,000, the option will be treated as a nonqualified option. The exercise price of each option will be determined by the Committee,