Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 201

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 201
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,723,972 |     |              | 235,750 |     |          | 106,111 |
| Peter A. Gray     |     |               | 1,742,041 |     |              | 117,875 |     |          |  54,494 |
| Charles D. Hangen |     |               | 1,559,934 |     |              | 117,875 |     |          |  46,332 |

| (2) | Represents the estimated value of the non-vested restricted stock awards that become vested at the effective time of the merger, which is considered a “single trigger” benefit since it is payable upon a change in control of ESSA without regard to termination of employment pursuant to the terms of the merger agreement. The value is based on a per share price of ESSA common stock of $19.59, which is the average closing market price of ESSA common stock over the five business days following the public announcement of the merger. |

**Membership on the Boards of Directors of CNB and CNB Bank 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) in the case of Mr. Henning, a two-year termand (iii) in the case of Mr. Selig, a one-year term.Messrs. Olson, Selig and Henning must meet the qualifications for directors set forth in the bylaws of CNB and CNB Bank. For additional information, see the section entitled “The Merger Agreement—Boards of Directors of CNB and CNB Bank After the Merger” beginning on page 156.