Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 199

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 199
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 |       | 1,865,816 |

| (1) | The cash payments consist of the (i) estimated cash amount payable pursuant to the terms of each executive’s settlement and non-competition agreement, (ii) the estimated cash payments for the performance-based cash-settled awards and (iii) the estimated pro-rata bonus payable pursuant to the terms of the merger agreement, which in each case are considered “single trigger” benefits since they are payable upon a change in control of ESSA without regard to termination of employment pursuant to the terms of the merger agreement. The following is a break-out of the amounts reported in the above table: |

| Name              |     | Settlement    
 Agreement ($) |           |     | Performance- 
 Based Cash-  
 Settled      
 Award ($)    |         |     | Pro Rata 
 Bonus    
 Payment  
 ($)      |         |
| Gary S. Olson     |     |               | 3,723,972 |     |              | 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