Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 93

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 93
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 CNB experiences a “Change in Control” in which awards will be assumed or continued by the surviving entity: (i) the awards will adjusted as appropriate as to the number of shares and type of capital stock to which the awards relate and, for options and SARs, as to the exercise price, and (ii) if the grantee’s service is terminated without “cause” (as defined in the 2025 Plan) within the 24-month period following the consummation of such Change in Control, the grantee’s award will be fully vested as of such termination and may be exercised in full, to the extent applicable, beginning on the date of such termination and for the one-year period immediately following such termination or for such longer period as the Committee shall determine (but in no event later than the original expiration of the award).

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In summary, a “Change in Control” occurs under the 2025 Plan if:

| • |     | any person, other than CNB or any affiliate, is or becomes the “beneficial owner,” directly or indirectly, of (i) 50% or more of the combined voting power of CNB’s then-outstanding securities or (ii) 25% or more, but less than 50%, of the combined voting power of CNB’s then-outstanding securities if the transaction giving rise to such beneficial ownership is not approved by the CNB Board of Directors; |

| • |     | individuals who constitute the CNB Board of Directors as of the Effective Date (and any new directors whose election or nomination has been approved by a majority of such directors) cease for any reason to constitute a majority of the members of such board of directors then in office; |

| • |     | CNB is consolidated or merged with another entity, regardless of whether CNB is the surviving entity, and excluding transactions in which the holders of securities that represented 100% of the combined voting power of the securities of CNB immediately prior to such transaction, own, directly or indirectly, at least a majority of the combined voting power of the securities of the surviving entity (or parent thereof) immediately after such transaction; |

| • |     | all or substantially all of the assets of CNB and its subsidiaries are, directly or indirectly, sold, leased, transferred, or otherwise conveyed to another person; or |

| • |     | the liquidation, winding up, or dissolution of CNB. |

Amendment, Suspension, and Termination