Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 196

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 196
---
A SERP is substantially identical and the normal retirement benefit under the ESSA SERP is an annual benefit equal to 70% of the executive’s highest average compensation (determined over a consecutive five-year period within the last ten years of employment) reduced by the sum of fifty percent of annual social security benefits, annualized benefits payable under ESSA Bank’s tax-qualified pension plan, and the annualized employer contributions to ESSA Bank’s 401(k) Plan and employee stock ownership plan. Messrs. Grayuski and Olson are fully vested in the normal retirement benefit, and each executive is entitled to the present value of the normal retirement benefit, payable in a single lump sum cash payment on the first day of the second month following the date on which Messrs. Grayuski and Olson terminate employment for a reason other than death or disability after attaining at least the age of 60 with 30 years of service with CNB Bank (or their termination of employment within two years**

<div align='center'>146</div>

following a “change in control” (as defined in the ESSA SERP). If Messrs. Olson and Grayuski terminate employment within two years following a change in control, the normal retirement benefit, which is estimated to be $2,247,345 and $522,582, respectively, will be paid in a lump sum on the first day of the second month following the date of the effective time of the merger. Messrs. Grayuski and Olson are fully vested in the normal retirement benefit and their ESSA SERP benefits will not be enhanced as a result of the merger. Pro-RataBonuses.The merger agreement provides that ESSA may pay annual cash bonuses on a pro rata quarterly basis through the closing date of the merger (with a partial quarter being counted as a completed quarter), based on an annualized aggregate cash bonus amount of $2,000,000; such that if the closing date occurs in ESSA’s second fiscal quarter of 2025, the aggregate annual cash bonus amount payable shall be $1,000,000, and if the closing date occurs in ESSA’s third fiscal quarter of 2025, the aggregate annual cash bonus amount payable shall be $1,500,000, and if the closing date occurs in ESSA’s fourth fiscal quarter of 2025, the aggregate annual cash bonus amount payable shall be $2,000,000. The estimated pro-ratabonus that would be