Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 70

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 70
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 of the vote.

If an incumbent director fails to be reelected by a majority of votes cast, that director is required under CNB’s bylaws to promptly deliver to the CNB Board of Directors his or her irrevocable offer to resign from the CNB Board of Directors. The CNB Board of Directors will consider such director’s offer to resign, taking into consideration any such factors that the CNB Board of Directors deems relevant in deciding whether to accept such director’s resignation, including any recommendation of the CGN Committee. The CNB Board of Directors is required to act on such director’s resignation within 90 days after the election results are certified.

Recommendation of the CNB Board of Directors

THE CNB BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” EACH OF THE THREE CNB DIRECTOR NOMINEES.**

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CNB CORPORATE GOVERNANCE**</div>

**General

The business and affairs of CNB are managed under the direction of the CNB Board of Directors. Members of the CNB Board of Directors are kept informed of CNB’s business through discussions with the Chairperson of the CNB Board of Directors and CNB’s executive officers, by reviewing materials provided to them and by participating in meetings and strategic planning sessions of the CNB Board of Directors and its various committees. The CNB Board of Directors is also kept apprised by the Chairperson of the CNB Board of Directors and members of management of continuing educational programs on corporate governance, fiduciary duties and responsibilities, and board compliance requirements.

CNB believes in the importance of sound and effective corporate governance and has adopted policies and promoted practices which it believes enhance the corporate governance of CNB.

Board Leadership Structure

CNB has elected to have two separate individuals as CEO and Chairperson. The CNB Board of Directors believes that this separation facilitates the independence of the CNB Board of Directors and is appropriate for the size and structure of CNB. In addition, this structure allows CNB to draw upon the skills and experiences of both its Chairperson and CEO, while allowing its CEO to focus on overseeing CNB’s day-to-day operations and long-term strategic planning. If in the future, the CNB Board of Directors, after considering facts and circumstances at that time, appoints the CEO as Chairperson of the CNB Board of Directors, CNB will promptly publicly disclose the appointment.

The Chairperson’s duties and responsibilities include: (