Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 237

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 237
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 by Mr. Gray’s 401(k). |

| (4) | Includes 9,856 shares held by Mr. Hangen’s IRA, 9,791 shares held in Mr. Hangen’s Employee Stock Ownership Plan account and 5,087 shares held by Mr. Hangen’s spouse’s IRA account. |

174

COMPARISON OF SHAREHOLDER RIGHTS CNB and ESSA are both incorporated under the laws of the Commonwealth of Pennsylvania. The rights of ESSA’s shareholders currently are governed by ESSA’s charter and bylaws and the laws of the Commonwealth of Pennsylvania. The rights of ESSA’s shareholders who receive shares of CNB common stock as a result of the merger will be governed by CNB’s charter and bylaws and the laws of the Commonwealth of Pennsylvania. The following discussion summarizes certain material differences between the rights of CNB shareholders and ESSA shareholders. This discussion does not purport to be a complete statement of the rights of shareholders of CNB or the rights of shareholders of ESSA and is qualified in its entirety by reference to the governing corporate documents of CNB and ESSA and applicable law. See the section entitled “Where You Can Find More Information” beginning on page 186.

|                          |     | CNB                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |     | ESSA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Authorized Capital Stock |     | CNB’s articles of incorporation authorize 50,000,000 shares of capital stock, no par value per share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |     | ESSA’s articles of incorporation authorize 40,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of serial preferred stock, par value $0.01 per share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Directors                |     | CNB’s bylaws provide that the number of directors shall not be less than nine (9) nor more than twenty-four (24), as may be determined from time to time by resolution of a majority of the board of directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |     | ESSA’s bylaws provide that the number of directors shall not be less than five (5) nor more than twelve (12), as set from time to time by resolution of a majority of the board of directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Director Classes         |     | The CNB Board of Directors is divided into three classes, with directors in each class