Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 228

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 228
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 individual amounts to be determined by CNB, in its sole discretion, in consultation with and upon the recommendation of ESSA’s chief executive officer. Such designated employees will enter into retention agreements to be provided by CNB.

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**Settlement Agreements

Concurrently with the execution of the merger agreement, CNB, ESSA and ESSA Bank entered into settlement and non-competition agreements with certain directors and officers of ESSA and ESSA Bank, including Gary S. Olson, Peter A. Gray and Charles D. Hangen. For a more complete description of these agreements, please see the section entitled “The Merger—Interests of Certain ESSA Directors and Executive Officers in the Merger” beginning on page 144.

Indemnification and Insurance

Indemnification

Under the merger agreement, CNB will indemnify and hold harmless each present and former director and officer of ESSA and ESSA Bank against any costs, expenses or fees (including reasonable attorneys’ fees), judgments, amounts paid in settlement, fines, penalties, losses, claims, damages or liabilities incurred in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, for matters existing or occurring at or prior to the effective time of the merger, arising in whole or in part out of or pertaining to the fact that he or she was a director or officer of ESSA and ESSA Bank or is or was serving at the request of ESSA or ESSA Bank as a director, officer, employee or other agent of any other organization or in any capacity with respect to any employee benefit plan of ESSA and ESSA Bank, to the fullest extent which such indemnified party would be entitled under the BCL or the articles of incorporation and the bylaws of ESSA and ESSA Bank as in effect of the date of the merger agreement.

Directors’ and Officers’ Insurance

The merger agreement requires CNB to use its reasonable best efforts to cause the directors and officers of ESSA immediately prior to the effective time of the merger to be covered by ESSA’s directors’ and officers’ liability insurance policy for a six-year period following the effective time of the merger with respect to acts or omissions occurring prior to the effective time committed by such directors and officers in their capacities as such. In the event the aggregate cost of such policy is more than 250% of the