Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 107

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 107
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 an advisory basis, of the compensation paid to CNB’s NEOs as disclosed in CNB’s proxy statement for that annual meeting. The ECC considered this affirmative feedback during 2024 when reviewing and determining CNB’s executive pay program and policies. CNB continues to have an annual say-on-payvote on an advisory basis. Prior to the 2025 annual meeting of CNB shareholders, as directed by the CNB Board of Directors, CNB conducted an institutional shareholder outreach program to the largest shareholders. CNB directly contacted shareholders representing approximately 47% of all outstanding shares and approximately 77% of shares that were institutionally held. Three institutional shareholders, collectively owning 11% of shares outstanding, responded to CNB’s request to discuss corporate governance topics in general, while six other investors, collectively owning 14% of shares outstanding, responded that a call is not needed at this time. Participants on the calls were Mr. Peduzzi and Mr. Lima, both of whom found the calls helpful to better understand the priorities of CNB’s institutional shareholders and shared such insights obtained with the CNB Board of Directors. Compensation Philosophy The ECC oversees CNB’s executive compensation philosophy, programs, and pay decisions for its executive officers. The ECC’s expectation is that CNB’s executive management team should drive performance, produce appropriate returns and enhance value for shareholders. CNB targets its executive compensation program to be within a reasonable range of the median pay of financial institutions of similar size, region, and complexity (“Market Median”). CNB’s program is designed to provide variable incentives that will reward performance. 71

Compensation Objectives The primary objectives of CNB’s executive compensation program are to:

| • |     | Attract, retain, and motivate key executives to produce above-average operating results and shareholder returns for CNB; |

| • |     | Greater align the financial interests of the NEOs with those of CNB’s shareholders through incentive-based compensation that focuses on target performance areas that are meaningful to CNB’s shareholders; and |

| • |     | Provide a total compensation program that recognizes individual contributions as well as overall business results. |

The table below illustrates how CNB designed its executive compensation program to reflect these compensation objectives:

| Key Objectives                                                                                                    |     | How CNB’s Compensation Program Supports this Objective |     |                                                                                                                                                                                                                                                                    |
| Attract, retain, and motivate key executives to drive shareholder returns for CNB                                 |     | •                                                      |     | Provides competitive total compensation opportunities that target pay within a reasonable