Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 98

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 98
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 a taxable event for the grantee or CNB. A grantee who receives dividend equivalent rights will recognize ordinary income on the date of payment in the amount distributed to the grantee pursuant to the award. If CNB complies with applicable reporting requirements but subject to the restrictions of Section 162(m) of the Code, it will be entitled to a business expense deduction in the same amount and generally at the same time as the grantee recognizes ordinary income.

Section280G of the Code. To the extent payments which are contingent on a Change in Control are determined to exceed certain limitations, such payments may be subject to a 20% excise tax, and CNB’s deduction with respect to the associated compensation expense may be disallowed in whole or in part. The 2025 Plan includes a Section 280G “best after tax” provision, meaning, if any of the payments under the 2025 Plan or otherwise would constitute parachute payments within the meaning of Section 280G of the Code and would be subject to the excise tax imposed under Section 4999 of the Code, the payments will be reduced by the amount required to avoid the excise tax if such a reduction would give the grantee a better after-tax result than if the grantee received the payments in full.

New Awards

On January 21, 2025, the ECC approved the grant of 208,796 restricted shares to 283 eligible recipients, including CNB’s named executive officers and directors, subject to shareholder approval of the 2025 Plan at the**

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CNB annual meeting and effective as of the shareholder approval date. If CNB shareholders do not approve the 2025 Plan, these restricted share awards will not be granted.

| Name and Position                                                                                                                      |     | Dollar value ($) |           |     | Number of units(1)(2) |         |
| Michael D. Peduzzi President and Chief Executive Officer of CNB; Chief Executive Officer of CNB Bank                                   |     |                  |   374,946 |     |                       |  14,820 |
| Tito L. Lima Principal Financial Officer and Treasurer of CNB; Senior Executive Vice President and Chief Financial Officer of CNB Bank |     |                  |   156,228 |     |                       |   6,175 |
| Martin T. Griffith Senior Executive Vice President and Chief Revenue Officer of CNB Bank                                               |     |                  |   156,228 |     |                       |