Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 216

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 216
---
 of the ESSA Bank ESOP and agrees to make a pro-rated payment on the ESSA Bank ESOP loan for the
2025 plan year through and including the end of the calendar quarter immediately preceding the closing, prior to the termination of the ESSA Bank ESOP.

CNB agrees to pay to each employee of ESSA or ESSA Bank that is not covered by a written employment or severance agreement and is terminated by CNB or any of
its subsidiaries, without cause, within six months following the effective time of the merger, a severance payment equal to two weeks of his or her then current base salary multiplied by the number of total completed years of service with ESSA or
ESSA Bank (a partial year of service of three months or more shall be counted as a completed year of service); provided, however, that the minimum severance payment will equal not less than four weeks of his or her base salary and the maximum
severance payment will not exceed 26 weeks of his or her base salary; and provided further, that such employee enters into and does not revoke a release of claims in a form reasonably satisfactory to CNB and that such employee does not voluntarily
leave employment with ESSA or ESSA Bank prior to the effective time of the merger.

CNB and ESSA may provide a retention pool in the aggregate amount up
to $250,000 as mutually agreed by CNB and ESSA to enable CNB and ESSA to provide retention incentives to certain employees of ESSA or ESSA Bank who are not covered by a written employment agreement or change in control agreement, the recipients and
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.

166

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 145.

Indemnification and Insurance

Indemnification

Under