Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 110

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 110
---
, the CEO and other executive officers may be present at ECC meetings for discussion purposes. None of the CEO or other executive
officers, however, may be present during any deliberations or votes concerning their respective compensation. The CEO and other executive officers are not involved in the decisions made by the ECC, nor do they have a vote on any matters brought
before the ECC.

The ECC solicits the recommendations of CNB’s President and CEO regarding the performance and compensation of the other NEOs.
Ultimately, however, the ECC determines each NEO’s compensation. To determine the remuneration of the President and CEO, the ECC considers feedback from the peer analyses and best practices from Meridian, as outlined in the previous section, as
well as internally developed goals from the CNB Board of Directors relative to the alignment of the President and CEO’s performance to CNB’s strategic initiatives.

Competitive Benchmarking

On
an annual basis, the ECC reviews competitive market data and conducts a comprehensive compensation assessment. To assist in making compensation decisions, the ECC engaged Meridian to conduct a comprehensive competitive analysis of CNB’s
executive compensation program. An updated version of Meridian’s annual peer and market compensation analysis was used as a reference source and key input for the ECC to set 2024 executive compensation levels, establish the NEO short-term and
long-term incentive program, and assess the historical pay-for-performance relationship. In addition, this third-party consulting analysis provided the ECC with an
independent and objective assessment of each element of compensation and total target compensation relative to market and peer group practices, the pay mix, and the
pay-for-performance relationship.

In developing a market reference for
its compensation review, Meridian used data from the (i) public company proxy peer group comprised of 22 financial corporations and (ii) published financial services industry compensation surveys. Meridian developed the peer group using
objective parameters that reflect financial corporations of similar size (assets between $3.5 billion and $11.1 billion, approximately 0.6 to 2 times CNB’s asset size when the peer group was developed), geographic region and business
model. The ECC reviewed and approved the peer group as developed and recommended by Meridian. The peer group is annually reviewed and updated as appropriate since the comparable financial corporations may change depending on acquisitions with other
institutions that occur between annual analyses and any notable changes to the business focus of CNB or the peer institutions. Overall, the goal is to have 15 to 25 comparative financial corporations