Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 28

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 28
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 Merger(Page 157)

Upon completion of the merger, each outstanding share of ESSA common stock will be converted into the right to receive
0.8547 shares of CNB common stock. No fractional shares of CNB common stock will be issued to any holder of ESSA common stock upon completion of the merger. For each fractional share that would otherwise be issued, CNB will pay each shareholder cash
(without interest) in an amount determined by multiplying the fractional share interest to which such shareholder would otherwise be entitled by the average of the closing sales prices of one share of CNB common stock on NASDAQ for the five trading
days ending on the third business day immediately prior to the closing date of the merger, rounded to the nearest whole cent.

Treatment of Equity or Equity-Based Awards(Page 158)

Restricted Stock Awards. Pursuant to the merger agreement, any vesting restrictions on each restricted
share of ESSA common stock subject to a substantial risk of forfeiture outstanding immediately prior to the effective time of the merger will automatically accelerate in full and fully vest, and all vested restricted stock awards will be exchanged
for the merger consideration (less applicable taxes required to be withheld) and will be treated as issued and outstanding shares of ESSA common stock.

14

Performance-Based Cash-Settled Awards. Pursuant to the merger agreement, any vesting or other
forfeiture restrictions on each ESSA performance-based cash-settled awards outstanding immediately prior to the effective time of the merger will automatically fully vest and be settled in cash (less applicable taxes and withholdings and without
interest), with any applicable performance-based vesting condition to be deemed achieved at the greater of the target level of performance or actual annualized performance measured as of the most recent completed fiscal quarter.

Opinion of CNB’s Financial Advisor(Page 118)

Piper Sandler & Co. (“Piper Sandler”) acted as financial advisor to CNB in connection with the proposed merger. As part of its engagement,
representatives of Piper Sandler attended the meeting of the CNB Board of Directors held on January 9, 2025, at which the CNB Board of Directors evaluated the proposed merger and the merger agreement. At this meeting, Piper Sandler reviewed the
financial aspects of the proposed merger and provided its opinion that, as of such date, the merger consideration was fair to CNB from a financial point of view. The full text of Piper Sandler’s opinion is attached
as to this joint proxy statement