Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 32

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 32
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 statement/prospectus, you should be aware that ESSA’s directors and executive officers have interests in the merger that are different from, or in addition to, the interests of ESSA shareholders generally. The ESSA Board of Directors was aware of these interests and considered them, among other things, in approving the merger. These interests include, among other things:

| • |     | Each ESSA restricted stock award outstanding immediately prior to the effective time of the merger will fully vest, and such 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 for purposes of the merger agreement; |

| • |     | Each ESSA performance-based cash-settled award outstanding immediately prior to the effective time of the merger will fully vest, with any performance-based vesting condition to be determined based upon the greater of: (i) the target level of performance; or (ii) actual annualized performance measured as of the most recently completed fiscal quarter, and will be paid in cash within five business days after the effective time of the merger, less applicable taxes required to be withheld; |

| • |     | ESSA, ESSA Bank and CNB entered into a new settlement and non-competition agreement with each of (i) Gary S. Olson, President and Chief Executive Officer of ESSA and ESSA Bank, (ii) Peter A. Gray, Senior Executive Vice President and Chief Operating Officer of ESSA and ESSA Bank, (iii) Charles D. Hangen, Executive Vice President and Chief Risk Officer of ESSA and ESSA Bank, (iv) Allan A. Muto, Executive Vice President and Chief Financial Officer of ESSA and ESSA Bank, and (v) Thomas J. Grayuski, Senior Vice President and Chief Human Resource Officer of ESSA and ESSA Bank, that will be effective at the closing of the merger. The settlement and non-competition agreements will cancel Messrs. Olson, Gray, Grayuski, Hangen and Muto’s employment agreements with ESSA and ESSA Bank as of the effective time of the merger in exchange for a cash payment and the executive’s agreement to certain non-competition and non-solicitation restrictions; |

| • |     | Interests in a supplemental executive retirement plan with Messrs. Olson and Grayuski, which will be terminated as of the