Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 188

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 188
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 became payable upon delivery of PNC FIG Advisory’s opinion and a significant portion of which fee (currently estimated to be approximately $2.3 million) is contingent upon the closing of the merger. In addition, portions of PNC FIG Advisory’s fee became payable after the signing of PNC FIG Advisory’s engagement agreement and after the execution of an exclusivity agreement between ESSA and CNB. ESSA has also agreed to reimburse PNC FIG Advisory’s reasonable out-of-pocketexpenses incurred in connection with its engagement and to indemnify PNC FIG Advisory against certain liabilities arising out of the performance of its obligations under the engagement letter. PNC Capital Markets LLC is a wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC Financial”), a large diversified financial services company. PNC Financial and its affiliates are engaged in a broad range of financial services and securities activities. PNC Financial or an affiliate (other than PNC FIG Advisory) provides, or has provided, certain financial services to ESSA Bank, CNB and CNB Bank, including, among other things, providing various commercial banking services to ESSA Bank and CNB Bank and providing 141

a 364-day revolving credit facility to CNB which has been renewed annually. PNC Capital Markets LLC and its affiliates may from time to time purchase securities from, and sell securities to, ESSA Bank and CNB Bank. In the future, PNC Financial may pursue opportunities to provide financial services to ESSA or CNB, including the provision of investment banking or other consulting services by PNC Capital Markets LLC.

PNC FIG Advisory’s fairness committee approved the issuance of PNC FIG Advisory’s opinion letter dated January 9, 2025.

### Certain Unaudited Prospective Financial Information of CNB
CNB does not as a matter of course make public long-term projections as to future revenues, earnings or other results due to, among other reasons, the inherent uncertainty of the underlying assumptions and estimates. However, in connection with the merger, CNB’s management prepared and provided to the CNB Board of Directors in connection with its evaluation of the transaction, and to its financial advisor Piper Sandler, including in connection with Piper Sandler’s financial analyses described above under the section entitled “ —Opinion of CNB’s Financial Advisor,” certain unaudited prospective financial information regarding CNB’s operations described below (the “CNB Projections”). The below summary of the CNB Projections is included for the purpose of providing CN