Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 215

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 215
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 requirement under an analogous ESSA benefit plan prior to the effective time of the merger.

CNB agrees to honor all obligations under specified ESSA employment agreements, change in control agreements, supplemental executive retirement plans, split
dollar life insurance and similar arrangements.

Subject to the occurrence of the closing, ESSA Bank has agreed to terminate the ESSA Bank ESOP no later
than five business days prior to the closing date. In connection with the termination of the ESSA Bank ESOP, all plan accounts will be fully vested, all outstanding indebtedness of the ESSA Bank ESOP will be repaid by delivering a sufficient number
of unallocated shares of ESSA common stock to ESSA, at least five business days prior to the effective time, all remaining shares of ESSA common stock held by the ESSA Bank ESOP will be converted into the right to receive the merger consideration,
and the balance of the unallocated shares and any other unallocated assets remaining in the ESSA Bank ESOP after repayment of the ESSA Bank ESOP loan will be allocated as earnings to the accounts of the ESSA Bank ESOP participants who are employed
as of the date of termination of the ESSA Bank ESOP based on their account balances under the ESSA Bank ESOP as of the date of termination of the ESSA Bank ESOP and distributed to ESSA Bank ESOP participants after the receipt of a favorable
determination letter from the IRS, except for distributions required by law. Prior to the effective time of the merger, ESSA Bank will take all such actions as are necessary (determined in consultation with CNB) to submit the application for
favorable determination letter in advance of the effective time. Promptly following the receipt of a favorable determination letter from the IRS regarding the qualified status of the ESSA Bank ESOP upon its termination, the account balances in the
ESSA Bank ESOP will either be distributed to participants and beneficiaries or transferred to an eligible tax-qualified retirement plan or individual retirement account as a participant or beneficiary may
direct. ESSA Bank agrees to continue to accrue and make contributions to the ESSA Bank ESOP trust from the date of the merger agreement through the termination date of the ESSA Bank ESOP in an amount sufficient (but not to exceed) the loan payments
which become due in the ordinary course on the outstanding loans to the ESSA Bank ESOP prior to the termination