Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 36

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 36
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, give notice of, convene and hold the ESSA special meeting; |

| • |     | the ESSA Board of Directors: |

| • |     | failing to recommend approval of the merger agreement, or withdrawing, modifying or changing such recommendation in a manner adverse to CNB’s interests; or |

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| • |     | recommending, proposing or publicly announcing its intention to recommend or propose to engage in an acquisition transaction with any person other than CNB or any of its subsidiaries; or |

| • |     | ESSA or ESSA Bank enters into a definitive agreement relating to an acquisition proposal or consummates an acquisition proposal within 12 months following the termination of the merger agreement by CNB as a result of a willful breach of any representation, warranty, covenant or other agreement by ESSA after an acquisition proposal has been publicly announced or otherwise made known to ESSA. |

Waiver or Amendment of Merger Agreement Provisions(Page 171) Prior to the effective time of the merger, any provision of the merger agreement may be waived by the party benefited by the provision or amended or modified by a written agreement between CNB and ESSA. However, after the ESSA special meeting, no amendment will be made which by law requires further approval by the shareholders of ESSA without obtaining such approval. Material U.S. Federal Income Tax Consequences of the Merger(Page 149) The holding company merger (as defined below) is intended to qualify for U.S. federal income tax purposes as a “reorganization” within the meaning of Section 368(a) of the Code, and it is a condition to our respective obligations to complete the holding company merger that each of ESSA and CNB receives a legal opinion to the effect that the merger will so qualify. Assuming the holding company merger so qualifies, ESSA shareholders generally will not recognize any gain or loss for U.S. federal income tax purposes on the exchange of their ESSA common stock for CNB common stock in the holding company merger except with respect to any cash received by ESSA shareholders in lieu of a fractional share of CNB common stock. ESSA shareholders are urged to read the discussion in the section entitled “The Merger—Material U.S. Federal Income Tax Consequences of the Merger” beginning on page 149 and to consult their tax advisors for a full explanation of the tax consequences of the merger. Regulatory Approvals Required for the Merger(Page 151) Approval