Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 233

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 233
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 • |     | by ESSA, subject to its compliance with the merger agreement, if it has received an acquisition proposal, and the ESSA Board of Directors has made a determination that such proposal is a superior proposal and has determined to accept such proposal. |

Under the merger agreement, an “acquisition transaction” means (other than the transactions contemplated between CNB and ESSA): (i) a merger, consolidation, share exchange, business combination or any similar 170

transaction; (ii) a sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets and/or liabilities that constitute a substantial portion of the net revenues, net income or assets in a single transaction or series of transactions; (iii) a tender offer or exchange offer for 25% or more of the outstanding shares of the capital stock or the filing of a registration statement under the Securities Act in connection therewith; or (iv) an agreement or commitment to take any of the foregoing actions. Termination Fee Under the terms of the merger agreement, ESSA must pay CNB a termination fee of $8.8 million if:

| • |     | CNB terminates the merger agreement as a result of: |

| • |     | ESSA breaching the non-solicitation provisions in the merger agreement; |

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

| • |     | the ESSA Board of Directors 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 materially breaching the shareholder approval provisions in the merger agreement by failing to call, give notice of, convene and hold the ESSA special meeting; |

| • |     | ESSA terminates the merger agreement as a result of ESSA having received an acquisition proposal, the ESSA Board making a determination that such proposal is a superior proposal and then accepting such proposal; or |

| • |     | ESSA or ESSA Bank enters into a definitive agreement relating to an acquisition proposal or the consummation of an acquisition proposal involving ESSA or ESSA Bank within 12 months following the termination of the merger agreement by CNB as a result of a willful breach