Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 225

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 225
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plan of ESSA or ESSA Bank, CNB or CNB Bank will use commercially reasonable efforts to cause each such plan to (i) waive any preexisting condition limitations to the extent such conditions are covered under the applicable CNB plan, (ii) provide credit under any such plans for any deductible, co-payment and out-of-pocket expenses incurred by the employees and their beneficiaries during the portion of the calendar year that includes the closing and prior to such participation, and (iii) waive any waiting period limitation, actively-at-work requirement or evidence of insurability requirement which would otherwise be applicable to such employee on or after the effective time of the merger, in each case to the extent such employee satisfied any similar limitation or 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