Company: CCNE
Filing Date: 2025-01-10
Form Type: 425
Source: 0001193125-25-004105
Chunk: 100

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-01-10
Form: 425
Chunk 100
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 in , withdrawn such recommendation or modified or changed such recommendation in a manner adverse in any respect to the interests of CNB,
(iii) the ESSA Board shall have recommended, proposed, or publicly announced its intention to recommend or propose, to engage in an Acquisition Transaction with any Person other than CNB or a Subsidiary of CNB or (iv) ESSA shall have
materially breached its obligations under by failing to call, give notice of, convene and hold the ESSA Meeting in accordance with .

(ii) By ESSA, subject to ESSA’s compliance with , if ESSA has received an
Acquisition Proposal, and in accordance with of this Agreement, the ESSA Board has made a determination that such Acquisition Proposal is a Superior Proposal and has determined to accept such Superior Proposal.

Section 7.02 . In recognition of the efforts, expenses and other opportunities foregone by CNB while
structuring and pursuing the Merger, the parties hereto agree that ESSA shall pay to CNB a termination fee of $8,800,000 within three (3) Business Days after written demand for payment is made by CNB, following the occurrence of any of the
events set forth below:

(a) CNB or ESSA terminates this Agreement pursuant to or
; or

(b) 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 twelve (12) months following the termination of this Agreement by CNB pursuant to or
because of a Willful Breach by ESSA or ESSA Bank after an Acquisition Proposal has been publicly announced or otherwise made known to ESSA.

(c) The amount payable by ESSA pursuant to this constitutes liquidated damages and not a penalty and
shall be the sole monetary remedy of CNB in the event of a termination due to breach of this Agreement in the circumstances specified in this .

Section 7.03 . In the event of termination of this Agreement and the abandonment of the
Merger pursuant to this Article VII, no party to this Agreement shall have any liability or further obligation to any other party hereunder except (i) as set forth in and
and (ii) other than a termination that results in a payment in accordance with , that termination will not relieve a breaching party from liability for money damages
for any Willful Breach of any covenant