Company: CCNE
Filing Date: 2025-01-10
Form Type: 425
Source: 0001193125-25-004105
Chunk: 20

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-01-10
Form: 425
Chunk 20
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 to the
outstanding CNB Stock or ESSA Stock and the record date therefor shall be prior to the Effective Time, the Exchange Ratio shall be proportionately and appropriately adjusted; provided, however, that, for the avoidance of doubt, no such
adjustment shall be made with regard to CNB Stock if (a) CNB issues additional shares of CNB Stock and receives consideration for such shares in a bona fide third party transaction, (b) CNB issues additional shares of CNB Stock under the
CNB Financial Corporation 2019 Omnibus Incentive Plan, or (c) CNB issues employee, director or other key service provider stock grants or similar equity awards or shares of CNB Stock upon the exercise or settlement thereof.

Section 2.05 . Effective upon the date of this Agreement, CNB shall reserve for issuance a sufficient number
of shares of CNB Stock for the purpose of issuing shares of CNB Stock to ESSA shareholders in accordance with this Article II.

Section 2.06 . Prior to the Effective Time, CNB shall notify NASDAQ of the additional shares of CNB
Stock to be issued by CNB in exchange for the shares of ESSA Stock.

Section 2.07 .

(a) . Immediately prior to the Effective Time, any vesting or other
forfeiture restrictions on each share of ESSA Stock subject to a substantial risk of forfeiture (“”) outstanding as of immediately prior to the Effective Time shall, automatically and without any required action
on the part of the holder thereof, accelerate in full and fully vest and shall be converted into, and become exchanged for the Merger Consideration within five (5) Business Days after the Effective Time, less applicable Taxes required to be
withheld, if any, with respect to such vesting, and shall be treated as an issued and outstanding share of ESSA Stock for the purposes of this Agreement. For the avoidance of doubt, CNB shall not assume any ESSA Restricted Stock.

(b) . Immediately prior to the Effective Time, any vesting or other forfeiture
restrictions applicable to each outstanding performance-based cash settled award

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(“”) outstanding as of immediately prior to the Effective Time shall, automatically and without any required action on the part of the holder thereof,
accelerate in full and fully vest, with any applicable performance-based vesting condition to be deemed achieved at the greater of the target level of performance or actual annualized performance measured as of the most recent