Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 34

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 34
---
 more favorable from a financial point of view to ESSA shareholders than the transactions contemplated by the merger agreement, and (ii) that constitutes a transaction that, in the good faith judgment of the ESSA Board of Directors, is reasonably likely to be consummated on the terms set forth, taking into account all legal, financial, regulatory and other aspects of such proposal, ESSA may furnish non-publicinformation to that third party and engage in negotiations regarding an acquisition proposal with that third party, subject to specified conditions in the merger agreement, if the ESSA Board of Directors determines in good faith, after consultation with its outside legal counsel, that such action would be required in order for directors of ESSA to comply with their fiduciary duties under applicable law. Conditions to Completion of the Merger(Page 168) As more fully described in this joint proxy statement/prospectus and the merger agreement, the completion of the merger depends on a number of conditions being satisfied or waived, including, but not limited to:

| • |     | shareholders of CNB having approved the CNB share issuance proposal; |

| • |     | shareholders of ESSA having approved the ESSA merger proposal; |

| • |     | CNB and ESSA having obtained all regulatory approvals and/or waivers required to consummate the transactions contemplated by the merger agreement and all related statutory waiting periods having expired; |

| • |     | the absence of any judgment, order, injunction or decree, or any statute, rule or regulation enacted, entered, promulgated or enforced, preventing, prohibiting or making illegal the consummation of any of the transactions contemplated by the merger agreement; |

| • |     | CNB and ESSA having each received a legal opinion from their respective counsel regarding treatment of the merger as a “reorganization” for U.S. federal income tax purposes; |

| • |     | the representations and warranties of each of CNB and ESSA in the merger agreement being accurate, subject to exceptions that would not have a material adverse effect; |

17

| • |     | CNB and ESSA having each performed in all material respects all obligations required to be performed by it; and |

| • |     | the shares of CNB common stock to be issued in the merger having been approved for listing on NASDAQ. |

Termination of the Merger Agreement(Page 170) CNB and ESSA can mutually agree to terminate the merger agreement at any time before the