Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 29

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 29
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 vote all shares of ESSA common stock beneficially owned by such person in favor of the ESSA merger proposal.

The Merger and the Merger Agreement

The terms and conditions of the merger are contained in the merger agreement, a copy of which is attached as Annex A to this joint proxy statement/prospectus. You are encouraged to read the merger agreement carefully, and in its entirety, as it is the primary legal document that governs the proposed merger.

Pursuant to the terms and subject to the conditions set forth in the merger agreement, at the effective time of the merger, ESSA will merge with and into CNB, with CNB as the surviving entity. Immediately thereafter, ESSA Bank will merge with and into CNB Bank, with CNB Bank as the surviving bank (the “bank merger”). Following the merger, ESSA common stock will be delisted from NASDAQ, will be deregistered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and will cease to be publicly traded.

Structure of the Merger(Page 155)

In the proposed merger, (i) ESSA will merge with and into CNB, with CNB as the surviving entity, and (ii) ESSA Bank will merge with and into CNB Bank, with CNB Bank as the surviving entity. Shares of CNB will continue to trade on NASDAQ under the symbol “CCNE.” Upon completion of the merger, the separate existences of ESSA and ESSA Bank will terminate.

Consideration to be Received in the Merger(Page 156)

Upon completion of the merger, each outstanding share of ESSA common stock will be converted into the right to receive 0.8547 shares of CNB common stock. No fractional shares of CNB common stock will be issued to any holder of ESSA common stock upon completion of the merger. For each fractional share that would otherwise be issued, CNB will pay each shareholder cash (without interest) in an amount determined by multiplying the fractional share interest to which such shareholder would otherwise be entitled by the average of the closing sales prices of one share of CNB common stock on NASDAQ for the five trading days ending on the third business day immediately prior to the closing date of the merger, rounded to the nearest whole cent.

Treatment of Equity or Equity-Based Awards(Page 157)

Restricted Stock Awards. Pursuant to the merger agreement, any vesting restrictions on each restricted share of E