Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 221

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 221
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 except, in each case, as required by applicable law or regulation; or |

| • |     | enter into any contract with respect to, or otherwise agree or commit to do, any of these prohibited activities. |

Conduct of Business of CNB Pending the Merger Under the merger agreement, CNB has agreed that, until the effective time of the merger or the termination of the merger agreement, CNB will not, and will cause each of its subsidiaries to not, except as expressly permitted by the merger agreement or with the prior written consent of ESSA or as otherwise required by law or any governmental authority:

| • |     | take any action or fail to take any action that is intended or is reasonably likely to result in (i) any of its representations and warranties set forth in the merger agreement being or becoming untrue in any material respect at any time at or prior to the effective time, (ii) any of the conditions to the merger agreement not being satisfied, (iii) a material violation of any provision of the merger agreement, (iv) preventing the merger from qualifying as a “reorganization” within the meaning of Section 368(a) of the Code or (v) a material delay of the approval or completion of the merger, in each case, except as may be required by applicable law or regulation; |

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| • |     | grant, issue, deliver or sell any additional shares of capital stock or rights; provided, however, that CNB may (i) grant equity awards pursuant to its employee benefit plans as required by any CNB employee benefit plan or in the ordinary course consistent with past practice, (ii) issue capital stock upon the vesting or exercise of any equity awards granted pursuant to a CNB employee benefits plan outstanding as of the date of the merger agreement in accordance with the terms and conditions thereof as in effect on that date, including in connection with “net settling” any outstanding awards, and (iii) issue CNB capital stock in connection with the transactions contemplated by the merger agreement; |

| • |     | other than in the ordinary course of business consistent with past practice or in connection with the transactions contemplated by the merger agreement, make, declare, pay or set aside for payment any cash or stock dividend on or in respect of, or declare or make any distribution on any shares of CNB common stock or directly or indirectly adjust, split, combine, redeem, reclassify, purchase or otherwise acquire any shares of its capital stock, or change its record date for payment of