Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 34

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 34
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 in the case of Mr. Henning, a two-year termand (iii) in the case of Mr. Selig, a one-year term. No Solicitation of Alternative Transactions(Page 163) The merger agreement restricts ESSA’s ability to solicit or engage in discussions or negotiations with a third party regarding a proposal by such third party to acquire a significant interest in ESSA. However, if ESSA receives a bona fide, unsolicited written acquisition proposal from a third party that the ESSA Board of Directors believes in good faith is, or is reasonably likely to lead to, a proposal (i) on terms which the ESSA Board of Directors determines in good faith, after consultation with its financial advisor, to be 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 167) 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