Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 60

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 60
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 to vote at the annual meeting. 34

Quorum; Vote Required

A quorum of CNB shareholders is necessary to hold a valid meeting. If the holders of at least a majority of the total number of shares of CNB common stock entitled to vote are present at the virtual annual meeting or represented by proxy at the annual meeting, a quorum will exist. Abstentions and broker non-votes will be counted for purposes of determining whether a quorum is present. If there is no quorum, the holders of a majority of shares present at the virtual annual meeting or represented by proxy may adjourn the annual meeting to another date.

Assuming a quorum is present at the CNB annual meeting, the election of the three CNB director nominees and the approval of each of the CNB share issuance proposal, the CNB incentive plan proposal, the CNB say-on-pay proposal, the CNB auditor ratification proposal and the CNB adjournment proposal require the affirmative vote of a majority of the votes cast on such proposal.

Abstentions and broker non-votes, if any, will have no effect on any of the proposals.

Share Ownership of Management; Voting Agreements

As of the record date, the directors and executive officers of CNB and their affiliates collectively owned 488,151 shares of CNB common stock, which represented approximately 2.33% of the outstanding shares of CNB common stock. Each of the directors and executive officers of CNB, solely in their capacity as a shareholder of CNB, has entered into a voting agreement with ESSA requiring each of them to vote all shares of CNB common stock beneficially owned by such person in favor of the CNB share issuance proposal. As of the record date, these directors and executive officers of CNB held 484,812 shares of CNB common stock, which represented approximately 2.31% of the outstanding shares of CNB common stock.

When considering the CNB Board of Directors’ recommendation that you vote in favor of the CNB share issuance proposal, you should be aware that the directors and executive officers of CNB have interests in the merger that may be different from, or in addition to, the interests of shareholders of CNB. See the section entitled “The Merger—Interests of Certain CNB Directors and Executive Officers in the Merger” beginning on page 145.

Voting of Proxies

If you are a CNB shareholder, the CNB Board of Directors requests that you return the proxy