Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 212

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 212
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 (or, in the event of any such individual’s unavailability, such other person(s) as mutually agreed upon by ESSA and CNB) to serve as members of their respective boards of directors. Messrs. Olson, Selig and Henning must meet the qualifications for directors set forth in the bylaws of CNB and CNB Bank. Messrs. Olson, Selig and Henning will serve on the CNB and CNB Bank boards of directors until the next annual shareholder meeting following their appointment and, at such annual shareholder meeting, the CNB and CNB Bank boards of directors will each nominate Messrs. Olson, Selig and Henning for election to serve the following terms: (i) in the case of Mr. Olson, a three-year term, (ii) in the case of Mr. Henning, a two-year termand (iii) in the case of Mr. Selig, a one-year term. Consideration to be Received in the Merger In the merger, each outstanding share of ESSA common stock will be converted into the right to receive 0.8547 shares of CNB common stock, plus cash in lieu of any fractional share. No fractional shares of CNB common stock will be issued in connection with the merger. Instead, each ESSA shareholder will receive an amount of cash, in lieu of any fractional share, based on the average per share closing price of CNB common stock on NASDAQ for the five consecutive trading days ending on the third business day immediately prior to the closing date of the merger, rounded to the nearest whole cent. Exchange of Certificates; Dividends Before the effective time of the merger, CNB will cause to be delivered to the exchange agent certificates, or at CNB’s option, evidence of shares in book-entry form, representing the shares of CNB common stock to be issued in the merger. In addition, CNB will deliver to the exchange agent an aggregate amount of cash consideration sufficient to pay the estimated amount of cash to be paid to ESSA shareholders in lieu of fractional shares of CNB common stock. CNB has selected Equiniti Trust Company, LLC to act as exchange agent in connection with the merger. Promptly after the effective time of the merger, the exchange agent will mail to each ESSA shareholder of record at the effective time of the merger a notice advising such holder of the effectiveness of the merger, including a form of letter of transmittal (in a form satisfactory to CNB and