Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 12

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 12
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 (ii) to approve, on an advisory (non-binding)basis, specified compensation that may become payable to the named executive officers of ESSA in connection with the merger (the “ESSA compensation proposal”) and (iii) to approve one or more adjournments or postponements of the ESSA special meeting, if necessary, to permit further solicitation of proxies if there are insufficient votes at the time of the ESSA special meeting, or at an adjournment or postponement of that meeting, to approve the ESSA merger proposal (the “ESSA adjournment proposal”).

| Q: | What will I receive in the merger? |

| A: | CNB Shareholders: Each share of CNB common stock outstanding held by CNB shareholders immediately before the merger will continue to represent one share of CNB common stock after the effective time of the merger. Accordingly, CNB shareholders will receive no consideration in the merger and the merger will not change the number of shares a CNB shareholder currently owns. Following the merger, CNB common stock will continue to trade on the NASDAQ Stock Market, LLC (“NASDAQ”) under the symbol “CCNE.” |

ESSA Shareholders:If the ESSA merger proposal is approved and the merger is subsequently completed, ESSA shareholders will be entitled to receive 0.8547 shares of CNB common stock for each outstanding share of ESSA common stock held at the effective time of the merger and cash in lieu of fractional shares as described below. The value of the merger consideration is dependent upon the value of CNB common stock and therefore will fluctuate with the market price of CNB common stock. Accordingly, any change in the price of CNB common stock prior to the merger will affect the market value of the merger consideration that ESSA shareholders may receive upon the closing of the merger.

| Q: | Will ESSA shareholders receive any fractional shares of CNB common stock as part of the merger consideration? |

| A: | No. CNB will not issue any fractional shares of CNB common stock in the merger. Instead, CNB will pay ESSA shareholders the cash value of a fractional share (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 daily closing sales prices of one share of CNB common stock as reported on NASDAQ for the five consecutive trading days ending on the third business day immediately prior to the closing date of the