Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 225

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 225
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), CNB will provide or cause to be provided to each ESSA and ESSA Bank employee who continues employment with CNB Bank (a “continuing employee”) (i) at least the same base salary or base rate of pay as provided to such continuing employee by ESSA Bank as immediately prior to the effective time, and (ii) other benefits (other than severance or termination pay in order to avoid a duplication of benefits, if applicable) substantially comparable in the aggregate to the benefits provided to similarly situated employees of CNB or any subsidiary of CNB.

For any ESSA benefit plan terminated for which there is a comparable CNB benefit plan of general applicability, CNB will take all commercially reasonable action so that continuing employees will be entitled to participate in such CNB benefit plan to the same extent as similarly-situated employees of CNB.

CNB will cause each CNB benefit plan in which continuing employees are eligible to participate to take into account for purposes of eligibility and vesting under the CNB benefit plans, but not for purposes of benefit accrual, the service of such employees with ESSA or ESSA Bank to the same extent as such service was credited for such purpose by ESSA or ESSA Bank. Such service, however, will not be recognized to the extent that such recognition would result in a duplication of benefits or retroactive application.

Following the closing date of the merger, CNB may amend or terminate any ESSA benefit plan in accordance with its terms at any time.

If requested by CNB in writing not less than 30 days prior to the closing, ESSA or ESSA Bank, as applicable, will take all actions necessary to cease contributions to and terminate each benefit plan that is intended to qualify as a 401(k) plan and to adopt written resolutions to terminate each such 401(k) plan; provided, however, that each such termination may be made contingent upon the consummation of the transactions contemplated by the merger agreement. In such event, CNB will take any and all actions as may be required to permit continuing employees to participate in a CNB benefit plan that is intended to qualify as a 401(k) plan immediately following the closing date and to permit continuing employees to roll over their account balances, including any participant loans, in the ESSA 401(k) Plan into the CNB 401(k) Plan.

If an employee of ESSA or ESSA Bank becomes eligible to participate in a medical,