Company: CCNE
Filing Date: 2025-01-10
Form Type: 8-K
Source: 0001193125-25-004099
Chunk: 1

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-01-10
Form: 8-K
Item: Item 1.01
Chunk 1
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 those representations and warranties were made solely for purposes of the contract between CNB and ESSA, and may be subject to important qualifications and limitations agreed to by the parties in connection with negotiating its terms. Moreover, the representations and warranties are subject to a contractual standard of materiality that may be different from what may be viewed as material to shareholders, and the representations and warranties may have been used to allocate risk between CNB and ESSA rather than establishing matters as facts. Each party has also agreed to customary covenants, including, among others, covenants relating to the conduct of ESSA’s and CNB’s businesses during the period between the execution of the Merger Agreement and the closing of the transaction; ESSA’s obligation to call a meeting of shareholders to approve the Merger Agreement and the transactions contemplated thereby; CNB’s obligation to call a meeting of shareholders to approve the issuance of shares of CNB common stock in the Merger; ESSA’s obligation, subject to certain exceptions, to recommend that its shareholders approve the Merger Agreement and the transactions contemplated thereby; CNB’s obligation to recommend that its shareholders approve the issuance of shares of CNB common stock in the Merger; and ESSA’s non-solicitation obligationsrelating to alternative acquisition proposals.

ESSA restricted stock awards will automatically vest and be exchanged for the Merger Consideration. ESSA cash settled awards will automatically vest with any applicable performance-based vesting condition to be deemed achieved at the greater of the target level of performance or actual annualized performance measured as of the most recent completed fiscal quarter prior to closing, and will be paid in cash.

The foregoing is not a complete description of the Merger Agreement, the ESSA Voting Agreements or the CNB Voting Agreements and is qualified in its entirety by reference to the full text of the Merger Agreement, which is filed as Exhibit 2.1 hereto and is incorporated herein by reference. For additional information, reference is made to the joint press release dated January 10, 2025, which is included as Exhibit 99.2 and is incorporated herein by reference.

Important Additional Information and Where to Find It

In connection with the proposed transaction, CNB expects to file with the Securities and Exchange Commission (“ SEC”) a registration statement on FormS-4that will include a document that serves as a prospectus of CNB and a joint proxy statement of CNB and ESSA (the “joint proxy statement/prospectus”), which