Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 213

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 213
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 ESSA) containing instructions for use in surrendering the shareholder’s ESSA stock certificates. When such ESSA shareholders deliver their ESSA stock certificates to the exchange agent with a properly completed and duly executed letter of transmittal and any other required documents, their ESSA stock certificates will be cancelled and in exchange, such ESSA shareholders will receive:

| • |     | a CNB stock certificate, or at the election of CNB, a statement reflecting shares issued in book-entry form, representing the number of whole shares of CNB common stock that they are entitled to receive under the merger agreement; and/or |

| • |     | a check representing the amount of cash that they are entitled to receive in lieu of any fractional shares. |

ESSA shareholders of record who hold ESSA common stock in book-entry form will not be required to deliver a share certificate or an executed letter of transmittal. Promptly following the completion of the merger, shares of ESSA common stock held in book-entry form will automatically be exchanged for the merger consideration in the form described above. 157

ESSA shareholders are not entitled to receive any dividends or other distributions on CNB common stock with a record date after the effective time of the merger until they have surrendered their ESSA stock certificates in exchange for a CNB stock certificate. After the surrender of their ESSA stock certificates or the conversion of their book-entry shares, as applicable, ESSA shareholders will be entitled to receive any dividend or other distribution, without interest, which had become payable with respect to their CNB common stock. Treatment of ESSA Restricted Stock Awards Pursuant to the merger agreement, any vesting restrictions on each restricted share of ESSA common stock subject to a substantial risk of forfeiture outstanding immediately prior to the effective time of the merger will automatically lapse and all vested restricted stock awards will be exchanged for the merger consideration (less applicable taxes and withholdings and without interest) and will be treated as issued and outstanding shares of ESSA common stock. Treatment of ESSA Performance-Based Cash-Settled Awards Pursuant to the merger agreement, any vesting or other forfeiture restrictions on each ESSA performance-based cash-settled awards outstanding immediately prior to the effective time of the merger will automatically fully vest and be settled in cash (less applicable taxes and withholdings and without interest), with any applicable performance-based vesting condition to be deemed achieved at the greater of the target level of performance or actual annualized