Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 223

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 223
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 its subsidiaries or otherwise relating to an acquisition proposal, the third party enters into a confidentiality agreement with ESSA containing terms not materially less favorable to ESSA than those contained in its confidentiality agreement with CNB. |

A “superior proposal” means any bona fide written proposal made by a third party to acquire, directly or indirectly, including pursuant to a tender offer, exchange offer, merger, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction, for consideration consisting of cash and/or securities, more than 25% of the combined voting power of the shares of ESSA common stock then outstanding or all or substantially all of the assets of ESSA and otherwise (i) on terms which the ESSA Board of Directors 164

determines in good faith, after consultation with its financial advisor, to be more favorable from a financial point of view to the ESSA’s shareholders than the transactions contemplated with CNB, and (ii) that constitutes a transaction that, in the ESSA Board of Directors’ good faith judgment, is reasonably likely to be consummated on the terms set forth, taking into account all legal, financial, regulatory and other aspects of such proposal.

ESSA must promptly deliver to CNB (orally within one business day and in writing within two business days) a notice of any third party acquisition proposal. ESSA must also provide CNB with at least 48 hours’ notice of any meeting of the ESSA Board of Directors at which it is reasonably expected to consider a third-party acquisition proposal.

#### Consent Order
CNB Bank has agreed to assume ESSA Bank’s obligations under the ESSA Bank Consent Order following the closing date of the merger.

#### Employee Benefits
Pursuant to the merger agreement, following the closing date of the merger, CNB may, in its sole discretion, choose to maintain any or all of ESSA’s benefit plans, and ESSA and ESSA Bank will cooperate with CNB in order to effect any plan terminations to be made as of the effective time of the merger in accordance with the terms of the applicable benefit plans. For the period commencing at the effective time of the merger and ending 12 months after the effective time (or the applicable continuing employee’s earlier termination of employment), 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