Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 30

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 30
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SSA common stock subject to a substantial risk of forfeiture outstanding immediately prior to the effective time of the merger will automatically accelerate in full and fully vest, and all vested restricted stock awards will be exchanged for the merger consideration (less applicable taxes required to be withheld) and will be treated as issued and outstanding shares of ESSA common stock.**

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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 performance measured as of the most recent completed fiscal quarter.

Opinion of CNB’s Financial Advisor(Page 117)

Piper Sandler & Co. (“Piper Sandler”) acted as financial advisor to CNB in connection with the proposed merger. As part of its engagement, representatives of Piper Sandler attended the meeting of the CNB Board of Directors held on January 9, 2025, at which the CNB Board of Directors evaluated the proposed merger and the merger agreement. At this meeting, Piper Sandler reviewed the financial aspects of the proposed merger and provided its opinion that, as of such date, the merger consideration was fair to CNB from a financial point of view. The full text of Piper Sandler’s opinion is attached asAnnexB to this joint proxy statement/prospectus. The opinion outlines the procedures followed, assumptions made, matters considered and qualifications and limitations on the review undertaken by Piper Sandler in rendering its opinion. Holders of CNB common stock are urged to read the entire opinion carefully in connection with their consideration of the proposed merger.

Piper Sandler’s opinion was directed to the CNB Board of Directors in connection with its consideration of the merger and the merger agreement and does not constitute a recommendation to any shareholder of CNB as to how any such shareholder should vote at any meeting of shareholders called to consider and vote upon the approval of the merger and the merger agreement or the issuance of CNB common stock in connection with the merger. Piper Sandler’s opinion was directed only to the fairness, from a financial point of view, of the merger consideration to CNB and did not address the underlying business decision of CNB to engage in the merger, the form or