Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 213

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 213
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 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) 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