Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 152

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 152
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B Bank and stated that CNB intended to enter into an agreement with Gary Olson to serve as a strategic advisor to CNB’s Chief Executive Officer and that CNB would consider retaining Peter Gray, chief operating officer of ESSA, as president of the post-closing ESSA Bank division of CNB Bank. The non-binding indication of interest also included an exclusivity provision whereby ESSA would agree not to enter into or solicit negotiations with another party with respect to an acquisition of ESSA for a 60 day period.

At a regularly scheduled meeting of the ESSA Board of Directors on October 22, 2024, the ESSA Board of Directors reviewed CNB’s non-binding indication of interest. Representatives of PNC FIG Advisory reviewed the financial aspects of the proposed offer from CNB. Luse Gorman, PC, counsel to ESSA (“Luse Gorman”), reviewed the material terms of the non-binding indication of interest, and discussed the fiduciary duties of the ESSA Board of Directors in connection with a merger transaction. The ESSA Board of Directors discussed proposed revisions to the non-binding indication of interest to provide for three ESSA directors to be added to the boards of directors of CNB and CNB Bank, to specify that those directors would be Messrs. Selig, Henning and Olson, and to provide that CNB would waive or amend any mandatory retirement age requirements applicable to board service to allow for these board appointments.

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Following the October 22, 2024 meeting of the ESSA Board of Directors, the requested changes to the non-binding indication of interest were communicated to Mr. Peduzzi through the respective parties’ counsel, and Mr. Peduzzi indicated that he would review the requested revisions with the CNB Chairperson and CNB Board of Directors. A special meeting of the ESSA Board of Directors was held on October 24, 2024, and following discussion, the ESSA Board of Directors authorized Mr. Olson to execute a revised non-binding indication of interest on behalf of ESSA containing the terms discussed at the earlier meeting.

On October 28, 2024, ESSA’s changes to the non-binding indication of interest were reviewed by the CNB Board of Directors, who authorized Mr. Peduzzi to agree to the revised terms. On October 29, 2024, CNB and ESSA executed the revised non-binding indication of interest, which included the