Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 144

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 144
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A common stock, which equated to merger consideration of $21.00 per share of ESSA common
stock based on the trading price of CNB common stock at the time. The non-binding indication of interest proposed adding two ESSA directors to the boards of directors of CNB and CNB 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.

114

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,