Company: CCNE
Filing Date: 2025-01-10
Form Type: 425
Source: 0001193125-25-004105
Chunk: 83

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-01-10
Form: 425
Chunk 83
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 of such Notice of Superior Proposal, the ESSA Board in good faith makes the determination (A) in
clause (i) of this and (B) that such Acquisition Proposal constitutes a Superior Proposal. In the event of any material revisions to the Superior Proposal, ESSA shall be required to deliver a new
Notice of Superior Proposal to CNB and again comply with the requirements of this , except that the Notice Period shall be reduced to two (2) Business Days. In addition to the foregoing, the ESSA Board
shall not submit to the vote of its stockholders any Acquisition Proposal other than the Merger at the ESSA Meeting.

(f) Nothing
contained in this shall prohibit ESSA or the ESSA Board from complying with ESSA’s obligations required under Rules 14d-9 and
14e-2(a) promulgated under the Exchange Act or from making any legally required disclosure to ESSA’s shareholders; provided, however, that any such disclosure relating to an Acquisition Proposal
shall be deemed a change in the ESSA Recommendation unless it is limited to

40

a stop, look and listen communication or the ESSA Board reaffirms the ESSA Recommendation in such disclosure.

Section 5.12 . Prior to the Effective Date, ESSA shall, consistent with GAAP and applicable banking laws and
regulations, modify or change its loan, OREO, accrual, reserve, tax, litigation and real estate valuation policies and practices (including loan classifications and levels of reserves) so as to be applied on a basis that is consistent with that of
CNB; provided, however, that ESSA shall not be obligated to take any action pursuant to this unless and until all Regulatory Approvals have been obtained and CNB acknowledges in writing, and ESSA is
satisfied, that all conditions to ESSA’s obligation to consummate the Merger have been satisfied and that CNB shall consummate the Merger in accordance with the terms of this Agreement, and further provided that in any event, no accrual or
reserve made by ESSA pursuant to this or the consequences resulting therefrom shall constitute or be deemed to be a breach, violation of or failure to satisfy any representation, warranty, covenant, agreement,
condition or other provision of this Agreement or otherwise be considered in determining whether any such breach, violation or failure to satisfy shall have occurred. The recording of any such adjustments shall not be deemed to imply any