Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 36

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 36
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e and hold its special meeting. |

ESSA may terminate the merger agreement, subject to its compliance with the merger agreement, if ESSA has received an acquisition proposal, and the ESSA Board of Directors has made a determination that such proposal is a superior proposal and has determined to accept such proposal. Termination Fee(Page 170) ESSA has agreed to pay CNB a termination fee of $8.8 million if:

| • |     | CNB terminates the merger agreement as a result of: |

| • |     | ESSA materially breaching the non-solicitation provisions in the merger agreement; |

| • |     | ESSA materially breaching the shareholder approval provisions in the merger agreement by failing to call, give notice of, convene and hold the ESSA special meeting; |

| • |     | the ESSA Board of Directors: |

| • |     | failing to recommend approval of the merger agreement, or withdrawing, modifying or changing such recommendation in a manner adverse to CNB’s interests; or |

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| • |     | recommending, proposing or publicly announcing its intention to recommend or propose to engage in an acquisition transaction with any person other than CNB or any of its subsidiaries; or |

| • |     | ESSA or ESSA Bank enters into a definitive agreement relating to an acquisition proposal or consummates an acquisition proposal within 12 months following the termination of the merger agreement by CNB as a result of a willful breach of any representation, warranty, covenant or other agreement by ESSA after an acquisition proposal has been publicly announced or otherwise made known to ESSA. |

Waiver or Amendment of Merger Agreement Provisions(Page 170) Prior to the effective time of the merger, any provision of the merger agreement may be waived by the party benefited by the provision or amended or modified by a written agreement between CNB and ESSA. However, after the ESSA special meeting, no amendment will be made which by law requires further approval by the shareholders of ESSA without obtaining such approval. Material U.S. Federal Income Tax Consequences of the Merger(Page 148) The holding company merger (as defined below) is intended to qualify for U.S. federal income tax purposes as a “reorganization” within the meaning of Section 368(a) of the Code, and it is a condition to our respective obligations to complete the holding company merger that each of ESSA and CNB receives a legal