Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 196

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 196
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 vest as a result of the merger. The estimated value of Messrs. Olson, Gray, Grayuski, Hangen and Muto’s performance-based cash-settled awards are (i) $235,750 in the case of Mr. Olson, (ii) $117,875 in the case of Messrs. Gray, Hangen and Muto and (iii) $58,938 in the case of Mr. Grayuski.

Current Agreements and Benefit Plans with ESSA’s Executive Officers

Current Employment Agreements.ESSA and ESSA Bank previously entered into amended and restated employment agreements with each of Messrs. Olson, Gray, Grayuski, Hangen and Muto (collectively, the “Employment Agreements”). In the event of a “change in control” (as defined in the Employment Agreements) of ESSA or ESSA Bank and the executive’s involuntary termination of employment for a reason other than for cause or upon the executive’s voluntary termination for “good reason” (as defined in the Employment Agreements) within twenty-four months following a change in control, subject to the executive’s execution of a release of claims, the executive would become entitled to: (i) a severance payment equal to three times (two times for Mr. Grayuski) the sum of the executive’s base salary and the highest bonus paid to the executive during the prior three years, payable in a lump sum within thirty days following the termination date, (ii) at ESSA’s sole expense, continuation of life, medical, dental and vision coverage for thirty-six months (twenty-four months for Mr. Grayuski) after the executive’s qualifying termination of employment (or a lump-sum cash payment in lieu of such continued coverage), and (iii) for Messrs. Olson, Grayuski, Hangen and Muto a lump sum payment of the excess, if any, of the present value of the benefits he would be entitled to under the ESSA Bank’s defined benefit pension plan if the executive had continued working for thirty-six months (twenty-four months for Mr. Grayuski) over the present value of the benefits to which the executive is actually entitled as of the date of the qualifying termination of employment. Concurrently with the signing of the merger agreement, Messrs. Olson, Gray, Grayuski, Hangen and Muto each entered into a settlement and non-competition agreement with ESSA, ESSA Bank and CNB that cancelled