Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 189

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 189
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 closing date of the merger (with a partial quarter being counted as a completed quarter), based on an annualized aggregate cash bonus amount of $2,000,000; such that if the closing date occurs in ESSA’s second fiscal quarter of 2025, the aggregate annual cash bonus amount payable shall be $1,000,000, and if the closing date occurs in ESSA’s third fiscal quarter of 2025, the aggregate annual cash bonus amount payable shall be $1,500,000, and if the closing date occurs in ESSA’s fourth fiscal quarter of 2025, the aggregate annual cash bonus amount payable shall be $2,000,000. The estimated pro-ratabonus that would be payable to each of Messrs. Olson, Gray, Grayuski, Hangen and Muto, assuming a change in control date of February 20, 2025, are (i) $106,111 in the case of Mr. Olson, (ii) $54,494 in the case of Mr. Gray, (iii) $23,593 in the case of Mr. Grayuski, (iv) $46,332 in the case of Mr. Hangen and (v) $46,549 in the case of Mr. Muto. New Agreements with ESSA’s Executive Officers Settlement and Non-CompetitionAgreements.Concurrently with signing the merger agreement, ESSA, ESSA Bank and CNB entered into a new settlement and non-competitionagreement with each of Messrs. Olson, Gray, Grayuski, Hangen and Muto which will be effective at the closing of the merger. The settlement and non-competitionagreements will cancel Messrs. Olson, Gray, Grayuski, Hangen and Muto’s employment agreements with ESSA and ESSA Bank as of the effective time of the merger in exchange for their execution of a general release of claims in favor of CNB, ESSA and ESSA Bank and their agreement to a post-termination of employment non-competeand non-solicitperiod of: (i) two years in the case of Mr. Olson, (ii) eight months in the case of Mr. Grayuski, and (iii) six months in the case of Messrs. Gray, Hangen and Muto. The amount payable to Messrs. Olson, Grayuski, Hangen and Muto under the settlement and non-competitionagreements will be