Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 195

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 195
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 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 the executive’s applicable employment agreement and quantified the estimated cash severance payment each executive will be entitled to receive at 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-compete and non-solicit period 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 estimated amount that would be payable to each Messrs. Olson, Gray, Grayuski, Hangen and Muto pursuant to the terms of their settlement and non-competition agreements are (i) $3,723,972 in the case of Mr. Olson, (ii) $1,742,041 in the case of Mr. Gray, (iii) $803,096 in the case of Mr. Grayuski, (iv) $1,559,934 in the case of Mr. Hangen and (v) $1,511,184 in the case of Mr. Muto.

Current Supplemental Executive Retirement Agreements with Messrs. Olson and Grayuski.Messrs. Olson and Grayuski are each participants under the ESSA Bank Supplemental Executive Retirement Plan, effective as of January 1, 2005, with ESSA Bank (together, the “ESSA SERPs”). Each ESS