Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 197

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 197
---
 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 recalculated as of the closing date of the merger to reflect the updated actuarial value for the additional years of service under the ESSA Bank defined benefit pension plan and Mr. Gray will not receive this benefit since he does not participate in the ESSA Bank defined benefit pension plan. For an estimate of the amount that would be payable to Messrs. Olson, Gray, Grayuski, Hangen and Muto under their settlement and non-competitionamounts, see the section entitled “—Current Agreements and Benefit Plans with ESSA’s Executive Officers – Current Employment Agreements” above. Potential Payments and Benefits to ESSA’s Named Executive Officers in Connection with the Merger This section sets forth the information required by