Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 186

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 186
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 February 20, 2025, (i) Mr. Olson holds 14,463 restricted stock awards, (ii) Messrs. Gray, Hangen, and Muto each respectively hold 7,232 outstanding restricted stock awards, and (iii) Mr. Grayuski holds 3,616 outstanding restricted stock awards. The estimated value of Messrs. Olson, Gray, Grayuski, Hangen and Muto’s restricted stock awards are (i) $283,330 in the case of Mr. Olson, (ii) $141,714 in the case of Messrs. Gray, Hangen and Muto and (iii) $70,837 in the case of Mr. Grayuski. The estimated value is based on a per share price of ESSA common stock of $19.59, which is the average closing market price of ESSA common stock over the five business days following the public announcement of the merger. 145

Treatment of ESSA Performance-Based Cash-Settled Awards

Pursuant to the merger agreement, any vesting or other forfeiture restrictions on each ESSA performance-based cash-settled award outstanding immediately prior
to the effective time of the merger will automatically fully vest and be settled in cash (less applicable taxes and withholdings and without interest), with any applicable performance-based vesting conditions to be deemed achieved at the greater of
the target level of performance or actual annualized performance measured as of the most recently completed fiscal quarter prior to the closing of the merger. The directors do not hold any performance-based cash-settled awards that will 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 E