Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 198

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 198
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 (or their termination of employment within two years**

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following a “change in control” (as defined in the ESSA SERP). If Messrs. Olson and Grayuski terminate employment within two years following a change in control, the normal retirement benefit, which is estimated to be $2,247,345 and $522,582, respectively, will be paid in a lump sum on the first day of the second month following the date of the effective time of the merger. Messrs. Grayuski and Olson are fully vested in the normal retirement benefit and their ESSA SERP benefits will not be enhanced as a result of the merger. Pro-RataBonuses.The merger agreement provides that ESSA may pay annual cash bonuses on a pro rata quarterly basis through the 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.