Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 187

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 187
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SSA Bank and the executive’s involuntary termination of
employment for a reason other than for cause or upon the executive’s voluntary termination for “good reason” (as defined in the Employment Agreements) within twenty-four months following a change in control, subject to the
executive’s execution of a release of claims, the executive would become entitled to: (i) a severance payment equal to three times (two times for Mr. Grayuski) the sum of the executive’s base salary and the highest bonus paid to
the executive during the prior three years, payable in a lump sum within thirty days following the termination date, (ii) at ESSA’s sole expense, continuation of 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,