Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 194

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 194
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 $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 ESSA 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