Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 197

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 197
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 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) $3,723,972 in the case of Mr. Olson, (ii) $1,742,041 in the case of Mr. Gray, (iii) $803,096 in the case of Mr. Grayuski, (iv) $1,559,934 in the case of Mr. Hangen and (v) $1,511,184 in the case of Mr. Muto.

Current Supplemental Executive Retirement Agreements with Messrs. Olson and Grayuski.Messrs. Olson and Grayuski are each participants under the ESSA Bank Supplemental Executive Retirement Plan, effective as of January 1, 2005, with ESSA Bank (together, the “ESSA SERPs”). Each ESSA SERP is substantially identical and the normal retirement benefit under the ESSA SERP is an annual benefit equal to 70% of the executive’s highest average compensation (determined over a consecutive five-year period within the last ten years of employment) reduced by the sum of fifty percent of annual social security benefits, annualized benefits payable under ESSA Bank’s tax-qualified pension plan, and the annualized employer contributions to ESSA Bank’s 401(k) Plan and employee stock ownership plan. Messrs. Grayuski and Olson are fully vested in the normal retirement benefit, and each executive is entitled to the present value of the normal retirement benefit, payable in a single lump sum cash payment on the first day of the second month following the date on which Messrs. Grayuski and Olson terminate employment for a reason other than death or disability after attaining at least the age of 60 with 30 years of service with CNB Bank