S&T BANCORP INC (STBA) — Current Report

Key Insights

• S&T Bancorp has entered into an amended and restated employment agreement with its CEO, Christopher McComish, which provides for an increased annual base salary, annual bonus eligibility, and long-term incentive awards.
• The new employment agreement includes severance provisions that provide for enhanced compensation if McComish is terminated without cause or resigns for good reason, particularly within two years following a change in control.
• The employment agreement also includes non-compete and non-solicitation covenants that restrict McComish's activities for one year following termination of employment.