AMENDMENT TO EMPLOYMENT AGREEMENT SIGNED BY ESSA BANCORP, INC. AND ALLAN A. MUTO

ESSA Bancorp, Inc. (NASDAQ: ESSA) has recently made amendments to its employment agreement with Allan A. Muto, as outlined in an 8-K filing dated December 10, 2024. The amended and restated employment agreement, which was initially dated January 3, 2022, has been extended for an additional three years, effectively renewing the contract period for Mr. Muto.

The agreement stipulates that the term of the employment contract will continue for an extra three years, subject to annual renewals unless a notice of non-renewal is given to the Executive. This amendment was made in accordance with Section 13(a) of the Employment Agreement, which allows modifications through written consent from all parties involved.

Per the amended terms, the contract will renew on December 10, 2024, and extend for a three-year period, following annual extensions on each subsequent December 10th, ensuring that the remaining term of the Employment Period stays between two to three years at all times. The Employment Agreement will conclude thirty-six months after a Non-Renewal Notice unless an earlier termination date is agreed upon by both parties.

The Amendment to the Employment Agreement is effective as of December 10, 2024, and will not alter any existing terms or conditions beyond those expressly stated. It will be governed by the laws of the Commonwealth of Pennsylvania, adhering to federal laws where applicable. The agreement allows for multiple counterparts to be executed, each standing as an original document with combined legal validity.

In closing, the Amendment to the Employment Agreement has been duly signed by ESSA Bank & Trust, ESSA Bancorp, Inc., and Allan A. Muto, solidifying the modifications and extensions to the existing employment terms for Mr. Muto.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ESSA Bancorp’s 8K filing here.

ESSA Bancorp Company Profile

ESSA Bancorp, Inc operates as a bank holding company for ESSA Bank & Trust that provides a range of financial services to individuals, families, and businesses in Pennsylvania. The company accepts savings accounts, interest bearing demand accounts, checking accounts, money market accounts, club accounts, certificates of deposit and IRAs, and other qualified plan accounts, as well as commercial checking accounts.