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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On May 6, 2019, S&T Bancorp, Inc. ("S
&
T”) accepted the resignation of Thomas J. Sposito, Senior Executive Vice President and Chief Corporate Development Officer effective with Mr. Sposito's last day of employment, May 31, 2019.
In connection with his resignation, Mr. Sposito entered into a Severance and General Release Agreement ("Agreement") pursuant to which he agreed to a customary release of claims, as well as customer and S&T employee non-solicitation provisions. Under the agreement Mr. Sposito is entitled to continue receiving his base salary through January 31, 2020 unless other employment is obtained prior to November 29, 2019, in which case payment of his base salary will end as of November 29, 2019. If COBRA coverage is elected, S&T will provide COBRA coverage at no cost to Mr. Sposito beginning June 1, 2019 through January 31, 2020 or until medical coverage is obtained through another employer, whichever occurs first. Mr. Sposito's current annual base salary is $321,700.
The foregoing summary description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed with S&T's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2019.