Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 201

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 201
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 ESSA with respect to claims against such directors and officers arising from facts or events that occurred before the effective time of the merger; provided that, CNB is not obligated to pay more than 250% of ESSA’s annual premiums for such coverage.

Material U.S. Federal Income Tax Consequences of the Merger

The following discussion is a general summary of material U.S. federal income tax consequences of the holding company merger (as defined below) to U.S. holders (as defined below) of ESSA common stock that exchange their shares of ESSA common stock for merger consideration. The U.S. federal income tax laws are complex, and the tax consequences of the holding company merger may vary depending upon each shareholder’s individual circumstances or tax status. The following discussion is based upon the Code, temporary and final treasury regulations promulgated under the Code, and rulings and other administrative interpretations and practices of the IRS, and court decisions, all as currently in effect, and all of which are subject to change, possibly with retroactive effect. This discussion does not address any U.S. federal taxes other than income taxes or state, local or non-U.S. taxes. No attempt has been made to comment on all U.S. federal income tax consequences of the holding company merger that may be relevant to ESSA shareholders. The tax discussion set forth below is included for general information only. It is not intended to be, nor should it be construed to be, legal or tax advice to a particular ESSA shareholder.

This discussion addresses only those ESSA shareholders that hold their ESSA common stock as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment). Further, the following discussion may not apply to particular categories of holders of shares of ESSA common stock subject to special treatment under the Code, such as insurance companies, S corporations or other pass-through entities (and investors therein), financial institutions, broker-dealers, dealers in securities, traders in securities that elect to use a mark to market method of accounting, real estate investment trusts, regulated investment companies, governmental organizations, tax-exempt organizations, individual retirement and other tax-deferred accounts, banks, persons subject to the alternative minimum tax, persons who hold ESSA capital stock as part of a straddle, hedging or conversion transaction, persons whose functional currency is other than the U.S. dollar, persons eligible for tax treaty benefits, foreign corporations, foreign partnerships and other foreign entities,