Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 81

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 81
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| (2) | The amounts in this column reflect the value of the unvested options to purchase Penns Woods common stock that                                                                                                                                         
 have been awarded to each of the named executive officers under the 2020 Penns Woods Bancorp, Inc. Equity Incentive Plan. In the above table, the average of the closing sales price of Northwest common stock on Nasdaq for the five consecutive full 
 trading days ending on the trading day immediately preceding the closing date of the Merger has been estimated at $12.974 per share, which is the average of the closing sales price of Northwest common stock on Nasdaq for the five consecutive full 
 trading days ending on February 19, 2025.                                                                                                                                                                                                              |

| (3) | The amounts in this column are based on health and welfare benefits payable as severance benefits for a period                                                                                                                                       
 of up to twenty-four (24) months under the employment agreement each of the named executive officers has with Penns Woods and, if applicable, Jersey Shore Bank. The payments reflected under this column are only realized upon the named executive 
 officer’s termination without cause or resignation for good reason.                                                                                                                                                                                  |

Material U.S. Federal Income Tax Consequences of the Merger This section describes the intended, material U.S. federal income tax consequences of the Merger to Northwest, Penns Woods, and U.S. holders of Penns Woods common stock who exchange their shares for shares of Northwest common stock pursuant to the Merger. Northwest and Penns Woods intend for the Merger to be treated as a “reorganization” within the meaning of Section 368(a)(1)(A) of the Internal Revenue Code, except with respect to any cash received instead of fractional shares of common stock of the combined company, and Northwest and Penns Woods intend that each will be a “party to the reorganization” within the meaning of Section 368(b) of the Internal Revenue Code. Northwest has received an opinion of Dinsmore & Shohl LLP, substantially to the effect that, on the basis of facts, representations and assumptions set forth in that opinion (including factual representations contained in certificates of officers of Northwest and Penns Woods), the Merger constitutes a reorganization under Section 368(a) of the Internal Revenue Code. 57

The following discussion assumes that the U.S. Internal Revenue Service (“IRS”) and the courts agree that the Merger is a reorganization within the meaning of Section 368(a)(1)(A) of the Internal Revenue