Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 60

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 60
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 opinion and that Stephens did not undertake any obligation to update, revise or reaffirm the opinion or otherwise comment on events occurring after the date of the opinion. Stephens further noted that volatility or disruptions in the credit and financial markets relating to, among other things, potential future changes in the rate of inflation or prevailing rates of interest or other market developments or disruptions, or the effects of any global conflicts or hostilities or any other disaster or adversity, may or may not have an effect on Penns Woods or Northwest, and Stephens did not express an opinion as to the effects of such volatility or disruptions on the proposed Merger or any party to the proposed Merger. Stephens further expressed no opinion as to the prices at which shares of Penns Woods common stock or Northwest common stock may trade at any time subsequent to the announcement of the proposed Merger. In connection with developing its opinion, Stephens assumed that, in all respects material to its analyses:

| (i) | the proposed Merger and any related transactions will be consummated on the terms of the latest draft of the 
 Merger Agreement provided to Stephens, without material waiver or modification;                              |

40

| (ii) | the representations and warranties of each party in the Merger Agreement and in all related documents and 
 instruments referred to in the Merger Agreement are true and correct;                                     |

| (iii) | each party to the Merger Agreement and all related documents will perform all of the covenants and agreements 
 required to be performed by such party under such documents;                                                  |

| (iv) | all conditions to the completion of the proposed Merger will be satisfied within the time frames contemplated 
 by the Merger Agreement without any waivers;                                                                  |

| (v) | that in the course of obtaining the necessary regulatory, lending or other consents or approvals (contractual                                                                                                                                             
 or otherwise) for the proposed Merger and any related transactions, no restrictions, including any divestiture requirements or amendments or modifications, will be imposed that would have a material adverse effect on the contemplated benefits of the 
 proposed Merger to the common stockholders of Penns Woods;                                                                                                                                                                                                |

| (vi) | there has been no material change in the assets, liabilities, financial condition, results of operations,                                                                                                                                            
 business or prospects of Penns Woods or Northwest since the date of the most recent financial statements made available to Stephens, and that no legal, political, economic, regulatory or other development has occurred that will adversely impact 
 Penns Woods or Northwest; and