Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 81

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 81
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 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 Code, and that Northwest and Penns Woods are each a “party to the reorganization” within the meaning of Section 368(b) of the Internal Revenue Code. However, Northwest and Penns Woods have not requested and do not intend to request any ruling from the IRS as to the U.S. federal income tax consequences of the Merger, and the tax opinion to be delivered in connection with the Merger is not binding on the IRS or any court or other administrative body. Consequently, there is no assurance of the accuracy of the anticipated U.S. federal income tax consequences to Northwest, Penns Woods, and the shareholders of Penns Woods described in this proxy statement/prospectus. In addition, if any of the facts, representations or assumptions upon which the opinion is based are inconsistent with the actual facts, the U.S. federal income tax consequences of the