Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 74

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 74
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 the amount of 1.275% of the aggregate transaction consideration received by Penns Woods or its common stockholders at the closing of the
proposed Merger for Stephens’ services as financial advisor to Penns Woods, a significant portion of which is contingent upon the consummation of the proposed Merger. Stephens also received a fee in the amount of $700,000 from Penns Woods upon
rendering its fairness opinion, which opinion fee will be credited in full against the fee which will become payable to Stephens upon the closing of the proposed merger. Penns Woods has also agreed to indemnify Stephens against certain claims and
liabilities that could arise out of Stephens’ engagement, including certain liabilities that could arise out of Stephens’ providing its fairness opinion.

Affiliates and employees of Stephens Inc. own an investment interest in the common stock of Northwest in an amount less than 0.1% of the
outstanding common stock of Northwest. Stephens issues periodic research reports regarding the business and prospects of Northwest, and Stephens makes a market in the stock of Northwest. Stephens has not received other fees for providing investment
banking services to Northwest or Penns Woods within the past two years. Stephens expects to pursue future investment banking services assignments with participants in the proposed Merger.

In the ordinary course of its business, Stephens Inc. and its affiliates and employees at any time may hold long or short positions, and may
trade or otherwise effect transactions as principal or for the accounts of customers, in debt, equity or derivative securities of participants in the proposed Merger.

Certain Unaudited Prospective Financial Information

Prospective Financial Information Regarding Penns Woods

In performing its financial analysis with respect to Penns Woods on a standalone basis, Stephens used the following prospective financial
information regarding Penns Woods: (i) estimated earnings per share for Penns Woods of $2.91 for the year ending 2025, $3.21 for the year ending 2026, and $3.53 for the year ending 2027; and (ii) an estimated annual earnings per share
growth rate through the year ending 2029 of 10%.

53

The following table presents certain unaudited prospective financial information regarding Penns Woods on a stand-alone basis from October 1, 2024 through December 31, 2029, which Stephens used in its net present value analysis in connection with developing its fairness opinion.

|                      |     | 3 Months    
 Ended       
 To Year End 
 12/31