Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 59

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 59
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 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;                              |

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| (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                                                                                                                                                                                                                        |

| (vii) | the proposed Merger will be consummated in a manner that complies with applicable law and regulations. |

Stephens’ opinion was limited to whether the consideration to be received by the common stockholders of Penns Woods (solely in their capacity as such) in the proposed Merger was fair to them from a financial point of view as of the date of the opinion. Stephens was not asked to, and it did not, offer any opinion as to the terms of the Merger Agreement or the form of the proposed Merger or any aspect of the proposed Merger, other than the fairness, from a financial point of view, of the consideration to be received in the proposed Merger by the common stockholders of Penns Woods (solely in their capacity as such). The opinion did not address the merits of the