The following table summarizes the determination of the purchase price consideration with a sensitivity analysis assuming a 15% increase and 15% decrease in the price per share of Mid Penn common stock from January 3, 2025, of $28.40, with its impact on the pro forma goodwill. (dollars in thousands except per share data) 1/3/2025 15% Increase 15% Decrease Shares of William Penn Bancorporation common stock . . . . . . . . . . . . 8,447,954 8,447,954 8,447,954 Exchange ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.426 0.426 0.426 Mid Penn Bancorp, Inc. common shares to be issued . . . . . . . . . . . . . . 3,598,829 3,598,829 3,598,829 Price per share of Mid Penn Bancorp, Inc. common stock . . . . . . . . . . . $ 28.40 $ 32.66 $ 24.14 Pro forma consideration for common stock . . . . . . . . . . . . . . . . . . . . . . $ 102,207 $ 117,538 $ 86,876 William Penn Bancorporation stock options outstanding . . . . . . . . . . . . 1,264,000 1,264,000 1,264,000 Mid Penn Bancorp, Inc. stock options issued . . . . . . . . . . . . . . . . . . . . . 538,464 538,464 538,464 Fair value of Mid Penn stock option . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.25 $ 10.64 $ 7.86 Purchase price assigned to stock options rolled over . . . . . . . . . . . . . . . $ 4,981 $ 5,728 $ 4,234 Total pro forma purchase price consideration . . . . . . . . . . . . . . . . . . . . $ 107,188 $ 123,266 $ 91,110 Pro forma goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,464 $ 21,542 $(10,614) (2) Balance sheet adjustments to reflect the reversal of William Penn’ historical equity accounts to additional paid-in capital (“APIC”) and record the purchase price consideration for common stock. The following tables summarize the transaction accounting adjustments for the equity accounts. 32
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