William Penn Bancorporation Watch

from 8-K 76 pages Up to 12,650,000 Shares William Penn Bancorporation (A Maryland Corporation) Common Stock (Par Value $0.01 Per Share) Agency Agreement January 15, 2021

from S-1/A 76 pages Up to [12,650,000 Shares] William Penn Bancorporation (A Maryland Corporation) Common Stock (Par Value $0.01 Per Share) Agency Agreement [·] [·], 20[·]

from S-1 8 pages We Understand That the Boards of Directors of William Penn, Mhc (The "Mhc") and Its Subsidiaries, William Penn Bancorp, Inc. (Mhc) ("Holding Company") and William Penn Bank, (Mhc) (The "Bank"), Are Considering the Adoption of a [Plan of Conversion] (The "Plan") Pursuant to Which the Mhc Will Be Converted From Mutual Holding Company to Stock Holding Company Form, and All of the Shares of the Holding Company Currently Outstanding Will Be Exchanged for Shares of Common Stock of a Successor Stock Holding Company to Be Formed in Connection With the Conversion (The "Newco"). Concurrently With the Conversion, Newco Also Intends to Offer and Sell Certain Shares of Its Common Stock (The "Shares") in a Public Offering. the Mhc, the Holding Company, the Newco and the Bank Are Sometimes Collectively Referred to Herein as the "Company" and Their Respective Boards of Directors Are Collectively Referred to Herein as the "Board". Piper Sandler & Co. ("Piper Sandler") Is Pleased to Assist the Company With the Offering (Defined Below) and This Letter Is to Confirm the Terms and Conditions of Piper Sandler's Engagement