Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 206

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 206
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pectus, or withdrawn, modified or qualified the PWOD Recommendation in a manner adverse to NWBI,
or publicly disclosed that it intends to do so, or failed to recommend against acceptance of a tender offer or exchange offer constituting an Acquisition Proposal that has been publicly disclosed within five (5) business days after the
commencement of the tender or exchange offer, in any case whether or not permitted by the terms hereof or (2) recommended or endorsed an Acquisition Proposal or publicly disclosed its intention to do so, or failed to issue a press release
announcing its unqualified opposition to the Acquisition Proposal within five (5) business days after an Acquisition Proposal is publicly announced, or (B) PWOD or its Board of Directors has breached its obligations under
or in any material respect.

Any purported termination pursuant to
this shall be void and of no force or effect if PWOD shall not have paid, and NWBI shall not have received, the Termination Fee as required pursuant to
.

(g) By written notice of PWOD to NWBI if, and only if, both of the following conditions
are satisfied at any time during the five-day period commencing on the Determination Date, such termination to be effective on the tenth day following the Determination Date:

(i) the NWBI Market Value on the Determination Date is less than the NWBI Market Price multiplied by 0.80; and

(ii) the number obtained by dividing the NWBI Market Value on the Determination Date by the NWBI Market Price shall be less
than the Index Ratio minus 0.20;

subject,, to the following three sentences: If PWOD elects to exercise its termination right
pursuant to this, it shall give prompt written notice thereof to NWBI. During the five business day period commencing with NWBI’s receipt of such notice, NWBI shall have the option to increase the
Exchange Ratio to equal a quotient, the numerator of which is equal to the product of the NWBI Market Price, the Exchange Ratio (as then in effect), and the Index Ratio minus 0.20 and the denominator of which is equal to the NWBI Market Value on the
Determination Date. If within such five business day period, NWBI delivers written notice to PWOD that it intends to proceed with the Parent Merger by paying such additional consideration as contemplated by the preceding sentence, and notifies PWOD
of the revised Exchange Ratio, then no termination shall have occurred pursuant to this, and this Agreement shall