Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 93

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 93
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 be made against it with respect to such certificate.

Indemnification and Directors’ and Officers’ and Company Liability Insurance

After the Effective Time for a period of six (6) years and subject to compliance with applicable state and federal laws, Northwest will
indemnify each person who served as a director or officer of Penns Woods or its

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subsidiaries on or after December 16, 2024 (the date of the Merger Agreement) and before the Effective Time to the fullest extent provided by Penns Woods’ governing documents, from and
against expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement in connection with any threatened, pending or completed action, suit or proceeding by reason of the fact that the person was an officer or director of
Penns Woods or any of its subsidiaries or serving as a director or officer of another Person. In addition, the Merger Agreement provides that, prior to the Effective Date, Penns Woods will procure a policy of directors’ and officers’
and company liability insurance with respect to actions, omissions, events, matters or circumstances occurring prior to the Effective Time as currently maintained by Penns Woods (“Tail Policy”) to be effective for a period of up to six
(6) years following the Effective Time, on terms no less advantageous than those contained in Penns Woods’ existing policy. However, the combined company is not obligated to expend an amount in excess of 200% of the 2024 premium paid by
Penns Woods on an aggregate basis.

Director Appointment

Effective at the Effective Time, and contingent upon the closing of the Merger, Richard A. Grafmyre, a current Penns Woods director, will be
appointed to serve on the board of directors of Northwest, to fill a vacancy in the 2026 class of director slate, or Northwest will otherwise increase the size of the board by one to effectuate Mr. Grafmyre’s inclusion in the 2026 class of
directors slate, subject to Northwest’s standard corporate governance practices and standard director evaluation process. Northwest will, subject to its standard corporate governance practices, nominate and recommend Mr. Grafmyre for
election at the next applicable annual meeting of the shareholders of Northwest following the Effective Time. In the event that, at the next annual meeting following the Effective Time, Mr. Grafmyre is unable to continue to satisfy
Northwest’s director eligibility requirements, resigns or elects not to be nominated, Northwest will select one of