Company: NWBI
Filing Date: 2025-02-24
Form Type: 424B3
Source: 0001193125-25-033488
Chunk: 90

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-24
Form: 424B3
Chunk 90
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 the average closing-sale prices of Northwest common stock on the Nasdaq Global Select Market
as published in The Wall Street Journal for the five (5) consecutive full trading days ending on the trading day preceding the Effective Date multiplied by 2.385, lessthe current exercise price per share of the options, as
adjusted pursuant to the terms of the Merger Agreement; and (B) the number of shares of Penns Woods common stock underlying such options.

The Penns Woods equity incentive plan will be terminated at the Effective Time.

Surrender of Certificates

Northwest will engage the Exchange Agent to handle the exchange of Penns Woods common stock for the Merger Consideration. As promptly as
practicable after the Effective Time, but no later than five (5) business days after the Effective Time, the Exchange Agent will mail to each holder of Penns Woods common stock a letter of transmittal for use in the exchange along with
instructions explaining how to surrender Penns Woods common stock certificates to the Exchange Agent. Penns Woods shareholders that surrender their certificates to the Exchange Agent, together with a properly completed letter of transmittal, duly
executed, will receive (i) the new certificates representing that number of whole shares of Northwest common stock to which such former holder of Penns Woods common stock shall have become entitled, and (ii) a check representing the amount
of any cash in lieu of a fractional share and any dividends or distributions which such holder has the right to receive pursuant to the Merger Agreement. The old certificates of Penns Woods common stock will have been cancelled. No interest will be
paid or accrued on the Northwest common stock or cash in lieu of fractional shares, dividends, or distributions payable to holders of the former Penns Woods certificates. Penns Woods shareholders that do not exchange their Penns Woods common stock
will not be entitled to receive the Merger Consideration or any dividends or other distributions by Northwest until their certificates are surrendered. After surrender of the certificates representing Penns Woods common stock, any unpaid dividends
or distributions with respect to Northwest common stock represented by the certificates will be paid without interest.

If any Penns Woods
stock certificate has been lost, stolen, or destroyed, the transmittal materials received from the Exchange Agent will explain the steps that the Penns Woods shareholder must take including the posting by such shareholder of a bond in such amount as
Northwest or the Exchange Agent may determine is reasonably necessary as indemnity against any claim that may be made against it