Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 104

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 104
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 business days after the commencement of the tender or exchange offer, in any case whether or not permitted by the terms of the Merger Agreement;                   |

| • |     | the Penns Woods board of directors shall have 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 the acquisition proposal is publicly announced; or |

| • |     | Penns Woods or its board of directors has breached its obligations related to the shareholder vote or acquisition 
 proposals in the Merger Agreement in any material respect.                                                        |

75

Termination by Penns Woods. Penns Woods may terminate the Merger Agreement and abandon the Merger:

| • |     | if the Penns Woods board (or a duly authorized committee thereof) has authorized acceptance of a superior                                                                                                                                               
 acquisition proposal, and Penns Woods has complied in all respects with the Merger Agreement; provided, that this right of Penns Woods to terminate the Merger Agreement is conditioned on and subject to the prior payment by Penns Woods to Northwest 
 of a termination fee (as described in THE MERGER AGREEMENT – Acquisition Proposals and Termination Fee) in accordance with the Merger Agreement. Any purported termination on these grounds shall be void and of no force or                            
 effect if Penns Woods has not have paid and Northwest has not received the termination fee; or                                                                                                                                                          |

| • |     | by written notice to Northwest if, and only if, prior to the Effective Time and during the time period specified                                                                                          
 in the Merger Agreement, the market value of Northwest common stock drops below certain pre-determined thresholds while the Nasdaq Bank Index does not; subject, however, to Northwest’s right to cure by 
 providing notice to Penns Woods that Northwest intends to proceed with the Merger by paying additional consideration.                                                                                     |

Support Agreements Under the Merger Agreement, the directors of Penns Woods executed support agreements pursuant to which they agreed to vote their shares of Penns Woods common stock owned directly or indirectly, and to request their spouses to consent to such agreement to the extent of such spouse’s interest in such shares in favor of the Merger. Acquisition Proposals and Termination Fee Pursuant to the Merger Agreement, Penns Woods shall not, and shall cause any of its subsidiaries and the officers, directors, employees, advisors and other agents of Penns Woods and its subsidiaries not to, directly or