Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 77

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 77
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 assurance that such approvals will not impose conditions or requirements that, individually or in the aggregate,
would or could reasonably be expected to have an adverse effect on the financial condition, results of operations, assets or business of the combined company following completion of the Merger. There can likewise be no assurances that U.S. federal
or state regulatory or competition authorities will not attempt to challenge the Merger or, if such a challenge is made, what the result of such challenge will be.

Interests of Penns Woods’ Directors and Officers in the Merger

As described below, some of Penns Woods’ directors and executive officers have interests in the Merger that may be different from, or in
addition to, the interests of Penns Woods’ shareholders generally. The Penns Woods board of directors was aware of these interests and considered them in approving the Merger Agreement.

Executive Employment Agreements: Prior to the Effective Date, Penns Woods shall cause certain of its executive employment
agreements to be amended or terminated in form or substance satisfactory to Northwest, and will cause employees subject to the relevant agreements to execute settlement and releases in forms mutually agreeable to Penns Woods and Northwest,
contingent upon Penns Woods and/or Northwest paying amounts described in the applicable agreements, stating that all amounts due and obligations under each agreement have been fully paid, fulfilled and/or waived.

Change In Control Payments

Upon the consummation of the Merger, and subject to certain other conditions, cash severance payments will be paid to Penns Woods’ named
executive officers pursuant to change in control features in their existing

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employment agreements, as described in “THE MERGER–Interests of Penns Woods’ Directors and Officers in the Merger–Golden Parachute Compensation” on page 56.

Stock Option Grants

Penns Woods has awarded executive officers options to purchase Penns Woods common stock, which are subject to vesting over a specified period.
Upon the consummation of the Merger, options outstanding immediately prior to such time will vest in full and be converted automatically in the right to receive a cash payment in an amount equal to, for each option, the product of (i)(A) the average
of the closing sales price 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 immediately preceding the Effective Date multiplied by the Exchange Ratio less (B) the current exercise price per share of such Penn