Company: NWBI
Filing Date: 2025-03-07
Form Type: DEF 14A
Source: 0001193125-25-049104
Chunk: 66

Company: Northwest Bancshares, Inc.
Filing Date: 2025-03-07
Form: DEF 14A
Chunk 66
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 but for the limitations imposed by Internal Revenue Code Sections 401(a)(17) and 415(b) and that which is actually earned under the Pension Plan as a result of the limitations.

Participants must elect the method of payment. Options for payment include a lump sum, three substantially equal annual installments, or five substantially equal annual installments, starting within 30 days of the earliest of the following events: the participant’s death, disability, retirement or a change in control, provided, however, that if the participant is a specified employee under Section 409A of the Internal Revenue Code (“Section 409A”), distribution following retirement must be delayed for six months. The SERP is considered an unfunded plan for tax and ERISA purposes. All obligations arising under the SERP are payable from the general assets of Northwest Bank. The benefits paid under the SERP supplement the benefits paid by the Pension Plan.

The accrued annual SERP benefit as of December 31, 2024, for Messrs. Torchio and Harvey were $13,841 and $22,547, respectively. Messrs. Schosser, Betchkal, DesMarteau and Watson were not eligible to participate in the SERP due to joining the Company subsequent to the SERP’s soft freeze in 2020.**

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Employment Agreements/Change in Control Agreements The Company and Northwest Bank are parties to employment agreements with each of Messrs. Torchio and Schosser. These employment agreements were amended and restated effective November 20, 2024. Under these employment agreements, the initial term of employment ends on November 1, 2029 for Mr. Torchio and November 1, 2027 for Mr. Schosser. On each anniversary date, the term of employment will be automatically extended an additional year. Under the employment agreements, the 2024 base salaries of Messrs. Torchio and Schosser of $874,470 and $600,000, respectively, are reviewed annually and may be increased but not decreased. The employment agreements provide for an annual bonus to be paid to each of the executives, with the target of such bonus to be set at 70% of the then current base salary for Mr. Torchio and 55% of the then current base salary for Mr. Schosser. In addition, each employment agreement provides for the executive to receive a long-term equity incentive grant, with the target value of such equity grant to be