Company: NWBI
Filing Date: 2025-03-07
Form Type: DEF 14A
Source: 0001193125-25-049104
Chunk: 64

Company: Northwest Bancshares, Inc.
Filing Date: 2025-03-07
Form: DEF 14A
Chunk 64
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 TSR and the Company’s peer group TSR; |

| • |     | the Company’s net income; and |

| • |     | the Company selected measure, which isROAA. |

CAP versus Cumulative TSR and Peer Group Cumulative TSR CAP versus Company Net Income 33

CAP versus C ompany ROAA 34

**Defined Benefit Plan

Northwest Bank maintains the Northwest Bank Pension Plan (the “Pension Plan”), covering substantially all employees who started prior to August 1, 2020 and who satisfy the eligibility requirements of age 21 and the completion of one year of service. The Pension Plan is noncontributory and funded entirely by the employer. Northwest Bank annually contributes an amount necessary to at least satisfy the actuarially determined minimum funding requirements under Section 430 of the Internal Revenue Code and the corresponding requirements under the Employee Retirement and Income Security Act of 1974, as amended (“ERISA”). For the plan year ended December 31, 2024, there was no required contribution and therefore, the Bank elected to not contribute as management determined that the Pension Plan was in a well-funded position.

The benefits under the Pension Plan are payable after the participant has attained both normal retirement date (which is age 65) and completed five years of service. Benefits are computed using the plan formula, eligible base pay and years of credited service. Upon retirement, benefits are payable as a lifetime annuity and the participant has the option to select from several choices of actuarially equivalent benefits. Early retirement is available as early as age 55 with the completion of five years of service or any time after the completion of 25 years of service but the benefit is reduced on an actuarial basis to account for early payment.

The Pension Plan formula for employees hired prior to January 1, 2008, and applicable to their service up through March 31, 2013, was 1.6% of five-year average monthly base pay plus 0.6% of average monthly base pay in excess of covered compensation (35 year average of the maximum taxable wage bases) multiplied by credited service up to a maximum of 25 years. The formula also provided an additional benefit equal to 0.6% of five-year average monthly base pay multiplied by credited service between 25 years and 35 years. The benefits computed under this formula were frozen effective March 31, 2013 and a new formula was adopted. Mr. Harvey was employed prior to March 31, 2013 and earned a