Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 78

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 78
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s Woods option, as may have been adjusted pursuant to the Merger Agreement, and (ii) the
number of shares of Penns Woods common stock underlying such option.

Indemnification and Directors’ and Officers’ Liability Insurance

Subject to compliance with applicable state and federal laws, Northwest will indemnify each person who served
as a director or officer of Penns Woods or its subsidiaries on or after the date of the Merger Agreement and before the Effective Time to the fullest extent provided by Penns Woods’ governing documents, from and against expenses, including
attorneys’ fees, judgments, fines and amounts paid in settlement in connection with any threatened, pending or completed action, suit or proceeding by reason of the fact that the person was an officer or director of Penns Woods or its
subsidiaries. In addition, the Merger Agreement provides that, prior to the Merger, Penns Woods will purchase a directors’ and officers’ and company liability insurance policy to be effective for up to six (6) years following the
Effective Date, with a premium not to exceed over 200% greater than that contained in Penns Woods’ 2024 policy.

Director Appointment

Effective at the Effective Time, and contingent upon the closing of the Merger, Richard A. Grafmyre, a current Penns
Woods’ director, will be appointed to serve on the board of directors of Northwest, Board to fill a vacancy in the 2026 class of director slate, or Northwest will otherwise increase the size of the board by one to effectuate
Mr. Grafmyre’s inclusion in the 2026 class of directors slate, subject to Northwest’s standard corporate governance practices and standard director evaluation process. For additional details on the Northwest board seat to be held by a
former director of Penns Woods following the Merger, please see “THE MERGER AGREEMENT—Director Appointment” on page 66.

Golden Parachute Compensation

The discussion and table below reflect the estimated amount of compensation and benefits that each of the named executive officers of Penns
Woods is entitled to receive where the compensation or benefits are based on or otherwise relate to the Merger. This compensation is referred to as “golden parachute compensation” by the applicable SEC disclosure rules and is the subject
of the Penns Woods advisory (non-binding) proposal on specified compensation, as described in “PROPOSALS SUBMITTED TO PENNS WOODS SHAREHOLDERS—Penns Woods Advisory (Non-binding)Proposal on Specified