Company: NWBI
Filing Date: 2025-03-07
Form Type: DEF 14A
Source: 0001193125-25-049104
Chunk: 69

Company: Northwest Bancshares, Inc.
Filing Date: 2025-03-07
Form: DEF 14A
Chunk 69
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 each case, subject to the execution and non-revocationof a release of claims, the Company will pay the executive a cash lump sum equal to (i) in the case of Mr. Watson, the sum of three times his highest rate of base salary paid during the prior three years and three times the highest cash bonus paid during the prior three years and (ii) in the case of Messrs. Betchkal and DesMarteau, the sum of two times the executive’s highest rate of base salary paid during the prior two years and two times his highest rate of cash bonus paid to him during the prior two years. We would also continue the executive’s medical and dental coverage for 36 months for Mr. Watson, or 24 months for Messrs. Betchkal and DesMarteau, from the date of termination, unless the executive obtains similar benefits from a new employer. To the extent necessary in order to avoid penalties under Section 409A, the base salary and bonus amount shall be paid in a lump sum on the first day of the seventh month following the date of termination. The following provisions apply to all of the employment agreements and change in control agreements. If the executive’s employment is terminated by us for “just cause” or by the executive without “good reason,” no further compensation or benefits shall be paid under the agreements and all unvested stock options and unvested restricted stock awarded to the executive, as well as all unexercised stock options, shall be immediately forfeited, except that in the case of an executive’s resignation of employment for any reason other than due to Disability, death, Retirement, or Termination for Cause, Stock Options shall be exercisable only as to those shares that were immediately exercisable by the Executive at the date of termination, and Stock Options may be exercised only for a period of one (1) year following termination and any Restricted Stock Award and Restricted Stock Unit that has not vested as of the date of Termination of Service shall expire and be forfeited. If the executive becomes disabled (within the meaning of Section 409A), Northwest Bank may terminate the executive’s employment but will pay the executive their then-current base salary for the longer of the remaining term of the agreement or one year, reduced by the amount of any disability insurance, workers’ compensation or social security benefits paid to the executive and, under the employment agreements only, Northwest Bank will continue to provide medical and dental benefits for the executive and the executive’s eligible dependents for three years after the