Company: NWBI
Filing Date: 2025-02-24
Form Type: 424B3
Source: 0001193125-25-033488
Chunk: 86

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-24
Form: 424B3
Chunk 86
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s Woods or the Subsidiary Banks, as applicable, for
participation and vesting purposes under the applicable Northwest employee benefit plans, including credit for years of service and for seniority under Northwest’s paid time off program, but subject to the eligibility and other terms of such
plans. In addition, Northwest will use commercially reasonable efforts to waive all restrictions and limitations on pre-existing conditions to the extent the group health plan and insurance policy of
Northwest or Northwest Bank permit (or may be amended to permit).

Severance: Subject to any applicable regulatory
restrictions, Northwest has agreed to pay to each employee of Penns Woods or the Subsidiary Banks who (i) is not subject to an existing contract providing for severance and/or a change in control payment, (ii) is an employee of Penns Woods
or the Subsidiary Banks immediately before the Effective Time, (iii) has been an employee of Penns Woods or the Subsidiary Banks for at least six (6) months prior to the Effective Time, (iv) is not offered continued employment by
Northwest or any of its subsidiaries for nine months after the Effective Time, and (v) signs and delivers Northwest’s standard form of termination and release agreement, a severance amount and accrued and then unpaid personal time off
through the date of such separation. The severance amount will be equal to two (2) weeks’ base pay in effect at the time of termination multiplied by the number of whole years of service of such employee with Penns Woods or the
Subsidiary Banks, less applicable local, state and federal tax withholding; , , that the minimum severance payment will equal six (6) weeks of base pay, and the maximum severance payment will not exceed twenty-six (26) weeks of base pay. Further, for any employee of Penns Woods or the Subsidiary Banks participating in Penns Woods’ group health program at the Effective Time who is entitled to a
severance payment, the employee will be able to purchase health insurance coverage for the employee at the full premium rate for the remaining COBRA period.

Termination of Penns Woods 401(k) Plan: Penns Woods is required to terminate the Penns Woods 401(k) Plan effective immediately
prior to the Effective Time. In addition, as soon as feasible after the closing of the Merger, Northwest will take commercially reasonable steps to allow employees of Penns Woods and the Subsidiary Banks