Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 106

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 106
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 Agreement enters a definitive agreement for a separate acquisition (whether or not it is the superior proposal), then, Penns Woods must pay to Northwest a
termination fee of $10 million (the “Termination Fee”). Additionally, the Termination Fee will be payable from Penns Woods to Northwest if Penns Woods accepts a superior proposal or if Northwest is permitted to terminate the Merger
Agreement pursuant to certain terms specified in the Merger Agreement.

Notwithstanding the foregoing, at any time prior to the Penns
Woods shareholder meeting, Penns Woods may accept or approve a superior acquisition proposal, thereby withdrawing its recommendation of the Merger to its shareholders, if, and only if: (i) Penns Woods has complied with the relevant terms of the
Merger Agreement; (ii) Penns Woods has determined, in good faith, and after consultation with financial advisors and outside legal counsel, that the acquisition proposal was a superior proposal, after taking into account any proposed
modification to the Merger Agreement by Northwest; (iii) the acquisition was unsolicited and constitutes a superior proposal after taking into account any amendment or modification proposed to the Merger Agreement by Northwest; (iv) Penns
Woods provided at least five (5) business days written notice to Northwest and specified the terms and conditions of the proposal to Northwest; (v) during the notice period, Penns Woods and its advisors negotiated with Northwest in good
faith; and (vi) the Penns Woods board of directors concluded, in good faith, after such negotiations, that the acquisition proposal continues to constitute a superior proposal. If any revisions are made to the superior proposal during the
notice period, Penns Woods shall deliver a new written notice to Northwest giving rise to a new five (5)
business day notice period.

Amendment

The Merger Agreement may be amended or modified by Northwest and Penns Woods at any time before or after the receipt of the requisite vote of
the Penns Woods shareholders, provided, however, that after the receipt of the requisite vote of the Penns Woods shareholders, there may not be, without further approval of such shareholders of Penns Woods, any amendment of the Merger Agreement that
requires such further approval under applicable law. The Merger Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing signed on behalf of Northwest and
Penns Woods.

77

COMPARISON OF CERTAIN RIGHTS OF PENNS WOODS SHAREH