Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 87

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 87
---
 at estimated fair values at the time the Merger is consummated. The excess of the estimated fair value of
Northwest common stock issued and the cash proceeds paid over the net fair values of the assets acquired, including identifiable intangible assets, and liabilities assumed will be recorded as goodwill and will not be deductible for income tax
purposes. Goodwill will be subject to an annual test for impairment and the amount impaired, if any, will be charged as an expense at the time of impairment.

Resale of Northwest Common Stock

Northwest has registered its common stock to be issued in the Merger with the SEC under the Securities Act of 1933, as amended (the
“Securities Act”). No restrictions on the sale or other transfer of Northwest common stock issued in the Merger will be imposed solely as a result of the Merger, except for restrictions on the transfer of Northwest common stock issued
to any Penns Woods shareholder who may become an “affiliate” of Northwest for purposes of Rule 144 under the Securities Act. The term “affiliate” is defined in Rule 144 under the Securities Act and generally includes
executive officers, directors and shareholders beneficially owning 10% or more of the outstanding Northwest common stock.

Employee Matters

Participation by Penns Woods Employees in Northwest’s Employee Benefit Program(s): The Merger Agreement provides that
employees of Penns Woods or the Subsidiary Banks who become employees of Northwest as a result of the Merger will participate in the employee benefit plans sponsored by Northwest for

61

Northwest’s employees. Employees of Penns Woods or the Subsidiary Banks will receive credit for their years of service with Penns 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