Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 91

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 91
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 Department of Assessments and Taxation of Maryland (the “Effective Time”).

Northwest and Penns Woods currently anticipate closing the Merger and filing the statement of merger with the Pennsylvania Department of State
Bureau of Corporations and Charitable Organizations and the articles of merger with the State Department of Assessments and Taxation of Maryland in the third quarter of 2025.

Merger Consideration

Under the terms of the Merger Agreement, holders of share of Penns Woods common stock (other than treasury shares) will receive 2.385 shares of
Northwest common stock for each share of Penns Woods common stock they hold immediately prior to the Effective Time.

Northwest will not
issue any fractional shares of common stock in connection with the Merger. Instead, each holder of Penns Woods common stock who would otherwise be entitled to receive a fraction of a share Northwest common stock (after taking into account all shares
of Penns Woods common stock owned by such

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holder at the Effective Time) will receive cash (rounded to the nearest cent), without interest, in an amount equal to the fractional share of Northwest common stock to which such holder would
otherwise be entitled to multiplied by the average of the closing-sale prices of Northwest common stock on the Nasdaq Global Select Market as published in The Wall Street Journal for the five
(5) consecutive full trading days ending on the trading day preceding the Effective Date.

At the Effective Time, shares of Penns
Woods’ common stock will no longer be outstanding and will automatically be cancelled and cease to exist, and holders of Penns Woods common stock will cease to be, and will have no rights as, shareholders of Penns Woods, other than (i) to
receive the Merger Consideration pursuant to the terms and conditions of the Merger Agreement, (ii) to receive cash, without interest, in lieu of a fractional share of Northwest common stock to which such holder would otherwise be entitled, or
(iii)
to receive any dividend or other distribution which the holder thereof has the right to receive pursuant to the Merger Agreement.

Option Cash-Out

Under the terms of the Merger Agreement, all options outstanding under the
Penns Woods equity incentive plan shall, immediately prior to the Effective Time, vest in full and cease to represent an option to purchase shares of Penns Woods common stock. At the Effective Time, the vested options will convert automatically by
virtue of the Merger into the right to receive an amount of cash equal to the product