Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 93

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 93
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 director or officer of another Person. In addition, the Merger Agreement provides that, prior to the Effective Date, Penns Woods will procure a policy of directors’ and officers’
and company liability insurance with respect to actions, omissions, events, matters or circumstances occurring prior to the Effective Time as currently maintained by Penns Woods (“Tail Policy”) to be effective for a period of up to six
(6) years following the Effective Time, on terms no less advantageous than those contained in Penns Woods’ existing policy. However, the combined company is not obligated to expend an amount in excess of 200% of the 2024 premium paid by
Penns Woods on an aggregate basis.

Director Appointment

Effective at the Effective Time, and contingent upon the closing of the Merger, Richard A. Grafmyre, a current Penns Woods director, will be
appointed to serve on the board of directors of Northwest, to fill a vacancy in the 2026 class of director slate, or Northwest will otherwise increase the size of the board by one to effectuate Mr. Grafmyre’s inclusion in the 2026 class of
directors slate, subject to Northwest’s standard corporate governance practices and standard director evaluation process. Northwest will, subject to its standard corporate governance practices, nominate and recommend Mr. Grafmyre for
election at the next applicable annual meeting of the shareholders of Northwest following the Effective Time. In the event that, at the next annual meeting following the Effective Time, Mr. Grafmyre is unable to continue to satisfy
Northwest’s director eligibility requirements, resigns or elects not to be nominated, Northwest will select one of the former members of the Penns Woods board to be nominated as replacement for Mr. Grafmyre, subject to Northwest’s
standard corporate governance practices and the standard director nomination process. The replacement director will be selected in consultation with the Penns Woods director with input from other former members of the Penns Woods board.
Additionally, at the Effective Time, Northwest will cause Northwest Bank to increase the number of directors on the Northwest Bank board by one (1), and, subject to Northwest and Northwest Bank’s standard corporate governance and director
evaluation, selection, and nomination practices, will appoint Mr. Grafmyre, or the replacement Penns Woods director, to the Northwest Bank board, so long as Mr. Grafmyre, or the replacement Penns Woods director, as applicable, is a member
of the Northwest board.

NASDAQ Stock Listing

Northwest common stock