Company: NWBI
Filing Date: 2025-03-07
Form Type: DEF 14A
Source: 0001193125-25-049104
Chunk: 48

Company: Northwest Bancshares, Inc.
Filing Date: 2025-03-07
Form: DEF 14A
Chunk 48
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 the services of the designated executives while reducing, to the extent possible, unnecessary disruptions to our operations. The employment agreements with Messrs. Torchio and Schosser provide for a base salary, annual bonus payments and long-term incentive equity grants as well as severance benefits in connection with certain terminations of an executive’s employment. The change in control agreements provide for a base salary, as well as severance benefits in connection with certain terminations of an executive’s employment. The agreements were negotiated directly with, and recommended for approval by, the Compensation Committee. The Compensation Committee believes such agreements necessary to retain executive talent and consistent with market practice. On September 20, 2023, as a result of Mr. Harvey’s retirement announcement, the Company and Northwest Bank entered into a Retirement Agreement pursuant to which Mr. Harvey transitioned from his role as Chief Financial Officer concurrently with the appointment of Mr. Schosser as our Chief Financial Officer on March 18, 2024, and retired as Chief Operating Officer and as a director from the Company Northwest Bank on December 31, 2024. In addition, on June 17, 2024, as a result of Mr. Golding’s involuntary termination by us, the Company and Northwest Bank entered into a Confidential Separation Agreement and General Release with Mr. Golding. For a more detailed discussion of these agreements and the payments that would be received by the NEOs under these agreements in connection with certain terminations of employment, see “Employment Agreements/Change in Control Agreements” and “Potential Payments to Named Executive Officers”. Impact of Accounting and Tax.In consultation with our advisors, we evaluate the tax and accounting treatment of each of our compensation programs at the time of adoption and on an annual basis to ensure that we understand the financial impact of the program. Furthermore, Section 162(m) of the Internal Revenue Code generally limits the tax deductibility of annual compensation paid by public companies for certain executive officers to $1 million. The Compensation Committee continues to have the flexibility to award compensation that is not tax deductible if it determines that such award is in the Company’s best interests. Review of Risk Related to Compensation Policies and Procedures.The Compensation Committee is responsible for the oversight of employee compensation policies and procedures, including the determination of whether any material risk is imposed on the Company from the annual cash incentive plan, long-term stock-based compensation plan and/or employment or change in control agreements. After reviewing the compensation policies and procedures, including the determination of whether any incentive/variable compensation programs encourage excessive