Company: NWBI
Filing Date: 2025-03-07
Form Type: DEF 14A
Source: 0001193125-25-049104
Chunk: 47

Company: Northwest Bancshares, Inc.
Filing Date: 2025-03-07
Form: DEF 14A
Chunk 47
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2024, all employees who have attained age 18 are also eligible to make elective deferrals to our 401(k) plan. Under our 401(k) plan, we provide “safe harbor” matching contributions equal to 100% of an eligible employee’s elective deferrals up to 4% of the employee’s eligible compensation. Employees are eligible for the safe harbor matching contributions commencing on the first day of the month following the month in which 90 days of credited service is completed. We have also adopted a non-qualifiedsupplemental executive retirement plan for the benefit of certain individuals whose benefits under the defined benefit plan are limited by restrictions contained in the Internal Revenue Code. Messrs. Torchio and Harvey participate in the supplemental executive retirement plan. See “Supplemental Executive Retirement Plan.” Other Benefits and Perquisites.Executive officers participate in the same employee benefits programs generally available to all employees. Mr. Harvey participated in the Senior Managers’ Life Insurance Plan, which was frozen to new participants prior to January 1, 2000. Under this plan, Mr. Harvey had the option to continue his individual policy into retirement. This plan was designed to allow participants to waive an equal amount of coverage in the group term life insurance plan in order to purchase a whole life insurance plan using their own funds in conjunction with the amount Northwest Bank would have spent for his group term premium expense. The benefit then becomes a split dollar arrangement. The officer’s coverage is provided through two sources: the group term life insurance plan, which has a carve-outprovision funded by bank-owned life insurance, and an individual policy owned by the executive. The Senior Managers’ Life Insurance Plan thus gave Mr. Harvey a means to obtain post-retirement life insurance that is not available through the group term life plan. Executive perquisites are kept to a minimal level and therefore do not play a significant role in executive compensation. For the NEOs in fiscal 2024, executive perquisites consisted of social clubs. These benefits and their incremental cost to the Company are described in the fiscal 2024 Summary Compensation Table and its footnotes. The Compensation Committee believes these perquisites to be reasonable, comparable with peer companies and consistent with the Company’s overall compensation practices. 23

Employment Agreements/Change in Control Agreements .We have entered into employment agreements with Messrs. Torchio and Schosser and change in control agreements with Messrs. Betchkal, DesMarteau and Watson. These agreements are designed to give us the ability to retain