Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 88

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 88
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or the Subsidiary Banks immediately before the Effective Time, (iii) has been an employee of Penns Woods or the Subsidiary Banks for at least six (6) months prior to the Effective Time, (iv) is not offered continued employment by
Northwest or any of its subsidiaries for nine months after the Effective Time, and (v) signs and delivers Northwest’s standard form of termination and release agreement, a severance amount and accrued and then unpaid personal time off
through the date of such separation. The severance amount will be equal to two (2) weeks’ base pay in effect at the time of termination multiplied by the number of whole years of service of such employee with Penns Woods or the
Subsidiary Banks, less applicable local, state and federal tax withholding; , , that the minimum severance payment will equal six (6) weeks of base pay, and the maximum severance payment will not exceed twenty-six (26) weeks of base pay. Further, for any employee of Penns Woods or the Subsidiary Banks participating in Penns Woods’ group health program at the Effective Time who is entitled to a
severance payment, the employee will be able to purchase health insurance coverage for the employee at the full premium rate for the remaining COBRA period.

Termination of Penns Woods 401(k) Plan: Penns Woods is required to terminate the Penns Woods 401(k) Plan effective immediately
prior to the Effective Time. In addition, as soon as feasible after the closing of the Merger, Northwest will take commercially reasonable steps to allow employees of Penns Woods and the Subsidiary Banks who continue as employees of Northwest and
its subsidiaries to participate in the Northwest 401(k) Plan and to accept roll-overs of benefits from the Penns Woods 401(k) Plan to the Northwest 401(k) Plan.

Retention Arrangements: The Merger Agreement provides for retention or stay bonus payments to be allocated amongst certain of
Penns Woods’ or its affiliates’ employees in such amounts and to such employees as reviewed and approved by Northwest.

Employee Stock Purchase Plan: Following the execution of the Merger Agreement, Penns Woods suspended all operations of the Penns
Woods employee stock purchase plan for any pay periods after the pay period ended December 13, 2024 until the Effective Time, such that no further contributions, purchases, or issuance of shares of Penns Woods common stock could occur with
respect to pay