Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 94

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 94
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 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 is currently listed on the Nasdaq Global Select Market under
the symbol “NWBI.” The shares to be issued to Penns Woods shareholders as Merger Consideration also will be eligible for trading on the Nasdaq Global Select Market. Northwest shall
cause the shares of Northwest common stock to be issued in the Merger to be approved for listing as of the Effective Time.

Treatment of Certain Subsidiaries and Investments

Prior to the Effective Date, Penns Woods shall, after consultation with Northwest, commence winding down the activities and distribution of
underlying assets to Penns Woods, or otherwise dissolve, Woods Investment Company, Inc., Woods Real Estate Development Company, Inc. and United Insurance Solutions, LLC. Penns Woods shall take, and shall cause Jersey Shore Bank to take, or cause to
be taken, all such actions necessary to ensure that these wind downs and distributions, or other dissolutions, comply with applicable laws, Penns Woods will keep Northwest apprised of the status. The form of any and all documentation related to the
wind downs and distributions or other dissolutions will be subject to the prior approval of Northwest. Additionally, Penns Woods, or Jersey Short Bank, as applicable, will use reasonable best efforts to assist Northwest with the transition of The M
Group, Inc.’s securities, advisory and other service offerings to Northwest’s service partner, LPL Financial.

66

Conditions to Consummation of the Merger Conditions to Each Party’s Obligation to Effect the Merger. The respective obligations of Northwest and Penns Woods to complete the Merger are subject to the fulfillment or written waiver of each of the following conditions:

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