# EDGAR Filing Document

**Accession Number:** 0001578535
**File Stem:** 0001174947-25-001041
**Filing Date:** 2025-7
**Character Count:** 9211
**Document Hash:** 442e866891a6d975458ba52a36e014b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001174947-25-001041.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001174947-25-001041

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250725

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Carter Aron M
- **CENTRAL INDEX KEY:** 0001578535

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-17077
- **FILM NUMBER:** 251154443

**MAIL ADDRESS:**
- **STREET 1:** 4 N. SCENIC DRIVE
- **CITY:** ELYSBURG
- **STATE:** PA
- **ZIP:** 17824
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PENNS WOODS BANCORP INC
- **CENTRAL INDEX KEY:** 0000716605
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 232226454
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 115 S MAIN ST
- **CITY:** JERSEY SHORE
- **STATE:** PA
- **ZIP:** 17740
- **BUSINESS PHONE:** 570-322-1111

**MAIL ADDRESS:**
- **STREET 1:** 115 S MAIN ST
- **CITY:** JERSEY SHORE
- **STATE:** PA
- **ZIP:** 17740

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[x] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Carter Aron M<br><sub>(Last) (First) (Middle)</sub><br>4 N. SCENIC DRIVE<br><sub>(Street)</sub><br>ELYSBURG, PA 17824<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-07-25 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Senior Vice President_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PENNS WOODS BANCORP INC [ PWOD ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Penns Woods Common Stock | 2025-07-25 |  | D |  | 1863<sup>(1)(2)</sup> | D | <sup>(1)</sup> | 0 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Employee Stock Options (Right to Buy) | $20.85 | 2025-07-25 |  | D |  |  | 1700 | <sup>(3)</sup> | 2034-01-17 | Common Stock | 1700 | <sup>(3)</sup> | 0 | D |  |
| Employee Stock Options (Right to Buy) | $20.85 | 2025-07-25 |  | D |  |  | 3300 | <sup>(3)</sup> | 2034-01-17 | Common Stock | 3300 | <sup>(3)</sup> | 0 | D |  |
| Employee Stock Options (Right to Buy) | $27.77 | 2025-07-25 |  | D |  |  | 1300 | <sup>(3)</sup> | 2033-01-20 | Common Stock | 1300 | <sup>(3)</sup> | 0 | D |  |
| Employee Stock Options (Right to Buy) | $27.77 | 2025-07-25 |  | D |  |  | 2700 | <sup>(3)</sup> | 2033-01-20 | Common Stock | 2700 | <sup>(3)</sup> | 0 | D |  |
| Employee Stock Options (Right to Buy) | $24.10 | 2025-07-25 |  | D |  |  | 2500 | <sup>(3)</sup> | 2032-01-18 | Common Stock | 2500 | <sup>(3)</sup> | 0 | D |  |
| Employee Stock Options (Right to Buy) | $24.10 | 2025-07-25 |  | D |  |  | 5000 | <sup>(3)</sup> | 2032-01-18 | Common Stock | 5000 | <sup>(3)</sup> | 0 | D |  |
| Employee Stock Options (Right to Buy) | $24.23 | 2025-07-25 |  | D |  |  | 2500 | <sup>(3)</sup> | 2031-04-09 | Common Stock | 2500 | <sup>(3)</sup> | 0 | D |  |
| Employee Stock Options (Right to Buy) | $24.23 | 2025-07-25 |  | D |  |  | 5000 | <sup>(3)</sup> | 2031-04-09 | Common Stock | 5000 | <sup>(3)</sup> | 0 | D |  |
| Employee Stock Options (Right to Buy) | $25.34 | 2025-07-25 |  | D |  |  | 5000 | <sup>(3)</sup> | 2030-03-11 | Common Stock | 5000 | <sup>(3)</sup> | 0 | D |  |
| Employee Stock Options (Right to Buy) | $25.34 | 2025-07-25 |  | D |  |  | 5000 | <sup>(3)</sup> | 2030-03-11 | Common Stock | 5000 | <sup>(3)</sup> | 0 | D |  |
| Employee Stock Options (Right to Buy) | $28.01 | 2025-07-25 |  | D |  |  | 3750 | <sup>(3)</sup> | 2029-03-15 | Common Stock | 3750 | <sup>(3)</sup> | 0 | D |  |
| Employee Stock Options (Right to Buy) | $28.01 | 2025-07-25 |  | D |  |  | 3750 | <sup>(3)</sup> | 2029-03-15 | Common Stock | 3750 | <sup>(3)</sup> | 0 | D |  |

---

### Footnotes:

(1) This Form 4 reports securities disposed of pursuant to the terms of the Agreement and Plan of Merger, dated as of December 16, 2024 (the "Merger Agreement"), by and between Penns Woods Bancorp, Inc. (the "Company") Northwest Bancshares, Inc. ("Parent"), a copy of which is filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 20, 2024, pursuant to which the Company merged with, and into, Parent (the "Merger") on July 25, 2025 (the "Effective Time"). At the Effective Time, each issued and outstanding share of common stock of the Company was converted into the right to receive 2.385 shares of Parent common stock (the "Exchange Ratio") and, if applicable, cash in lieu of fractional shares. On July 25, 2025, the closing price of the Company's common stock was $30.00 per share, and the closing price of Parent's common stock was $12.63 per share.

(2) Includes 14 Dividend Reinvestment Shares.

(3) Pursuant to the Merger Agreement, each option to purchase shares of the Company's common stock, whether vested or unvested (each, an "Option") that is outstanding and unexercised immediately prior to the Effective Time was canceled and automatically converted into a right to receive a cash payment equal to, for each Option, the product of (i)(A) the average of the closing sales price of Parent common stock on the Nasdaq Global Select Market as published in The Wall Street Journal for the 5 consecutive full trading days ending on the trading day immediately preceding the Effective Date multiplied by the Exchange Ratio less (B) the current exercise price per share of such Option, as may have been adjusted pursuant to the Merger Agreement, and (ii) the number of shares of the Company common stock underlying such Option.

**Signature:** /s/ Michelle M. Karas, Attorney in Fact  
**Date:** 2025-07-28

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**