Northwest Bancshares, Inc 8-K, filed Sep 16, 2020
Northwest Bancshares, Inc. (NWBI)
8-K
2020-09-16
For: 2020-09-16
View Original
Added on
April 04, 2026
About this 8-K
Northwest Bancshares, Inc filed this 8-K on September 16, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 16, 2020
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File No.) | (I.R.S. Employer | ||||||||||||
| of incorporation) | Identification No.) | |||||||||||||
| (Address of principal executive office) | (Zip code) | |||||||||||||||||||
Registrant’s telephone number, including area code: (814 ) 726-2140
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by a check mark whether the registrant is an emerging growth company as defined in rule 405 of the Securities Act of 1933 ( § 230.405 of this chapter) or rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 16, 2020, Northwest Bank (the "Bank"), a wholly-owned subsidiary of Northwest Bancshares, Inc. (the "Company"), amended certain criteria in the Annual Performance Award Plan (previously called the Management Bonus Plan), including for the Company's Named Executive Officers, which amended criteria are attached as Exhibit 10.4.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
| Annual Performance Award Plan | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| NORTHWEST BANCSHARES, INC. | ||||||||||||||||||||
| DATE: | September 16, 2020 | By: | /s/ William W. Harvey, Jr. | |||||||||||||||||
| William W. Harvey, Jr. | ||||||||||||||||||||
| Chief Financial Officer | ||||||||||||||||||||
EXHIBIT 10.4
Northwest Bank
Annual Performance Award Plan
Purpose:
–To attract, retain and motivate eligible employees
Eligibility Requirements:
–Certain positions at a specified level are eligible for consideration
–Employed by the company for a minimum of six months of the fiscal year
–Be actively employed by the company at the time of payment or retired between the last day of the fiscal year and the payment date. Retirees must meet the definition of normal retirement – sixty-five years old with a minimum of five years of service with the company
–Rated fully met expectations or higher on their last performance evaluation
–Recipients must have a restrictive covenant in place prior to payment
–Corporate Senior Vice Presidents and higher must agree to Northwest’s Claw Back Policy
Calculations:
–Bonus percentages are based on a Board approved matrix which consists of five company performance levels, seven categories of eligible participants and their performance rating
–Bonuses will be calculated on base salaries as of the last day of the fiscal year
–Bonuses will be prorated for those with six but less than 12 months of service in the fiscal year and those promoted to an eligible position during the fiscal year
| Target Bonus % of Salary & Payout Range | ||||||||
| Target Bonus % Salary | 100% | |||||||
| Threshold % Target | 50% | |||||||
| Maximum % Target | 150% | |||||||
| Gate* (Minimum Performance Necessary for Possibility of Payout) - both metrics must be achieved | ||||||||||||||||||||||||||
| Metric | Threshold | Actual | ||||||||||||||||||||||||
| Net Charge-offs | 0.50% | 0.25% | ||||||||||||||||||||||||
| Total Delinquency | 3.00% | 1.50% | ||||||||||||||||||||||||
| Payout Metrics* (Performance Range for Annual Performance Award Payout, Assuming Gates are Satisfied) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric | Weighting | Threshold | Target | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||
| ROAA | 15% | 1.10% | 1.15% | 1.20% | |||||||||||||||||||||||||||||||||||||||||||||||||
| ROAE | 15% | 8.0% | 9.0% | 10.0% | |||||||||||||||||||||||||||||||||||||||||||||||||
| EPS Growth | 15% | 6.0% | 8.0% | 10.0% | |||||||||||||||||||||||||||||||||||||||||||||||||
| Efficiency Ratio | 15% | 64.0% | 62.0% | 60.0% | |||||||||||||||||||||||||||||||||||||||||||||||||
| Deposit Growth | 20% | 2.0% | 3.0% | 4.0% | |||||||||||||||||||||||||||||||||||||||||||||||||
| Strategic / Individual Performance | 20% | 3 | 4 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Weighting | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
*Compensation Committee of the Board of Directors has discretion regarding both the gate and metrics
| Annual Performance Award Payout % of Salary | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Job Role | Below Threshold - 0% | Threshold - 50% | Target - 100% | Maximum - 150% | ||||||||||||||||||||||||||||||||||||||||||||||
| CEO/President | 0.0% | 35.0% | 70.0% | 105.0% | ||||||||||||||||||||||||||||||||||||||||||||||
| CFO | 0.0% | 25.0% | 50.0% | 75.0% | ||||||||||||||||||||||||||||||||||||||||||||||
| Production SEVPs & EVPs | 0.0% | 20.0% | 40.0% | 60.0% | ||||||||||||||||||||||||||||||||||||||||||||||
| Infrastructure SEVPs & EVPs | 0.0% | 17.5% | 35.0% | 52.5% | ||||||||||||||||||||||||||||||||||||||||||||||