Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously announced by NorthWest Indiana Bancorp (the "Bancorp") in a press release dated October 30, 2020, and disclosed in the Original Filing, Peymon S. Torabi has been appointed as the Bancorp's Executive Vice President, Chief Financial Officer and Treasurer, effective as of January 1, 2021. The Bancorp stated in the Original Filing that any material compensatory arrangement for Mr. Torabi in connection with his appointment had not been finalized at the time of the Original Filing.

On January 27, 2021, the Board of Directors of the Bancorp (the "Board"), upon the recommendation of the Compensation & Benefits Committee of the Board, approved a new compensation arrangement for Mr. Torabi in connection with his appointment to the new positions. Mr. Torabi's annual cash base salary will be $175,000, and he will continue to participate in the employee benefit plans currently available to executive officers of the Bancorp. In addition, Mr. Torabi will receive a performance-based cash and equity bonus under the Bancorp's Executive Incentive Plan (the "Plan") for each fiscal year during his employment. The Plan uses a target bonus framework, and payouts are determined based on performance relative to criteria established at the beginning of each year. The Board set the target cash bonus payout at 20% and the target equity bonus payout at 15% of Mr. Torabi's base salary.

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