Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 166

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 166
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 to the Merger, within the prior 12 months) to resign from or refrain from renewing or extending their employment or to apply for or accept employment with any other business or enterprise other than Norwood or any
of its subsidiaries (collectively, the “Non-Solicitation Restrictions”).

Employment Agreements and Non-Competitionand Non-SolicitationAgreements with Other Executive Officers

Mr. Byers:

As of July 30, 2025, Mr. Byers entered into a three-year employment agreement with Norwood and Wayne Bank, which supersedes
Mr. Byers’ current change in control agreement with Presence Bank. In accordance with this employment agreement, Mr. Byers will serve as Executive Vice President and Market President, Central Pennsylvania, of the combined companies
following the completion of the merger with an annual base salary of $230,000. In addition, during the term of the agreement, Mr. Byers will be eligible to receive annual and long-term incentive awards on a discretionary basis. If
Mr. Byers’s employment is terminated without cause or if Mr. Byers terminates his employment for good reason (as defined in the agreement), he would be entitled to receive a lump sum payment equal to his then annual base salary. If
such termination of employment occurs in connection with a future change in control of Norwood or Wayne Bank, Mr. Byers would receive a severance payment equal to two times his base salary plus a pro rata annual bonus payment. The employment
agreement includes non-competition and non-solicitation provisions for the benefit of Norwood and Wayne Bank to expire the later of (i) one year after termination
of employment (in the case of non-solicitation) and (ii) six-months (in the case of non-competition), or the expiration date
of the restrictions under the Non-Competition and Non-Solicitation Agreement among Mr. Byers, Norwood and Wayne Bank commencing on the effective date of the merger.
Mr. Byers will also have use of an automobile suitable for business use .

As of July 30, 2025, Mr. Byers also entered into
a three-year Non-Competition and Non-Solicitation Agreement with Norwood and Wayne Bank. Such agreement provides that for a period of three-years following the merger,
Mr. Byers will adhere to the Non-Competition Restrictions and Non-Solicitation Restrictions referenced above as applicable to Mr. Amin. In consideration of