Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 168

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 168
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 annual base salary. If such termination of
employment occurs in connection with a future change in control of Norwood or Wayne Bank, Mr. Witt 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 of such restrictions under the Non-Competition and Non-Solicitation Agreement among Mr. Witt, Norwood and Wayne Bank commencing on the effective date of the merger.

As of July 30, 2025, Mr. Witt 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 one year following the merger, Mr. Witt will adhere to the
Non-Competition Restrictions referenced above as applicable to Mr. Amin and for a period of three years following the merger the Non-Solicitation Restrictions. In
consideration of Mr. Witt’s obligations, agreements and covenants under this agreement, Norwood agrees to pay to Mr. Witt the sum of $100,000.00 upon the Effective Time of the Merger, plus the sum of $50,000.00 on the one-year anniversary of such payment and the sum of $50,000.00 on the two-year anniversary of the such payment thereafter; provided that Mr. Witt is in compliance with
the terms of this agreement at the time of each such payment. In accordance with the agreement, Mr. Witt irrevocably waives any compensation which might otherwise become due and payable from PB Bankshares, Presence Bank, Norwood or Wayne Bank
to him in accordance with his Change in Control Agreement between him and Presence Bank, dated March 1, 2021, with regard to any possible severance payments associated with any future termination of his employment with PB Bankshares, Presence
Bank, Norwood or Wayne Bank upon or following the merger. Further, Mr. Witt agrees that the payments shall be reduced in such manner and to such extent, but not below zero dollars, so that no such payments made in good faith hereunder when
aggregated with all other payments to be made to Mr. Witt by Norwood or Wayne Bank shall be deemed an “