Company: NWFL
Filing Date: 2025-03-18
Form Type: DEF 14A
Source: 0001193125-25-056227
Chunk: 24

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-03-18
Form: DEF 14A
Chunk 24
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-solicitation restrictions following a termination of employment as a condition to the receipt of benefits.

The Company has also entered into a Salary Continuation Agreement with John F. Carmody, Executive Vice President and Chief Credit Officer. The Salary Continuation Agreement is intended to provide benefits to Mr. Carmody upon retirement, death, or disability, or in the event of a Change in Control (as defined in his Salary Continuation Agreement). Upon a separation of service from the Bank at the Normal Retirement Age of 65, the Bank will be obligated to pay to Mr. Carmody the Normal Retirement Benefits specified in the Salary Continuation Agreement in monthly installments for a period of fifteen (15) years. The Normal Retirement Benefit for Mr. Carmody is $48,000 per annum. If Mr. Carmody continues working past the Normal Retirement Age, he will earn an increased benefit for each month worked up to age 67. If he separates from service (other than in connection with a Change in Control or a termination for cause) or becomes disabled prior to reaching Normal Retirement Age, he will be eligible for a reduced

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annual benefit equal to the annual retirement benefit accrued through the date of separation or disability payable in monthly installments for a period of fifteen (15) years beginning at Normal Retirement Age or the month after disability, as the case may be. In the event of a Change in Control occurring prior to a separation from service, disability or Normal Retirement Age, Mr. Carmody will be entitled to receive an annual benefit equal to his Normal Retirement Benefit in equal monthly installments for 15 years commencing the month following Normal Retirement Age in lieu of any other benefit under the Salary Continuation Agreement. In the event of a Change in Control occurring after Normal Retirement Age but prior to a separation from service or disability, the Bank will pay Mr. Carmody an annual benefit equal to the annual retirement benefit accrued through the date of the Change in Control for 15 years commencing the month following the Change in Control. In the event of Mr. Carmody’s death before separation from service, disability or a Change in Control, the Normal Retirement Benefit will be paid to Mr. Carmody’s beneficiary over 15 years commencing the month following Mr. Carmody’s death. If death occurs after Normal Retirement Age but prior to separation from service, disability or a Change in Control, the death benefit will be increased for each month worked up to age 67. If death occurs after retirement but prior to receipt