Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 162

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 162
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 Non-Competition and Non-Solicitation Agreements with Other Executive Officers” below). Accordingly, Mr. Byers and Mr. Witt are anticipated to continue as executive officers of Wayne Bank following the merger and, 
 therefore, will not be eligible to receive a change in control severance payment amount under their Presence Bank change in control agreements.                                                                                                                                                                                                                                                                             |

| (3) | As noted below at “Employment Agreement and Non-Competition                                                                                                                                     
 Agreement with Mr. Janak M. Amin”, Mr. Amin has waived his right to any severance payment under his Presence Bank employment agreement as part of the terms of a new Employment Agreement and a 
 Non-Competition and Non-Solicitation Agreement with Norwood and Wayne Bank, each dated as of July 7, 2025.                                                                                      |

| (4) | Each participant in the SERP will receive an additional accrual as a SERP benefit amount equal to the amount                                                                               
 accrued to his SERP benefit during the 24 month period immediately prior to the date of the change in control. Such additional accrual is not contingent on any termination of employment. |

| (5) | The estimated value of the stock options being cashed-out equals the                                                                                                                                                                                      
 difference between the merger cash amount of $19.75 per share and the option exercise price times the total number of unexercised stock options held by such individual as of the merger date. This amount is calculated for both stock options which are 
 presently exercisable and stock options which will have accelerated vesting as a result of the change in control event.                                                                                                                                   |

| (6) | We have assumed the estimated value of the restricted stock with accelerated vesting as a result of the change                                                                                                                                           
 in control event is calculated based upon the number of shares with accelerated vesting and the $19.75 cash consideration amount. The holder of such restricted stock may elect to receive the stock consideration or the cash consideration in exchange 
 for these restricted stock awards,                                                                                                                                                                                                                       |

| (7) | Estimated value of payment of insurance premiums for continuation of medical insurance under COBRA for 12 
 months for Mr. Witt and 24 months for Mr. Amin.                                                           |

Employment Agreement and Non-Competitionand Non-SolicitationAgreement with Mr. Janak M. Amin Employment Agreement. In connection with the merger, Mr. Janak M. Amin entered into a three-year employment agreement with Norwood and Wayne Bank, which will