Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 169

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 169
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excess parachute payment” for purposes of Section 280G of the Code of 1986, and thereby subjecting Mr. Byers to liability for the payment of the excise tax provided at
Section 4999(a) of the Code.

Mr. Witt:

As of July 30, 2025, Mr. Witt entered into a three-year employment agreement with Norwood and Wayne Bank, which supersedes
Mr. Witt’s current change in control agreement with Presence Bank. In accordance with this employment agreement, Mr. Witt will serve as Executive Vice President and Chief Information Officer of the combined companies following the
completion of the merger with an annual base salary of $197,241. In addition, during the term of the agreement, Mr. Witt will be eligible to receive annual and long-term incentive awards on a discretionary basis. If Mr. Witt’s
employment is terminated without cause or if Mr. Witt 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. 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