Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 172

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 172
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 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 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