Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 167

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 167
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Mr. Byers’ obligations, agreements and covenants under this agreement, Norwood agrees to pay to Mr. Byers the sum of $75,000.00 as of the date which is six (6) months following the Effective Time of the Merger, plus the sum of
$75,000.00 on the one-year anniversary of the date of such payment and the sum of $75,000 on the two-year anniversary of the date of such payment thereafter (the
“Consideration”); provided that Mr. Byers is in compliance with the terms of this agreement at the time of each such payment. In accordance with the agreement, Mr. Byers irrevocably waives

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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. Byers agrees that the payments under this agreement 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. Byers by Norwood or Wayne Bank shall be deemed an “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