Document:

Exhibit 10.4

     

    ADDENDUM
TO THE

    NORTH PENN AMENDED AND
RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT

     

    THIS
ADDENDUM (this “Addendum”) to the AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE
RETIREMENT AGREEMENT by and among Frederick L.
Hickman (the “Executive”) and
North Penn Bank (“Bank”), dated March 23, 2010 (the  “Agreement”), is
made by and among the Executive, Bank and Norwood Financial Corp. (“Norwood“) as
of December 14, 2010 (“Effective Date”).

     

    WHEREAS,
Executive is currently employed by Bank as President and Chief Executive
Officer, and is experienced in certain phases of the business of Bank;
and

     

    WHEREAS, the parties desire to set
forth certain modifications to the Agreement as set forth in this Addendum prior
to execution of the Agreement and Plan of Merger

    by and
between Norwood, Wayne Bank, North Penn Bancorp, Inc. (“Bancorp”) and Bank (the
“Merger Agreement”), with this Addendum to be effective as of the Effective
Date.

    

    WHEREAS,
the parties desire to set forth certain modifications to the Agreement as set
forth in this Addendum prior to execution of the Merger Agreement, with this
Addendum to be effective as of the Effective Date.

     

    NOW,
THEREFORE, the parties hereto, intending to be legally bound do hereby agree,
that in exchange for the good and valuable consideration to be paid by Norwood
and Bank, this Addendum by and among Bank, Norwood and Executive, is hereby
made, as follows:

     

    
      	
               
      

            	
              1.

            	
              Elimination of Change
      in Control Benefit.

            

    

    

    Effective
as of the Effective Date, Section 2.5 of the Agreement shall be null and void
and without effect.  This amendment shall not alter Executive’s right
to benefits under any other provision of the Agreement.  However, if
Executive remains employed until the closing of the merger and receives a
payment under Section 5 of the employment agreement between him, Bank and
Bancorp, Executive shall be entitled to receive the Voluntary Early Termination
Benefit under Section 2.2 of the Agreement and shall not be entitled to the
Involuntary Early  Termination Benefit under Section 2.3 of the
Agreement.

    

    
      	  	
              2.

            	
              Termination
      of the Merger
Agreement.

            

    

    

    In the
event that the Merger Agreement is terminated by the parties prior to the
consumation of the
merger between Norwood and Bancorp, then this Addendum shall automatically
terminate as of the
date of such termination of the Merger Agreement, and thereafter this Addendum
will be of no
further force and effect.

    

    IN
WITNESS WHEREOF, the parties have executed this Addendum to the Agreement as of
the date first written above.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        	
                /s/ Bridget A. Orue

              	 
      	
                /s/ Frederick L. Hickman

              
	
                Witness

              	 
      	
                Frederick
      L. Hickman, Executive

              
	 
      	 
      	 
      
	 
      	 
      	
                NORTH
      PENN BANK

              
	 
      	 
      	 
      	 
      
	
                ATTEST:

              	 
      	
                By:

              	
                /s/ Thomas A. Byrne

              
	 
      	 
      	 
      	 
      
	
                      
                  /s/ Bridget A.
      Orue

                

              	 
      	 
      	 
      
	
                Asst.
      Secretary

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                NORWOOD
      FINANCIAL CORP.

              
	 
      	 
      	 
      	 
      
	
                ATTEST:

              	 
      	
                By:

              	
                /s/ Lewis J. Critelli

              
	 
      	 
      	 
      	 
      
	
                /s/ Edward C. Kasper

              	 
      	 
      	 
      
	
                Secretary

              	 
      	 
      	 
      

      

    

    
      
         

      

      
        2Unassociated Document

    EXECUTION
COPY

    

    SUPPORT
AGREEMENT

     

    SUPPORT
AGREEMENT, dated as of December 15, 2010 (this “Agreement”),
by and among the parties listed on the signature page(s) hereto (collectively,
the “Stockholders”
and each individually, a “Stockholder”)
and Dynegy Inc., a Delaware corporation (the “Company”).
Capitalized terms used and not otherwise defined herein shall have the
respective meanings ascribed to them in the Merger Agreement (as defined
below).

     

    RECITALS

     

    WHEREAS,
as of the date hereof, each Stockholder beneficially owns that number of Shares
and options to purchase Shares (the “Call Options”) set forth opposite its names
on Schedule I
hereto (such Shares, and any other Equity Interests, hereafter acquired by any
Stockholder as the date hereof and prior to the termination of this Agreement,
whether upon the exercise of options (including the Call Options), warrants or
rights, the conversion or exchange of convertible or exchangeable securities, or
by means of purchase, dividend, distribution, split-up, recapitalization,
combination, exchange of shares or the like, gift, bequest, inheritance or as a
successor in interest in any capacity or otherwise, being referred to herein
collectively as the “Subject
Securities”);

     

    WHEREAS,
concurrently with the execution of this Agreement, IEH Merger Sub LLC, a
Delaware limited liability company (the “Parent”),
IEP Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of
Parent (“Merger
Sub”), and the Company are entering into an Agreement and Plan of Merger,
dated as of the date hereof (as it may be amended from time to time, the “Merger
Agreement”);

     

    WHEREAS,
the Merger Agreement provides that, upon the terms and subject to the conditions
thereof, Parent will commence an Offer to purchase all of the issued and
outstanding Shares at the Offer Price, and, subject to the satisfaction or
waiver of certain conditions set forth in the Merger Agreement, Merger Sub will
merge with and into the Company (the “Merger”)
and the Company will become a wholly owned subsidiary of Parent;

     

    WHEREAS,
the Merger Agreement also provides that the Merger may be consummated regardless
of whether the Offer is completed, but if the Offer is not completed, the Merger
will only be  consummated following adoption of the Merger Agreement
by the stockholders of the Company in accordance with applicable Law;
and

     

    WHEREAS,
as a condition to the willingness of the Company to enter into the Merger
Agreement, the Company has required that the Stockholders agree to enter into
this Agreement.

     

    NOW,
THEREFORE, in consideration of the premises and the representations, warranties,
covenants and agreements contained herein, the parties hereto hereby agree as
follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
1.       Voting and Transfer of
Subject Securities; Waiver of Appraisal Rights.  Each
Stockholder covenants and agrees that until the termination of this Agreement in
accordance with the terms hereof, such Stockholder will comply with all
obligations applicable to Affiliates of Parent set forth in Section 7.13 of the
Merger Agreement.

     

    Section
2.       Representations and
Warranties of the Stockholders.  Each Stockholder, jointly and
severally, represents and warrants to the Company that:

     

    (a)         Organization and Good
Standing.  Each Stockholder is a legal entity duly organized,
validly existing and in good standing (with respect to jurisdictions that
recognize the concept of good standing) under the Laws of the jurisdiction of
its organization.

     

    (b)         Corporate
Authority.  Each Stockholder has all requisite corporate,
limited partnership or other power and authority to execute, deliver and perform
this Agreement, with no limitations, qualifications or restrictions on such
power, and the execution, delivery and performance of this Agreement have been
duly authorized by all necessary action and do not contravene any provision of
such Stockholder’s charter, partnership agreement, operating agreement or
similar organizational documents, any law, regulation, rule, decree, order,
judgment or contractual restriction binding on such Stockholder or its
assets.

     

    (c)         Governmental
Approvals.  All consents, approvals, authorizations, permits
of, filings with and notifications to, any governmental authority necessary for
the due execution, delivery and performance of this Agreement by each
Stockholder have been obtained or made and all conditions thereof have been duly
complied with, and no other action by, and no notice to or filing with, any
governmental authority or regulatory body is required in connection with the
execution, delivery or performance of this Agreement. other than in connection
with the requirements of the Exchange Act and where such violations or failures
to make or obtain any filing with or notification to, or consents, approvals,
authorizations, permits of, any governmental authority would not, individually
or in the aggregate, materially impair the ability of the Stockholder to perform
this Agreement.

     

    (d)         Enforceability.  This
Agreement constitutes a legal, valid and binding obligation of each Stockholder
enforceable against each Stockholder in accordance with its terms, subject to
(i) the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other similar laws affecting creditors’ rights
generally, and (ii) general equitable principles (whether considered in a
proceeding in equity or at law).

     

    (e)         Subject
Securities.  As of the date hereof and at all times prior to
the termination of this Agreement, each Stockholder beneficially owns (as
determined pursuant to Rule 13d-3 under the Exchange Act) the Subject Securities
set forth on Schedule
I opposite to the name of each Stockholder.  As of the date
hereof, the Subject Securities constitute all of the Shares and Call Options
which each Stockholder beneficially owns, and in the case of the Shares, has the
power to vote or direct the votes.  The Subject Securities and the
Call Options are all of the Shares or Equity Interests in which Carl C. Icahn,
the Stockholders or any of their respective Affiliates have beneficial
ownership, and in the case of the Shares, voting rights.  Except for
this Agreement, the Subject Securities are now and at all times during the term
hereof will be, held by the each Stockholder, free and clear of all liens,
proxies, powers of attorney, voting trusts and voting agreements and
arrangements (collectively, “liens”).

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    Section
3.       Representations and
Warranties of the Company.  Company represents and warrants to
Stockholders that:

     

    (a)         Organization and Good
Standing.  The Company is a legal entity duly organized,
validly existing and in good standing (with respect to jurisdictions that
recognize the concept of good standing) under the Laws of the jurisdiction of
its organization.

     

    (b)         Corporate
Authority.  The Company has all requisite corporate, limited
partnership or other power and authority to execute, deliver and perform this
Agreement and the execution, delivery and performance of this Agreement have
been duly authorized by all necessary action and do not contravene any provision
of the Company’s charter, partnership agreement, operating agreement or similar
organizational documents, any law, regulation, rule, decree, order, judgment or
contractual restriction binding on the Company or its assets.

     

    (c)         Governmental
Approvals.  All consents, approvals, authorizations, permits
of, filings with and notifications to, any governmental authority necessary for
the due execution, delivery and performance of this Agreement by the Company
have been obtained or made and all conditions thereof have been duly complied
with, and no other action by, and no notice to or filing with, any governmental
authority or regulatory body is required in connection with the execution,
delivery or performance of this Agreement, other than in connection with the
requirements of the Exchange Act and where such violations or failures to make
or obtain any filing with or notification to, or consents, approvals,
authorizations, permits of, any governmental authority would not, individually
or in the aggregate, materially impair the ability of the Company to perform
this Agreement.

     

    (d)         Enforceability.  This
Agreement constitutes a legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, subject to (i) the
effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other similar laws affecting creditors’ rights generally, and (ii)
general equitable principles (whether considered in a proceeding in equity or at
law).

     

    Section
4.       Termination.  This
Agreement shall terminate immediately at and as of the Voting Termination
Date.

     

    Section
5.       Call
Options.  The parties acknowledge that, notwithstanding
anything to the contrary herein, the Subject Securities include Call Options
which the Stockholder cannot vote and which cannot be exercised prior to the
satisfaction or waiver of, if the Offer has not been terminated in accordance
with the Merger Agreement, the Regulatory Condition, or, if the Offer has been
terminated in accordance with the Merger Agreement, the condition set forth in
Section 8.3(c) of the Merger Agreement.

     

    Section
6.       Miscellaneous.

     

    (a)         Entire
Agreement.  This Agreement (including any schedules hereto) and
the Merger Agreement constitute the entire agreement, and supersede all other
prior agreements, understandings, representations and warranties both written
and oral, among the parties, with respect to the subject matter
hereof.  The parties hereto may modify or amend this Agreement, by
written agreement executed and delivered by duly authorized officers of the
respective parties

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    (b)         Notices.  Any
notice, request, instruction or other document to be given hereunder by any
party to the others shall be in writing and delivered personally or sent by
registered or certified mail, postage prepaid, by facsimile or by overnight
courier:

     

    (i)           if
to a Stockholder:

     

    c/o Icahn
Associates Corp

    767 Fifth
Avenue, 47th Floor

    New York,
NY 10153

    Attention:  Deputy
General Counsel

    Fax.:  (212)
688-1158

    Attention:  Chief
Financial Officer

    Fax.:  (646)
861-7585

     

    (ii)          if
to the Company to:

     

    Dynegy
Inc.

    1000
Louisiana, Suite 5800

    Houston,
TX 77002

    Attention:       General
Counsel

    Fax:     (713)
356-2185

     

    (iii)         with
a copy to:

     

    Sullivan
& Cromwell LLP

    125 Broad
Street

    New York,
NY  10004

    Attention:    
    Joseph B. Frumkin

    Krishna Veeraraghavan

    Fax:    (212)
558-3588

     

    or to
such other persons or addresses as may be designated in writing by the party to
receive such notice as provided above.  Any notice, request,
instruction or other document given as provided above shall be deemed given to
the receiving party upon actual receipt, if delivered personally; three (3)
business days after deposit in the mail, if sent by registered or certified
mail; upon confirmation of successful transmission if sent by facsimile and
received by 5:00 p.m. New York time on a business day (otherwise the next
business day) (provided that if given by facsimile such notice, request,
instruction or other document shall be followed up within one (1) business day
by dispatch pursuant to one of the other methods described herein); or on the
next business day after deposit with an overnight courier, if sent by an
overnight courier.

     

    (c)         No Third Party
Beneficiaries.  This Agreement is not intended to, and does
not, confer upon any Person other than the parties hereto any rights or remedies
hereunder, including the right to rely upon the representations and warranties
set forth herein.

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    (d)         Assignment.  Except
as provided in Section 1 hereof, neither this Agreement nor any of the rights,
interests or obligations under this Agreement may be assigned or delegated, in
whole or in part, by operation of law or otherwise by any of the parties hereto
without the prior written consent of all of the other parties and any such
assignment without such prior written consent shall be null and
void.  Subject to the preceding sentence, this Agreement shall be
binding upon, inure to the benefit of, and be enforceable by, the parties hereto
and their respective successors and permitted assigns.

     

    (e)         Mutatis
Mutandis.  Sections 10.4, 10.5, 10.12 and 10.13 of the Merger
Agreement shall apply to this Agreement, mutatis mutandis, as if it
had been fully set forth herein.

     

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
signed individually or by its respective duly authorized officer as of the date
first written above.

     

    
      
        
          	
                  HIGH
      RIVER LIMITED PARTNERSHIP

                
	
                  By:  Hopper
      Investments LLC, its general

                
	
                  Partner

                
	
                  By:
      Barberry Corp., its sole stockholder

                
	 
      
	
                  By:

                	/s/
      Vincent J. Intrieri 
	
                  Name:  
      Vincent J. Intrieri

                
	
                  Title:    
      Vice President

                
	 
      
	
                  ICAHN
      PARTNERS LP

                
	 
      
	
                  By:

                	/s/
      Vincent J. Intrieri  
	
                  Name:  
      Vincent J. Intrieri

                
	
                  Title:    
      Senior Managing Director

                
	 
      
	
                  ICAHN
      PARTNERS MASTER FUND LP

                
	 
      
	
                  By:

                	/s/
      Vincent J. Intrieri  
	
                  Name:  
      Vincent J. Intrieri

                
	
                  Title:    
      Senior Managing Director

                
	 
      
	
                  ICAHN
      PARTNERS MASTER FUND II LP

                
	 
      
	
                  By:

                	/s/
      Vincent J. Intrieri  
	
                  Name:  
      Vincent J. Intrieri

                
	
                  Title:    
      Senior Managing Director

                
	 
      
	
                  ICAHN
      PARTNERS MASTER FUND III LP

                
	 
      
	
                  By:

                	/s/
      Vincent J. Intrieri  
	
                  Name:  
      Vincent J. Intrieri

                
	
                  Title:    
      Senior Managing
Director

                

        

      

    

     

    [Support
Agreement Signature Page]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
signed individually or by its respective duly authorized officer as of the date
first written above.

     

    
      
        	
                DYNEGY
      INC.

              
	 
      	 
      
	
                By:

              	/s/
      Bruce A. Williamson  
	
                Name:

              	Bruce
      A. Williamson  
	
                Title:

              	Chairman,
      President and Chief Executive Officer 

      

    

     

    [Support
Agreement Signature Page]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
I

    

    Stockholder
Beneficial Ownership

    

    
      
        
          
            
              
                
                  
                    	
                            Stockholder

                          	 	
                            Number of Shares

                          	 	 	
                            Number of Call Options

                          	 
	
                            High
      River Limited Partnership

                          	 	 	2,399,999	 	 	 	1,208,442	 
	
                            Icahn
      Partners LP

                          	 	 	3,653,675	 	 	 	1,857,034	 
	
                            Icahn
      Partners Master Fund LP

                          	 	 	4,145,343	 	 	 	2,092,971	 
	
                            Icahn
      Partners Master Fund II LP

                          	 	 	1,215,577	 	 	 	590,137	 
	
                            Icahn
      Partners Master Fund III LP

                          	 	 	585,406	 	 	 	293,628	 
	
                            Total

                          	 	 	12,000,000
      	 	 	 	6,042,212
      	 

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        -8-

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