Norwood appoints CEO James Donnelly to board; enters employment agreement with $425K salary

NORWOOD FINANCIAL CORP

James O. Donnelly appointed to board, filling vacancy from retirement of William W. Davis Jr., term expires at 2024 annual meeting.
Employment agreement with Norwood and Wayne Bank: $425,000 annual base salary, 36-month initial term with automatic extension.
Sign-on equity award of 3,000 shares vesting 70% after one year, 10% annually thereafter; 2022 pro-rata cash bonus at 36% target.
Salary Continuation Agreement provides $125,000 annual benefit for 15 years starting at age 65; severance up to 2.999x 5-year average pay upon change-in-control.
Donnelly appointed to Executive, Loan, and Trust Committees of the board.

item 5.02 item 9.01

Executive movements

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Appointed

James O. Donnelly

Director

NWFL · NORWOOD FINANCIAL CORP

Effective: 2022-05-10
Filed: May 12, 2022, 7:59 PM ET

James O. Donnelly, President and Chief Executive Officer of the Company, was appointed as a director

Departed

William W. Davis, Jr.

Director

NWFL · NORWOOD FINANCIAL CORP

Effective: 2022-05-10
Successor: James O. Donnelly
Filed: May 12, 2022, 7:59 PM ET

fill the vacancy created by the retirement of William W. Davis, Jr.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

James O. Donnelly was appointed as Director at NORWOOD FINANCIAL CORP.

Action: appointed
Role: Director

Exact text from the filing

James O. Donnelly, President and Chief Executive Officer of the Company, was appointed as a director

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

William W. Davis, Jr. retired as Director at NORWOOD FINANCIAL CORP.

Action: retired
Role: Director

Exact text from the filing

fill the vacancy created by the retirement of William W. Davis, Jr.

View on SEC.gov

NORWOOD FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001193125-22-148177

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