secwatch.observer — SEC 8-K summary
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Issuer:     NORWOOD FINANCIAL CORP (NWFL)
CIK:        0001013272
Form:       8-K
Filed at:   2022-05-12T23:59:59+00:00
Accession:  0001193125-22-148177
Event type: leadership
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1013272/000119312522148177/0001193125-22-148177-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1013272/000119312522148177/d327745d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-148177

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