Norwood Financial adopts deferred compensation plans for executives and directors

NORWOOD FINANCIAL CORP

Executive Elective Deferral Plan allows eligible management to defer salary & bonus; interest = WSJ prime + 200 bps (max 9%, min 2%).
Director Deferred Fee Plan permits non-employee directors to defer cash fees; same interest rate structure.
Both plans are unfunded, unsecured liabilities; conform to IRC Section 409A.
Deferral elections for 2024 must be made within 30 days of eligibility; future years by prior year-end.
Interest retroactively drops to 2% if participant violates non-compete/non-solicitation provisions.

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