secwatch.observer — SEC 8-K summary
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Issuer:     NORWOOD FINANCIAL CORP (NWFL)
CIK:        0001013272
Form:       8-K
Filed at:   2024-06-21T23:59:59+00:00
Accession:  0001193125-24-165190
Event type: other
Sentiment:  neutral
Materiality: 0.25
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Norwood Financial adopts deferred compensation plans for executives and directors
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1013272/000119312524165190/0001193125-24-165190-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1013272/000119312524165190/d713937d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-165190

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