---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-166385"
form_type: "8-K"
ticker: "NWFL"
cik: "0001013272"
company_name: "NORWOOD FINANCIAL CORP"
filed_at: "2024-06-24T23:59:59+00:00"
generated_at: "2026-06-01T02:22:10.880473+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Norwood Financial names John McCaffery as CFO; outgoing CFO Lance to retire Aug 2

## Summary
- John McCaffery appointed EVP and CFO effective June 24, 2024; 30 yrs finance experience, former CFO at Newtek Bank and Bridge Bancorp.
- William Lance steps down as CFO, becomes EVP & Chief Strategic Officer until retirement on August 2, 2024.
- Employment agreement: $340k base salary, $600/mo car allowance, sign-on equity award $25k in stock vesting over 5 years.
- Severance: one-year base salary for involuntary termination without cause; 200% base plus pro-rata bonus upon change-in-control termination.

## SEC filing metadata
- accession: 0001193125-24-166385
- form_type: 8-K
- ticker: NWFL
- cik: 0001013272
- company_name: NORWOOD FINANCIAL CORP
- filed_at: 2024-06-24T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1013272/000119312524166385/0001193125-24-166385-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1013272/000119312524166385/d807620d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-166385
- JSON: https://secwatch.observer/filing/0001193125-24-166385.json
- Plain text: https://secwatch.observer/filing/0001193125-24-166385.txt

## Key facts
- Executive change
  William S. Lance was appointed as Executive Vice President and Chief Strategic Officer at NORWOOD FINANCIAL CORP.
  - Action: resigned as CFO and appointed EVP & Chief Strategic Officer
  - Role: Executive Vice President and Chief Strategic Officer
  source text: William S. Lance, previously Executive Vice President and Chief Financial Officer, resigned his position as Chief Financial Officer and has been appointed Executive Vice President and Chief Strategic Officer until his retirement on August 2, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1013272/000119312524166385/0001193125-24-166385-index.htm
- Executive change
  John M. McCaffery was appointed as Executive Vice President and Chief Financial Officer at NORWOOD FINANCIAL CORP.
  - Action: appointed
  - Role: Executive Vice President and Chief Financial Officer
  source text: the Board of Directors had appointed John M. McCaffery as Executive Vice President and Chief Financial Officer of the Company, and its wholly owned subsidiary, Wayne Bank (the “Bank”), effective as of June 24, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1013272/000119312524166385/0001193125-24-166385-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.