Western New England Bancorp adopts non-qualified deferred compensation plan for select executives

Western New England Bancorp, Inc.

Board adopted Westfield Bank Non-Qualified Deferred Compensation Plan on September 26, 2023.
Plan allows select management and highly compensated employees, including named executive officers, to defer base salary and cash incentives.
Participant contributions fully vested at all times; employer may make discretionary contributions.
Distributions upon separation, death, disability, unforeseeable emergency, or specified future date.
Plan is unfunded and designed to comply with Section 409A of the Internal Revenue Code.

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